Siler, Whitley County, Kentucky Property Taxes
The median property tax rate in Siler, KY is 0.75%, which is lower than both the national median of 0.99% and the Kentucky state median of 1.02%. With the median home value in Siler, the typical annual property tax bill amounts to $87, significantly less than the national median of $2,690. Property taxes in Siler are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as the primary residence and agricultural exemptions. Understanding Siler'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 Siler or another part of the city, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Siler, Whitley County, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.75%
Estimate Property Tax Bill
$105
$97
Ownwell’s Siler Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Siler with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Siler 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 Siler, Whitley County, Kentucky
Property taxes in Siler, Kentucky, are essential for funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Siler is 0.75%, which is lower than the U.S. national median of 0.99%. Local government entities within Siler set these rates annually, and they can vary significantly across different neighborhoods. Each year, Siler 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. For comparison, the 40763 ZIP code has the highest median property tax rate of 0.75%, while the same ZIP code also has the lowest median tax rate of 0.75%. Understanding how these cities compare with Siler provides valuable insights into the varying tax landscape across Whitley County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Siler Tax Rate
0.75%
Average Whitley County Tax Rate
0.75%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Siler, Whitley County, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40763 | 0.45% | 0.75% | 0.75% | 0.75% | 0.75% |
Source: Ownwell
Property Tax Assessment Values Across Siler, Whitley County, Kentucky
In Siler, 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 Whitley 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. Assessment notices in Siler 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, properties in the 25th percentile of tax bills pay around $38 annually, while those in the 75th percentile pay about $219, and the 90th percentile reaches $388. Understanding these valuation concepts helps property owners navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to manage the tax burden effectively.
Property Tax Assessment Values Across Siler, Whitley County, Kentucky
Source: Ownwell
$12,000
$32,750
$53,500
Average Siler Assessed Value
$14,000
Average Whitley County Assessed Value
$32,500
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Siler, Whitley County, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40763 | $1,600 | $5,000 | $14,000 | $32,650 | $61,000 |
Source: Ownwell
Property Tax Bills Across Siler, Whitley County, Kentucky
In Siler, Whitley County, KY, property tax bills are calculated based on the assessed value of a property, which is determined by local tax assessors. The assessed value typically reflects a percentage of the property's market value. Homeowners in Siler can expect their tax bills to vary significantly, depending on the assessed value and the local tax rate. For instance, the median home price in Siler is $14,000. Homeowners at the 25th percentile of tax bills pay around $38, while those at the 75th percentile pay approximately $219. At the higher end, the 90th percentile sees tax bills around $388. These variations highlight the impact of property value assessments and local tax rates on individual tax bills. Compared to the national median property tax rate of 0.99%, Siler's property tax rates can be relatively low, offering some relief to homeowners. However, understanding the assessed value and staying informed about local tax rates is crucial for homeowners to manage their property tax liabilities effectively.
Average Siler Tax Bill
$87
Average Whitley County Tax Bill
$170
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Siler, Whitley County, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40763 | $19 | $38 | $87 | $219 | $388 |
Source: Ownwell