Summer Shade, Kentucky Property Taxes
The median property tax rate in Summer Shade, KY is 0.92%, slightly below the national median of 0.99% and the Kentucky state median of 1.02%. With the median home value in Summer Shade at $60,000, the typical annual property tax bill is $502, significantly lower than the national median of $2,690. Property taxes in Summer Shade are calculated based on the assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Summer Shade'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 Summer Shade 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
Summer Shade, 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 Summer Shade Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Summer Shade with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Summer Shade 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 Monroe County for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Summer Shade, Kentucky
Property taxes in Summer Shade, Kentucky, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Summer Shade is 0.92%, slightly below the U.S. national median of 0.99%. Local government entities within the city set these rates annually, and they can vary across different neighborhoods. Each year, Summer Shade 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 Summer Shade's effective property tax rate to other counties in Kentucky and the national median. For comparison, the 42166 zip code has both the highest and lowest median property tax rate of 0.92%. Understanding how these areas compare with Summer Shade provides valuable insights into the varying tax landscape across Monroe County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Summer Shade Tax Rate
0.92%
Average Monroe County Tax Rate
0.92%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Summer Shade, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42166 | 0.48% | 0.83% | 0.92% | 0.92% | 0.92% |
Source: Ownwell
Property Tax Assessment Values Across Summer Shade, Kentucky
In Summer Shade, 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 Monroe 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 Summer Shade, 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 Summer Shade helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the zip code 42166 has both the highest and lowest median tax bill at $502.
Average Summer Shade Assessed Value
$60,000
Average Monroe County Assessed Value
$42,000
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Summer Shade, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42166 | $11,040 | $35,500 | $60,000 | $119,000 | $185,600 |
Source: Ownwell
Property Tax Bills Across Summer Shade, Kentucky
In Summer Shade, property tax bills are calculated based on the assessed value of a home, which is typically a percentage of the property's market value. For homeowners in Monroe County, the median home price stands at $60,000. The property tax rate is applied to this assessed value to determine the annual tax bill. Several factors influence the tax bill, including the assessed value of the property and local tax rates. For instance, the 25th percentile tax bill is $247, while the 75th percentile tax bill reaches $1,013. At the 90th percentile, homeowners might see tax bills as high as $1,621. Compared to the national median property tax rate of 0.99%, Summer Shade's tax bills can vary significantly, impacting homeowners differently based on their property's assessed value. Understanding these factors can help homeowners anticipate their annual financial obligations and manage their budgets more effectively.
Average Summer Shade Tax Bill
$502
Average Monroe County Tax Bill
$328
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Summer Shade, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42166 | $102 | $247 | $502 | $1,013 | $1,621 |
Source: Ownwell