Sulphur, Kentucky Property Taxes
The median property tax rate in Sulphur, KY is 1.19%, considerably higher than both the national median of 0.99% and the Kentucky state median of 1.02%. With the median home value in Sulphur at $116,550, the typical annual property tax bill reaches $1,303, exceeding the national median of $2,690. Property taxes in Sulphur are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Sulphur'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 Sulphur 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
Sulphur, 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 Sulphur Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating annual property taxes in Sulphur with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Sulphur to provide an estimated property tax bill. This valuable tool helps you grasp potential tax liabilities. For those interested in neighborhood-level trends, additional localized information is available below. Your property’s assessed value is determined by the county for tax calculations, considering any applicable exemptions.
Property Tax Rates Across Sulphur, Kentucky
Property taxes in Sulphur, Kentucky, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Sulphur is 1.19%, higher than the U.S. national median of 0.99%. Local government entities within Sulphur set these rates annually, and they can vary significantly across different neighborhoods. Each year, Sulphur 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 Sulphur's effective property tax rate to other areas in Kentucky and the national median. For comparison, the 40070 zip code has the highest median property tax rate of 1.19%, while the 40070 zip code also has the lowest median tax rate of 1.19%. Understanding how these areas compare with Sulphur provides valuable insights into the varying tax landscape across Henry County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Sulphur Tax Rate
1.19%
Average Henry County Tax Rate
1.15%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Sulphur, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40070 | 0.81% | 1.17% | 1.19% | 1.22% | 1.28% |
Source: Ownwell
Property Tax Assessment Values Across Sulphur, Kentucky
In Sulphur, 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 Henry 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 Sulphur, 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. The median home price in Sulphur is $116,550, with the 25th percentile tax bill at $688 and the 75th percentile tax bill at $2,173. The highest and lowest median tax bills are both $1,303, found in the 40070 zip code. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Sulphur Assessed Value
$116,550
Average Henry County Assessed Value
$127,000
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Sulphur, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40070 | $27,650 | $66,650 | $116,550 | $190,900 | $258,020 |
Source: Ownwell
Property Tax Bills Across Sulphur, Kentucky
In Sulphur, Henry County, KY, property tax bills are calculated based on the assessed value of a home, which is typically a percentage of its market value. The median home price in Sulphur is $116,550. Property taxes here can vary significantly. For instance, homeowners in the 25th percentile might expect a tax bill around $688, while those in the 75th percentile could see bills as high as $2,173. The top 10% of homeowners face even steeper bills, with amounts reaching up to $2,915. Several factors influence these tax bills, including the property's assessed value, local tax rates, and any applicable exemptions. Compared to the national median property tax rate of 0.99%, Sulphur's rates reflect the local economic conditions and funding requirements for public services. For homeowners, these tax bills impact overall housing affordability and can influence decisions about buying, selling, or investing in property within the area.
Average Sulphur Tax Bill
$1,303
Average Henry County Tax Bill
$1,329
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Sulphur, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40070 | $325 | $688 | $1,303 | $2,173 | $2,915 |
Source: Ownwell