South Portsmouth, Kentucky Property Taxes
The median property tax rate in South Portsmouth, KY is 1.11%, slightly higher than both the national median of 0.99% and the Kentucky state median of 1.02%. With the median home value in South Portsmouth, the typical annual property tax bill reaches $298, significantly lower than the national median of $2,690. Property taxes in South Portsmouth 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 South Portsmouth'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 South Portsmouth or another part of Lewis County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
South Portsmouth, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.11%
Estimate Property Tax Bill
$377
Ownwell’s South Portsmouth Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in South Portsmouth with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in South Portsmouth 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 South Portsmouth, Kentucky
Property taxes in South Portsmouth, Kentucky, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in South Portsmouth is 1.11%, significantly higher than both the Kentucky state median and the U.S. national median of 0.99%. Local government entities within South Portsmouth set these rates annually, and they can vary significantly across different neighborhoods. Each year, South Portsmouth 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 South Portsmouth's effective property tax rate to other areas in Kentucky and the national median. For comparison, the zip code 41174 has the highest median property tax rate of 1.11%, while the same zip code also has the lowest median tax rate of 1.11%. Understanding how these areas compare with South Portsmouth provides valuable insights into the varying tax landscape across Lewis County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average South Portsmouth Tax Rate
1.11%
Average Lewis County Tax Rate
1.02%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across South Portsmouth, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41174 | 0.51% | 1.11% | 1.11% | 1.11% | 1.11% |
Source: Ownwell
Property Tax Assessment Values Across South Portsmouth, Kentucky
In South Portsmouth, 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 local 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. 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 South Portsmouth helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the area are both $298.00, specifically in the 41174 zip code.
Property Tax Assessment Values Across South Portsmouth, Kentucky
Source: Ownwell
$22,000
$99,125
$176,250
Average South Portsmouth Assessed Value
$34,000
Average Lewis County Assessed Value
$28,800
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across South Portsmouth, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41174 | $3,000 | $8,000 | $34,000 | $63,475 | $96,400 |
Source: Ownwell
Property Tax Bills Across South Portsmouth, Kentucky
In South Portsmouth, KY, property tax bills are determined based on the assessed value of the property. The assessed value is typically a percentage of the market value, which is influenced by factors such as location, property size, and improvements. In South Portsmouth, the median home price is $34,000, significantly lower than the national median. Property tax rates are applied to this assessed value to calculate the tax bill. For homeowners in South Portsmouth, tax bills can vary widely. The 25th percentile tax bill is $78, while the 75th percentile tax bill is $556. At the higher end, the 90th percentile tax bill reaches $1,051. These variations can significantly impact homeowners' financial planning and budgeting. Compared to the national median property tax rate of 0.99%, South Portsmouth's rates reflect the local economic conditions and property values. Understanding these factors can help homeowners anticipate their tax obligations and manage their finances more effectively.
Average South Portsmouth Tax Bill
$298
Average Lewis County Tax Bill
$218
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across South Portsmouth, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41174 | $33 | $78 | $298 | $556 | $1,051 |
Source: Ownwell