Salvisa, Kentucky Property Taxes
The median property tax rate in Salvisa, KY is 1.21%, which is notably higher than both the national median of 0.99% and Kentucky's state median of 1.02%. With a median home value of $152,282 in Salvisa, the typical annual property tax bill amounts to $1,279, which is below the national median of $2,690. Property taxes in Salvisa are determined based on the tax assessed value, often lower than the market value due to exemptions such as those for primary residences and agricultural land. Gaining a thorough understanding of Salvisa's property tax system, exploring available exemptions, and finding opportunities for reductions can result in substantial annual savings. Whether you're in the heart of Salvisa or another part of Mercer County, comprehending the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Salvisa, 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 Salvisa Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Salvisa with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Salvisa 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 Mercer County for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Salvisa, Kentucky
Property taxes in Salvisa, Kentucky, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Salvisa is 1.21%, higher than both the Kentucky state median and the U.S. national median of 0.99%. Local government entities within Salvisa set these rates annually, and they can vary significantly across different neighborhoods. Each year, Salvisa 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 Salvisa's effective property tax rate to other counties in Kentucky and the national median. For comparison, the 40372 zip code has the highest median property tax rate of 1.21%, while the 40372 zip code also has the lowest median tax rate of 1.21%. Understanding how these cities compare with Salvisa provides valuable insights into the varying tax landscape across Mercer County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Salvisa Tax Rate
1.21%
Average Mercer County Tax Rate
1.13%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Salvisa, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40372 | 0.34% | 0.64% | 1.21% | 1.21% | 1.21% |
Source: Ownwell
Property Tax Assessment Values Across Salvisa, Kentucky
In Salvisa, 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 Mercer 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 Salvisa, 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 Salvisa helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Salvisa Assessed Value
$152,282
Average Mercer County Assessed Value
$125,484
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Salvisa, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40372 | $25,000 | $83,516 | $152,282 | $248,012 | $392,452 |
Source: Ownwell
Property Tax Bills Across Salvisa, Kentucky
In Salvisa, located in Mercer County, KY, property tax bills are calculated based on the assessed value of the property. The assessment is typically a percentage of the market value, and this assessed value is then multiplied by the local tax rate. For homeowners in Salvisa, the median home price stands at $152,282. With the national median property tax rate at 0.99%, homeowners in Salvisa can expect their tax bills to vary significantly. Factors such as property size, location, and improvements can influence the assessed value. For example, tax bills at the 25th percentile are around $627, while those at the 75th percentile reach $2049. At the 90th percentile, tax bills can be as high as $3016. These variations can have a substantial impact on homeowners, affecting their annual budgeting and financial planning. The highest and lowest median tax bills in the area are both recorded at $1279, highlighting a relatively consistent tax landscape within the region.
Average Salvisa Tax Bill
$1,279
Average Mercer County Tax Bill
$1,011
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Salvisa, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40372 | $181 | $627 | $1,279 | $2,049 | $3,016 |
Source: Ownwell