Vicco, Kentucky Property Taxes
The median property tax rate in Vicco, KY is 1.04%, slightly higher than both the national median of 0.99% and the Kentucky state median of 1.02%. With the median home value in Vicco, the typical annual property tax bill reaches $83, which is considerably lower than the national median of $2,690. Property taxes in Vicco are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Vicco'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 Vicco or another part of Perry County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Vicco, 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 VICCO Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in VICCO with just two simple inputs. By entering your property's estimated assessed value, the calculator uses the median tax rate in VICCO to provide an accurate property tax bill estimate. This valuable tool helps you anticipate potential tax liabilities, making it easier to plan your finances. For those interested in more granular data, additional localized information is available below. Your property’s assessed value is determined by the county and is used for property tax calculations, taking into account any applicable exemptions.
Property Tax Rates Across Vicco, Kentucky
Property taxes in Vicco, Kentucky, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Vicco is 1.04%, notably higher than the U.S. national median of 0.99%. Local government entities within Vicco set these rates annually, and they can vary significantly across different neighborhoods. Each year, Vicco 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 Vicco's effective property tax rate to other areas in Perry County and the national median. For comparison, the zip code 41773 has the highest median property tax rate of 1.04%, while the same zip code 41773 also has the lowest median tax rate of 1.04%. Understanding how these areas compare with Vicco provides valuable insights into the varying tax landscape across Perry County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Vicco Tax Rate
1.04%
Average Perry County Tax Rate
1.04%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Vicco, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41773 | 1.04% | 1.04% | 1.04% | 1.04% | 1.04% |
Source: Ownwell
Property Tax Assessment Values Across Vicco, Kentucky
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Vicco, 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 Perry 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. Assessment notices in Vicco 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 Vicco helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Vicco Assessed Value
$9,000
Average Perry County Assessed Value
$11,075
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Vicco, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41773 | $2,000 | $5,000 | $9,000 | $22,075 | $45,000 |
Source: Ownwell
Property Tax Bills Across Vicco, Kentucky
In Vicco, Perry County, KY, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is determined by the county assessor, who evaluates the property’s market value. The tax rate is applied to this assessed value to calculate the annual tax bill. For instance, with a median home price of $9,000, homeowners can expect their tax bills to vary significantly. At the 25th percentile, the tax bill is around $52, while at the 75th percentile, it jumps to approximately $208. Those at the 90th percentile may see tax bills as high as $520. These figures illustrate the range of property tax burdens that homeowners in Vicco might face. Compared to the national median property tax rate of 0.99%, Vicco's rates can be relatively modest, but the impact on homeowners can still be substantial, particularly for those with higher-value properties. Understanding these factors can help homeowners better anticipate their annual expenses.
Average Vicco Tax Bill
$83
Average Perry County Tax Bill
$104
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Vicco, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41773 | $21 | $52 | $83 | $208 | $520 |
Source: Ownwell