Ashcamp, Kentucky Property Taxes
The median property tax rate in Ashcamp, KY is 1.37%, considerably higher than both the national median of 0.99% and the Kentucky state median of 1.02%. With the median home value in Ashcamp at $36,175, the typical annual property tax bill reaches $253, which is significantly lower than the national median of $2,690. Property taxes in Ashcamp are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Ashcamp'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 Ashcamp or another part of Pike County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Ashcamp, 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 Ashcamp Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Ashcamp with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Ashcamp 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 Pike County for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Ashcamp, Kentucky
Property taxes in Ashcamp, Kentucky, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Ashcamp is 0.64%, significantly lower than the U.S. national median of 0.99%. Local government entities within Ashcamp set these rates annually, and they can vary across different neighborhoods. Each year, Ashcamp 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 Ashcamp's effective property tax rate to other counties in Kentucky and the national median. For comparison, the highest median property tax rate in Pike County is 0.64%, while the lowest median tax rate is also 0.64%. Understanding how these cities compare with Ashcamp provides valuable insights into the varying tax landscape across Pike County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Ashcamp Tax Rate
1.37%
Average Pike County Tax Rate
1.37%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Ashcamp, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41512 | 0.15% | 0.40% | 1.37% | 1.47% | 1.85% |
Source: Ownwell
Property Tax Assessment Values Across Ashcamp, Kentucky
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Ashcamp, 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 Pike 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 Ashcamp, 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. The median home price in Ashcamp is $36,175. The 25th percentile tax bill is $55, while the 75th percentile tax bill is $697, and the 90th percentile tax bill is $1,191. The zip code with the highest median tax bill is 41512, with a median tax bill of $253. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Ashcamp Assessed Value
$36,175
Average Pike County Assessed Value
$25,000
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Ashcamp, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41512 | $3,850 | $12,000 | $36,175 | $60,000 | $95,000 |
Source: Ownwell
Property Tax Bills Across Ashcamp, Kentucky
In Ashcamp, located in Pike County, KY, property tax bills are calculated based on the assessed value of a property. The assessed value is determined by the local tax assessor and represents a percentage of the property's market value. For homeowners in Ashcamp, the median home price is $36,175. Property tax rates in this area are relatively low compared to the national median property tax rate of 0.99%. Several factors influence the property tax bill, including the property's location, size, and any improvements made. In Ashcamp, tax bills can vary significantly. For instance, the 25th percentile tax bill is $55, while the 75th percentile tax bill is $697, and the 90th percentile tax bill reaches $1,191. The highest median tax bill in the area is $253, which is notably lower than many other regions. These property taxes fund essential local services such as schools, public safety, and infrastructure. For homeowners, understanding these factors is crucial as property taxes can impact their overall financial planning and homeownership costs.
Average Ashcamp Tax Bill
$253
Average Pike County Tax Bill
$205
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Ashcamp, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41512 | $48 | $55 | $253 | $697 | $1,191 |
Source: Ownwell