Varney, Kentucky Property Taxes
The median property tax rate in Varney, KY is 1.43%, considerably higher than both the national median of 0.99% and the Kentucky state median of 1.02%. With the median home value in Varney at $28,000, the typical annual property tax bill reaches $171, which is significantly lower than the national median of $2,690. Property taxes in Varney 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 Varney'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 Varney 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
Varney, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.43%
Estimate Property Tax Bill
$400
Ownwell’s Varney Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Varney with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Varney 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 Varney, Kentucky
Property taxes in Varney, Kentucky, are essential in funding local services such as public schools, road maintenance, and emergency services. The median tax rate in Varney is 0.74%, lower than both the Kentucky state median of 0.83% and the U.S. national median of 0.99%. Local government entities within Varney set these rates annually, and they can vary significantly across different neighborhoods. Each year, Varney 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 Varney's effective property tax rate to other counties in Kentucky and the national median. For comparison, the 41571 zip code has the highest median property tax rate of 0.74%, while the 41571 zip code has the lowest median tax rate of 0.74%. Understanding how these cities compare with Varney 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 Varney Tax Rate
1.43%
Average Pike County Tax Rate
1.37%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Varney, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41571 | 0.13% | 0.30% | 1.43% | 1.63% | 2.28% |
Source: Ownwell
Property Tax Assessment Values Across Varney, Kentucky
In Varney, 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 Varney, 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 Varney helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest median tax bill is 41571, with a tax bill of $171, while the same zip code also has the lowest median tax bill at $171.
Average Varney 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 Varney, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41571 | $4,000 | $10,000 | $28,000 | $43,000 | $62,700 |
Source: Ownwell
Property Tax Bills Across Varney, Kentucky
In Varney, located in Pike County, KY, property tax bills are calculated based on the assessed value of a home. The assessed value is determined by the county assessor, who evaluates the property’s market value and applies an assessment ratio. This assessed value is then multiplied by the local tax rate to determine the tax bill. For homeowners in Varney, the median home price stands at $28,000. Property tax bills vary significantly, with the 25th percentile at $48 and the 75th percentile at $565. The 90th percentile tax bill can reach up to $934. These variations depend on factors such as property location, improvements, and exemptions. Compared to the national median property tax rate of 0.99%, Varney’s rates are relatively modest. However, even with lower rates, property taxes can significantly impact homeowners, influencing their overall cost of living and financial planning. Understanding these factors helps homeowners anticipate their tax obligations and manage their budgets more effectively.
Average Varney Tax Bill
$171
Average Pike County Tax Bill
$205
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Varney, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41571 | $48 | $48 | $171 | $565 | $934 |
Source: Ownwell