Sweeden, Kentucky Property Taxes
The median property tax rate in Sweeden, KY is 0.92%, slightly below the national median of 0.99% and the Kentucky state median of 1.02%. With the median home value in Sweeden at $60,000, the typical annual property tax bill is approximately $433, which is significantly lower than the national median of $2,690. Property taxes in Sweeden are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Sweeden'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 Sweeden or another part of Edmonson County, gaining insights into the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Sweeden, 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 Sweeden Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Sweeden with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Sweeden 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 Sweeden, Kentucky
Property taxes in Sweeden, Kentucky, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Sweeden is 0.92%, which is slightly lower than the U.S. national median of 0.99%. Local government entities within Sweeden set these rates annually, and they can vary significantly across different neighborhoods. Each year, Sweeden 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 Sweeden's effective property tax rate to other counties in Kentucky and the national median. For comparison, the 42285 zip code has the highest median property tax rate of 0.92%, while the same zip code also has the lowest median tax rate of 0.92%. Understanding how these cities compare with Sweeden provides valuable insights into the varying tax landscape across Edmonson County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Sweeden Tax Rate
0.92%
Average Edmonson County Tax Rate
0.91%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Sweeden, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42285 | 0.15% | 0.49% | 0.92% | 0.96% | 1.02% |
Source: Ownwell
Property Tax Assessment Values Across Sweeden, Kentucky
In Sweeden, 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 Edmonson 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. In Sweeden, 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 Sweeden helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest median tax bill is 42285, with a median tax bill of $433.
Average Sweeden Assessed Value
$60,000
Average Edmonson County Assessed Value
$80,500
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Sweeden, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42285 | $18,200 | $31,319 | $60,000 | $98,762 | $160,000 |
Source: Ownwell
Property Tax Bills Across Sweeden, Kentucky
In Sweeden, located in Edmonson County, KY, property tax bills are calculated based on the assessed value of a home. The assessment process determines the market value of the property, which is then multiplied by the local tax rate to derive the annual tax bill. For instance, with a median home price of $60,000, homeowners can expect varying tax bills depending on their property's assessed value and specific circumstances. Factors influencing the tax bill include the property's location within the county, any applicable exemptions, and the local tax rate. In Sweeden, the 25th percentile of tax bills is around $192, while the 75th percentile reaches $818, and the 90th percentile goes up to $1350. This range highlights the variability in tax burdens among homeowners. Compared to the national median property tax rate of 0.99%, Sweeden's tax rates can significantly impact homeowners' annual expenses, emphasizing the importance of accurate property assessments and potential exemptions in managing these costs.
Average Sweeden Tax Bill
$433
Average Edmonson County Tax Bill
$643
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Sweeden, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42285 | $30 | $192 | $433 | $818 | $1,350 |
Source: Ownwell