Jonancy, Kentucky Property Taxes
The median property tax rate in Jonancy, KY is 0.33%, significantly lower than both the national median of 0.99% and the Kentucky state median of 1.02%. With the median home value in Jonancy at $43,950, the typical annual property tax bill is $176, far below the national median of $2,690. Property taxes in Jonancy 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 Jonancy'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 Jonancy 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
Jonancy, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.33%
Estimate Property Tax Bill
$145
Ownwell’s Jonancy Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Jonancy with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Jonancy 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 Jonancy, Kentucky
Property taxes in Jonancy, Kentucky, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Jonancy is 0.33%, significantly lower than both the Kentucky state median and the U.S. national median of 0.99%. Local government entities within Jonancy set these rates annually, and they can vary significantly across different neighborhoods. Each year, Jonancy 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 Jonancy's effective property tax rate to other counties in Kentucky and the national median. For comparison, the highest median property tax rate in Kentucky is 1.22%, while the lowest median tax rate is 0.33%. Understanding how these cities compare with Jonancy 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 Jonancy Tax Rate
0.33%
Average Pike County Tax Rate
1.37%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Jonancy, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41538 | 0.11% | 0.13% | 0.33% | 1.40% | 1.44% |
Source: Ownwell
Property Tax Assessment Values Across Jonancy, Kentucky
In Jonancy, 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 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 Jonancy, 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. For instance, homeowners in the zip code 41538 experience the highest median tax bill of $176, while the lowest median tax bill also stands at $176, indicating uniformity in this area. 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 Jonancy helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Jonancy Assessed Value
$43,950
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 Jonancy, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41538 | $32,520 | $39,000 | $43,950 | $70,500 | $105,870 |
Source: Ownwell
Property Tax Bills Across Jonancy, Kentucky
In Jonancy, located in Pike County, KY, property tax bills are calculated based on the assessed value of the property. The local tax assessor determines this value, which is then multiplied by the local tax rate to calculate the annual tax bill. Several factors influence the assessed value, including the property's market value, location, and any improvements made to the property. For homeowners in Jonancy, the median home price is approximately $43,950. The property tax bills can vary significantly, with the 25th percentile tax bill around $48 and the 75th percentile reaching up to $755. At the 90th percentile, tax bills can be as high as $1,494. Compared to the national median property tax rate of 0.99%, Jonancy's property taxes are relatively lower, making it more affordable for homeowners. However, the variability in tax bills means that homeowners need to stay informed about their property's assessed value and any changes in local tax rates to manage their financial planning effectively.
Average Jonancy Tax Bill
$176
Average Pike County Tax Bill
$205
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Jonancy, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41538 | $48 | $48 | $176 | $755 | $1,494 |
Source: Ownwell