Summer Shade, Kentucky Property Taxes
The median property tax rate in Summer Shade, KY is 1.02%, aligning with the state median but slightly higher than the national median of 0.99%. With the median home value in Summer Shade at $86,200, the typical annual property tax bill amounts to $562, which is significantly lower than the national median of $2,690. Property taxes in Summer Shade are calculated based on the tax assessed value, which is often below the market value due to exemptions such as the primary residence and agricultural exemptions. Understanding Summer Shade's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Summer Shade 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
Summer Shade, Kentucky Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
1.02%
Estimate Property Tax Bill
$2,040
Ownwell’s Summer Shade Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Summer Shade with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Summer Shade 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 Summer Shade, Kentucky
Property taxes in Summer Shade, Kentucky, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Summer Shade is 1.02%, higher than both the Kentucky state median and the U.S. national median of 0.99%. Local government entities within Summer Shade set these rates annually, and they can vary significantly across different neighborhoods. Each year, Summer Shade 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 Summer Shade's effective property tax rate to other counties in Kentucky and the national median. For comparison, the 42166 zip code has the highest median property tax rate of 1.02%, while the 42166 zip code also has the lowest median tax rate of 1.02%. Understanding how these cities compare with Summer Shade provides valuable insights into the varying tax landscape across Barren County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Summer Shade Tax Rate
1.02%
Average Barren County Tax Rate
1.04%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Summer Shade, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42166 | 0.21% | 0.47% | 1.01% | 1.08% | 1.21% |
Source: Ownwell
Property Tax Assessment Values Across Summer Shade, Kentucky
In Summer Shade, 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 local 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. In Summer Shade, assessment notices 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. Being aware of these valuation processes in Summer Shade helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the area are both found in the 42166 zip code, with a median tax bill of $562.
Average Summer Shade Assessed Value
$86,200
Average Barren County Assessed Value
$90,000
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Summer Shade, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42166 | $13,000 | $36,425 | $86,200 | $176,125 | $337,260 |
Source: Ownwell
Property Tax Bills Across Summer Shade, Kentucky
In Summer Shade, located in Barren County, KY, property tax bills are calculated based on the assessed value of a home. The median home price in this area is $86,200. Local tax authorities determine the assessed value, which is then multiplied by the local property tax rate to calculate the annual tax bill. For Summer Shade, the property tax rate is below the national median of 0.99%. Various factors influence the assessed value, including the property's location, size, and condition. Homeowners in the 25th percentile can expect a tax bill around $246, while those in the 75th percentile might see bills as high as $1,050. For the top 10% of homeowners, tax bills can reach up to $1,763. These property taxes fund essential public services like schools, emergency services, and infrastructure. Understanding how these taxes are calculated helps homeowners in Summer Shade manage their finances and anticipate annual costs.
Average Summer Shade Tax Bill
$562
Average Barren County Tax Bill
$755
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Summer Shade, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42166 | $111 | $246 | $562 | $1,050 | $1,763 |
Source: Ownwell