Pinsonfork, Kentucky Property Taxes
The median property tax rate in Pinsonfork, KY is 1.37%, notably higher than both the national median of 0.99% and Kentucky's state median of 1.02%. With the median home value in Pinsonfork at $28,000, the typical annual property tax bill amounts to $234, which is significantly lower than the national median of $2,690. Property taxes in Pinsonfork are calculated based on the assessed value, often lower than the market value due to exemptions like primary residence and agricultural exemptions. Understanding Pinsonfork's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Pinsonfork or another part of Pike County, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Pinsonfork, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.37%
Estimate Property Tax Bill
$384
Ownwell’s Pinsonfork Property Tax Bill Calculator is an essential tool for homeowners, real estate investors, and potential buyers looking to estimate their annual property taxes in Pinsonfork. By simply inputting your property's estimated assessed value, the calculator uses the median tax rate specific to Pinsonfork to provide an accurate estimate of your property tax bill. This valuable resource helps you understand your potential tax liabilities, making financial planning easier. For those interested in more granular insights, you can explore neighborhood-level trends by scrolling down for localized information. Your property's assessed value, determined by Pike County, includes any applicable exemptions, ensuring you get a precise calculation for your property tax obligations.
Property Tax Rates Across Pinsonfork, Kentucky
Property taxes in Pinsonfork, Kentucky, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Pinsonfork is 1.37%, significantly higher than the U.S. national median of 0.99%. Local government entities within Pinsonfork set these rates annually, and they can vary significantly across different neighborhoods. Each year, Pinsonfork 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 Pinsonfork's effective property tax rate to other counties in Kentucky and the national median. For comparison, the 41555 zip code has the highest median property tax rate of 1.37%, while the same zip code also has the lowest median tax rate of 1.37%. Understanding how these cities compare with Pinsonfork 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 Pinsonfork 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 Pinsonfork, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41555 | 0.15% | 0.39% | 1.37% | 1.54% | 2.40% |
Source: Ownwell
Property Tax Assessment Values Across Pinsonfork, Kentucky
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Pinsonfork, Kentucky. The market value represents the price a willing buyer would pay a willing seller in an open and competitive market, influenced by factors such as 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 Pinsonfork, 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 Pinsonfork helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in the area is $28,000, with the highest and lowest median tax bills both recorded at $234 in the 41555 zip code. This knowledge empowers homeowners to take informed actions regarding their property taxes.
Average Pinsonfork Assessed Value
$28,000
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 Pinsonfork, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41555 | $3,000 | $8,000 | $28,000 | $50,000 | $80,000 |
Source: Ownwell
Property Tax Bills Across Pinsonfork, Kentucky
In Pinsonfork, KY, property tax bills are calculated based on the assessed value of a property and the local tax rate. The assessed value is determined by the Pike County assessor and reflects the market value of the property. Homeowners in Pinsonfork can expect their tax bills to vary significantly. For instance, the tax bill at the 25th percentile is $48, while at the 75th percentile, it is $598. The 90th percentile tax bill reaches $1,207, indicating a wide range of property values and corresponding tax obligations. The median home price in Pinsonfork is $28,000, which contributes to the relatively low property tax bills compared to the national median property tax rate of 0.99%. This lower rate can be advantageous for homeowners, making homeownership more affordable. However, the variability in tax bills means that homeowners with higher-valued properties will still face higher tax obligations. Understanding these factors can help homeowners better anticipate and manage their property tax responsibilities.
Average Pinsonfork Tax Bill
$234
Average Pike County Tax Bill
$205
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Pinsonfork, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41555 | $48 | $48 | $234 | $598 | $1,207 |
Source: Ownwell