Smilax, Kentucky Property Taxes
The median property tax rate in Smilax, KY is 1.40%, considerably higher than both the national median of 0.99% and the Kentucky state median of 1.02%. With the median home value in Smilax, the typical annual property tax bill reaches $281, which is significantly lower than the national median of $2,690. Property taxes in Smilax 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 Smilax'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 Smilax 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
Smilax, 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 Smilax Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Smilax with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Smilax 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 Smilax, Kentucky
Property taxes in Smilax, Kentucky, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Smilax is 1.40%, significantly higher than the U.S. national median of 0.99%. Local government entities within Smilax set these rates annually, and they can vary across different neighborhoods. Each year, Smilax 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 Smilax's effective property tax rate to other areas in Kentucky and the national median. For comparison, the zip code 41764 has the highest median property tax rate of 1.40%, while the same zip code also has the lowest median tax rate of 1.40%. Understanding how these areas compare with Smilax provides valuable insights into the varying tax landscape across Leslie County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Smilax Tax Rate
1.40%
Average Leslie County Tax Rate
1.40%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Smilax, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41764 | 0.18% | 0.71% | 1.40% | 1.40% | 1.40% |
Source: Ownwell
Property Tax Assessment Values Across Smilax, Kentucky
In Smilax, 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 Leslie 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 Smilax, 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 Leslie County is $34,000, with tax bills ranging significantly. The 25th percentile tax bill is $94, while the 75th percentile tax bill is $558. The highest and lowest median tax bills are both $281 in the 41764 zip code. Understanding these valuation concepts helps property owners better navigate their tax responsibilities, identify opportunities for protesting assessments, or apply for exemptions to effectively manage the tax burden.
Average Smilax Assessed Value
$34,000
Average Leslie County Assessed Value
$28,300
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Smilax, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41764 | $3,500 | $12,000 | $34,000 | $53,000 | $80,000 |
Source: Ownwell
Property Tax Bills Across Smilax, Kentucky
In Smilax, located in Leslie County, KY, property tax bills are determined based on the assessed value of a home, which is often a percentage of its market value. For instance, with a median home price of $34,000, the tax bill can vary significantly. Homeowners in the 25th percentile can expect a tax bill around $94, while those in the 75th percentile might see bills closer to $558. At the higher end, the 90th percentile tax bill reaches approximately $1,061. These variations arise from factors such as property size, location, and any applicable exemptions or abatements. The highest and lowest median tax bills in the area are both recorded at $281, indicating a relatively narrow range for the majority of homeowners. Compared to the national median property tax rate of 0.99%, Smilax's property tax rates can be considered quite modest. This impacts homeowners by keeping their annual tax obligations relatively low, making it more affordable to own property in this region.
Average Smilax Tax Bill
$281
Average Leslie County Tax Bill
$267
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Smilax, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41764 | $42 | $94 | $281 | $558 | $1,061 |
Source: Ownwell