Sonora, Kentucky Property Taxes
The median property tax rate in Sonora, KY is 0.99%, matching the national median but slightly lower than the Kentucky state median of 1.02%. With the median home value in Sonora at $129,500, the typical annual property tax bill is approximately $840, which is significantly below the national median of $2,690. Property taxes in Sonora are calculated based on the assessed value, which is often lower than the market value due to various exemptions, such as those for primary residences and agricultural properties. Understanding Sonora’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 Sonora or another part of Larue County, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Sonora, 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 Sonora Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Sonora with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Sonora 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 Sonora, Kentucky
Property taxes in Sonora, Kentucky, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Sonora is 0.83%, which is lower than both the Kentucky state median of 0.86% and the U.S. national median of 0.99%. Local government entities within Sonora set these rates annually, and they can vary significantly across different neighborhoods. Each year, Sonora 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 Sonora's effective property tax rate to other counties in Kentucky and the national median. For comparison, the 42776 zip code has the highest median property tax rate of 1.09%, while the 42784 zip code has the lowest median tax rate of 0.57%. Understanding how these cities compare with Sonora provides valuable insights into the varying tax landscape across Larue County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Sonora Tax Rate
0.99%
Average Larue County Tax Rate
0.98%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Sonora, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42776 | 0.21% | 0.39% | 0.99% | 1.03% | 1.11% |
Source: Ownwell
Property Tax Assessment Values Across Sonora, Kentucky
In Sonora, 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 Larue 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 Sonora, 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 Sonora is $129,500, with tax bills ranging from $428 at the 25th percentile to $2,015 at the 90th percentile. The zip code with the highest median tax bill is 42776, with a median tax bill of $840. Being aware of these valuation processes in Sonora helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Sonora Assessed Value
$129,500
Average Larue County Assessed Value
$95,000
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Sonora, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42776 | $25,500 | $60,000 | $129,500 | $240,000 | $400,000 |
Source: Ownwell
Property Tax Bills Across Sonora, Kentucky
In Sonora, Kentucky, property tax bills are calculated based on the assessed value of the property. The county assessor determines this value, considering factors like the property's market value, location, and any improvements made. Homeowners in Sonora face a median property tax rate that influences their annual tax bill. For instance, the median home price in Sonora is $129,500, and property tax bills can vary significantly. The 25th percentile tax bill is $428, while the 75th percentile tax bill is $1,366, and the 90th percentile tax bill reaches $2,015. Compared to the national median property tax rate of 0.99%, Sonora's rates can be more favorable, providing some relief to homeowners. However, the highest median tax bill recorded in the region is $840, which can impact household budgets, particularly for those with higher-valued properties. Understanding these factors helps homeowners anticipate their tax liabilities and plan accordingly, ensuring they are well-prepared for their annual property tax obligations.
Average Sonora Tax Bill
$840
Average Larue County Tax Bill
$717
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Sonora, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42776 | $192 | $428 | $840 | $1,366 | $2,015 |
Source: Ownwell