Mount Sherman, Kentucky Property Taxes
The median property tax rate in Mount Sherman, KY is 1.03%, slightly above both the national median of 0.99% and the Kentucky state median of 1.02%. With the median home value in Mount Sherman at $45,500, the typical annual property tax bill amounts to $361, which is significantly lower than the national median of $2,690. Property taxes in Mount Sherman are calculated based on the assessed value, which is often less than the market value due to exemptions like primary residence and agricultural exemptions. Understanding Mount Sherman'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 Mount Sherman or another part of Green County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Mount Sherman, 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 Mount Sherman Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Mount Sherman with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Mount Sherman 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 Mount Sherman, Kentucky
Property taxes in Mount Sherman, Kentucky, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Mount Sherman is 0.84%, which is significantly lower than both the Kentucky state median of 0.83% and the U.S. national median of 0.99%. Local government entities within Mount Sherman set these rates annually, and they can vary significantly across different neighborhoods. Each year, Mount Sherman 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 Mount Sherman's effective property tax rate to other counties in Kentucky and the national median. For comparison, the 42764 zip code has the highest median property tax rate of 0.84%, while the same zip code also has the lowest median tax rate of 0.84%. Understanding how these areas compare with Mount Sherman provides valuable insights into the varying tax landscape across Green County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Mount Sherman Tax Rate
1.03%
Average Green County Tax Rate
1.03%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Mount Sherman, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42764 | 0.23% | 1.03% | 1.03% | 1.03% | 1.03% |
Source: Ownwell
Property Tax Assessment Values Across Mount Sherman, Kentucky
In Mount Sherman, 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 Green 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 Mount Sherman, 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. For instance, the median home price in the area is $45,500, with tax bills ranging from $155 at the 25th percentile to $1,340 at the 90th percentile. The highest and lowest median tax bills, both at $361, are found in the 42764 zip code. By understanding 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 Mount Sherman helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Mount Sherman Assessed Value
$45,500
Average Green County Assessed Value
$56,200
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Mount Sherman, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42764 | $6,920 | $20,000 | $45,500 | $72,575 | $130,000 |
Source: Ownwell
Property Tax Bills Across Mount Sherman, Kentucky
Property tax bills in Mount Sherman, KY, are calculated based on the assessed value of a property, which is determined by the county assessor. The median home price in the area is $45,500, which serves as a baseline for calculating property taxes. The tax rate is applied to this assessed value, resulting in the annual tax bill. For Mount Sherman, the 25th percentile tax bill is $155, while the 75th percentile tax bill is $670, and the 90th percentile tax bill reaches $1,340. Several factors influence these amounts, including property size, location, and any applicable exemptions. Homeowners in Mount Sherman may find their tax bills to be relatively manageable compared to the national median property tax rate of 0.99%. Understanding these calculations is crucial for homeowners as it directly impacts their annual financial obligations and long-term property investment.
Average Mount Sherman Tax Bill
$361
Average Green County Tax Bill
$485
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Mount Sherman, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42764 | $41 | $155 | $361 | $670 | $1,340 |
Source: Ownwell