Sulphur Well, Kentucky Property Taxes
The median property tax rate in Sulphur Well, KY is 1.01%, slightly higher than the national median of 0.99% but just below Kentucky's state median of 1.02%. With a median home value of $71,100 in Sulphur Well, the typical annual property tax bill amounts to $715, which is significantly lower than the national median of $2,690. Property taxes in Sulphur Well are calculated based on the tax assessed value, often lower than the market value due to exemptions like primary residence and agricultural exemptions. Navigating Sulphur Well's property tax system, exploring available exemptions, and pinpointing opportunities for reductions can result in substantial annual savings. Whether you're residing in the heart of Sulphur Well or its surrounding areas, gaining a clear understanding of the local property tax system is advantageous for both homeowners and real estate investors.
Last Updated June 14, 2024
Sulphur Well, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.01%
Estimate Property Tax Bill
$718
Ownwell’s Sulphur Well Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Sulphur Well with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Sulphur Well 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 Sulphur Well, Kentucky
Property taxes in Sulphur Well, Kentucky, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Sulphur Well is 1.01%, higher than the U.S. national median of 0.99%. Local government entities within Sulphur Well set these rates annually, and they can vary significantly across different neighborhoods. Each year, Sulphur Well 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 Well's effective property tax rate to other counties in Kentucky and the national median. For comparison, the 42129 zip code has the highest median property tax rate of 1.01%, while the 42129 zip code also has the lowest median tax rate of 1.01%. Understanding how these cities compare with Sulphur Well provides valuable insights into the varying tax landscape across Metcalfe County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Sulphur Well Tax Rate
1.01%
Average Metcalfe County Tax Rate
1.01%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Sulphur Well, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42129 | 1.01% | 1.01% | 1.01% | 1.01% | 1.01% |
Source: Ownwell
Property Tax Assessment Values Across Sulphur Well, Kentucky
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Sulphur Well, Kentucky. 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 Metcalfe 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 Well, 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. Sulphur Well's median home price is $71,100, and interestingly, the highest and lowest median tax bills are both $715 in the 42129 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 Well Assessed Value
$71,100
Average Metcalfe County Assessed Value
$50,550
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Sulphur Well, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42129 | $71,100 | $71,100 | $71,100 | $71,100 | $71,100 |
Source: Ownwell
Property Tax Bills Across Sulphur Well, Kentucky
In Sulphur Well, Metcalfe County, KY, property tax bills are calculated based on the assessed value of a home. The median home price in the area is $71,100, and the tax rate is applied to this assessed value to determine the annual tax bill. Various factors influence the assessed value, including property size, location, and market conditions. Homeowners in Sulphur Well can expect a median tax bill of $715, which is notably higher than the national median property tax rate of 0.99%. This consistency in tax bills, regardless of the home's value, indicates a stable tax environment within the region. High property taxes can impact homeowners by increasing the overall cost of owning a home, potentially affecting affordability. However, these taxes are essential for funding local services such as schools, infrastructure, and emergency services, which contribute to the community's quality of life. Understanding how these taxes are calculated helps homeowners budget effectively and plan for future expenses.
Average Sulphur Well Tax Bill
$715
Average Metcalfe County Tax Bill
$452
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Sulphur Well, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42129 | $715 | $715 | $715 | $715 | $715 |
Source: Ownwell