Sharon Grove, Kentucky Property Taxes
The median property tax rate in Sharon Grove, KY is 0.85%, lower than both the national median of 0.99% and the Kentucky state median of 1.02%. With the median home value in Sharon Grove, the typical annual property tax bill is $426, significantly less than the national median of $2,690. Property taxes in Sharon Grove are calculated based on the tax assessed value, which often falls below the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Sharon Grove's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Sharon Grove or another part of the city, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Sharon Grove, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.85%
Estimate Property Tax Bill
$693
Ownwell’s Sharon Grove Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Sharon Grove with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Sharon Grove to estimate your property tax bill. This insightful tool helps you understand potential tax liabilities. If you’re interested in seeing trends on a neighborhood level, scroll down to find more localized information. Your property’s assessed value is the value assigned by the county for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Sharon Grove, Kentucky
Property taxes in Sharon Grove, Kentucky, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Sharon Grove is 0.85%, which is lower than both the Kentucky state median and the U.S. national median of 0.99%. Local government entities within Sharon Grove set these rates annually, and they can vary significantly across different neighborhoods. Each year, Sharon Grove estimates its required budget to maintain services for the upcoming fiscal year, then divides this budget by the total value of all taxable property within the jurisdiction to calculate the property tax rate. While tax rates and budgets are influenced by laws and voter input, this calculation forms the basis of setting property tax rates. The data below compares Sharon Grove's effective property tax rate to other areas in Kentucky and the national median. For comparison, the 42280 zip code has the highest median property tax rate of 0.85%, while the same 42280 zip code also has the lowest median tax rate of 0.85%. Understanding how these areas compare with Sharon Grove provides valuable insights into the varying tax landscape across Todd County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Sharon Grove Tax Rate
0.85%
Average Todd County Tax Rate
0.84%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Sharon Grove, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42280 | 0.16% | 0.38% | 0.85% | 0.85% | 0.85% |
Source: Ownwell
Property Tax Assessment Values Across Sharon Grove, Kentucky
In Sharon Grove, Kentucky, understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes. The market value is the price a willing buyer would pay a willing seller in an open and competitive market, influenced by factors like location, property condition, and economic trends. This value is estimated by the Todd County Appraisal District for tax purposes. In contrast, the assessed value is the market value minus any applicable exemptions or limits based on local laws and available programs. The assessed value is then used to calculate your property taxes by multiplying it by the combined tax rates of all relevant taxing entities. Assessment notices in Sharon Grove are typically mailed out in the spring, usually by mid-April. These notices provide homeowners with both the market and assessed values, along with an estimate of the annual property tax bill. By understanding the distinction between these valuation concepts, property owners can better navigate their tax responsibilities and comprehend how their property taxes are determined. The highest and lowest median tax bills in the area are both $426.00, found in the 42280 zip code. Being aware of these valuation processes in Sharon Grove helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Sharon Grove Assessed Value
$81,490
Average Todd County Assessed Value
$84,400
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Sharon Grove, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42280 | $10,000 | $30,775 | $81,490 | $184,244 | $318,500 |
Source: Ownwell
Property Tax Bills Across Sharon Grove, Kentucky
In Sharon Grove, located in Todd County, KY, property tax bills are calculated based on the assessed value of your home. The median home price in this region is $81,490. Property taxes are determined by multiplying the assessed value by the local tax rate. Homeowners in Sharon Grove can expect a wide range of tax bills, influenced by factors such as property size, location, and any applicable exemptions. The tax bill for the 25th percentile is around $190, while those in the 75th percentile pay approximately $905. For the top 10% of homeowners, tax bills can reach up to $1,495. The highest and lowest median tax bill in the area is $426, both occurring in the zip code 42280. Compared to the national median property tax rate of 0.99%, Sharon Grove offers a relatively affordable tax environment. Understanding these factors can help homeowners better manage their finances and anticipate annual property tax obligations.
Average Sharon Grove Tax Bill
$426
Average Todd County Tax Bill
$511
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Sharon Grove, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42280 | $62 | $190 | $426 | $905 | $1,495 |
Source: Ownwell