Shelbiana, Kentucky Property Taxes
The median property tax rate in Shelbiana, 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 Shelbiana, the typical annual property tax bill reaches $189, which is significantly lower than the national median of $2,690. Property taxes in Shelbiana 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 Shelbiana'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 Shelbiana 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
Shelbiana, 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 SHELBIANA Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in SHELBIANA with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in SHELBIANA 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 Shelbiana, Kentucky
Property taxes in Shelbian, Kentucky, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Shelbian is 0.66%, lower than both the Kentucky state median of 0.83% and the U.S. national median of 0.99%. Local government entities within Shelbian set these rates annually, and they can vary significantly across different neighborhoods. Each year, Shelbian 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 Shelbian's effective property tax rate to other counties in Kentucky and the national median. For comparison, the 41562 zip code has the highest median property tax rate of 0.66%, while the same zip code also has the lowest median tax rate of 0.66%. Understanding how these cities compare with Shelbian 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 Shelbiana 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 Shelbiana, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41562 | 0.15% | 0.32% | 1.37% | 1.54% | 2.27% |
Source: Ownwell
Property Tax Assessment Values Across Shelbiana, Kentucky
In Shelbian, 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 Shelbian, 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 Shelbian helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest and lowest median tax bill is 41562, with a median tax bill of $189.
Average Shelbiana 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 Shelbiana, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41562 | $3,780 | $10,000 | $28,000 | $50,000 | $76,560 |
Source: Ownwell
Property Tax Bills Across Shelbiana, Kentucky
In Shelbiana, located in Pike County, KY, property tax bills are determined by assessing the value of a property and applying the local tax rate. The median home price in Shelbiana is $28,000, which is significantly lower than the national median. Homeowners in this area can expect their property tax bills to vary widely. For instance, the 25th percentile tax bill is $48, while the 75th percentile tax bill reaches $575, and the 90th percentile tax bill can be as high as $1,129. The tax bill is influenced by the assessed value of the property, which is then multiplied by the local tax rate. This assessed value considers various factors such as property size, location, and market conditions. For homeowners, this means that even within the same region, tax bills can differ significantly based on these assessments. Understanding these factors is crucial for homeowners to anticipate their annual property tax obligations and manage their finances effectively.
Average Shelbiana Tax Bill
$189
Average Pike County Tax Bill
$205
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Shelbiana, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41562 | $48 | $48 | $189 | $575 | $1,129 |
Source: Ownwell