Salt Lick, Menifee County, Kentucky Property Taxes
Median Salt Lick, KY effective property tax rate: 1.12%, significantly higher than the national median of 1.02%, but lower than the Kentucky state median of 1.02%.
Median Salt Lick, KY home value: $20,000
Median annual Salt Lick, KY tax bill: $139, $2,261 lower than the national median property tax bill of $2,400.
How are property taxes in Menifee calculated?
Property taxes in Salt Lick, KY are calculated based on the tax assessed value, which is often lower than the actual market value due to property tax exemptions such as the homestead or senior exemption.
Understanding Salt Lick’s property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in Salt Lick, knowing local tax details benefits homeowners and investors.
Last Updated March 1, 2025
Salt Lick, Menifee County, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Median Effective Tax Rate
1.12%
Estimate Property Tax Bill
$224
$208
Property Tax Rates Across Salt Lick, Menifee County, Kentucky
Local government entities set tax rates, which can vary widely within a state. Annually, each county estimates its required budget to provide services and divides that by the total value of all taxable property within its jurisdiction. This calculation results in the property tax rate. While there are votes and laws involved in setting tax rates and budgets, in a nutshell, this is the annual process. Below, you can compare Salt Lick’s effective property tax rate to other cities in Kentucky and the median property tax rates in Kentucky and the U.S.
In Salt Lick, located in Menifee County, the median property tax rate is 1.12%. This rate is slightly above the national median property tax rate of 1.02%. Homeowners in Salt Lick may find their property tax bills are higher than the national median of $2,400 due to this rate. However, compared to other areas within Kentucky, Salt Lick’s tax rate is consistent, as it matches both the highest and lowest median tax rates in the state. Understanding these rates can help homeowners make informed decisions about property investments and budgeting for property tax expenses.
Our median effective property tax rate (tax bill ÷ assessor's market value) accounts for exemptions and deductions, making it more accurate than the general median tax rate, which is the midpoint of statutory rates before adjustments.
Median Effective Salt Lick Tax Rate
1.12%
Our median effective property tax rate (tax bill ÷ assessor's market value) accounts for exemptions and deductions, making it more accurate than the general median tax rate, which is the midpoint of statutory rates before adjustments.
Median Effective Menifee County Tax Rate
1.26%
Median Effective Kentucky Tax Rate
1.02%
Median Effective United States Tax Rate
1.02%
Property Tax Rates Across Salt Lick, Menifee County, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40371 | 0.16% | 0.66% | 1.12% | 1.26% | 1.26% |
Source: Ownwell
Property Tax Assessment Values Across Salt Lick, Menifee County, Kentucky
When examining property taxes in Salt Lick, KY, understanding the distinction between "market value" and "assessed value" is crucial. The market value is what a willing buyer would pay to a willing seller in an open and competitive market, often influenced by location, property condition, and economic market trends. The Menifee County appraisal district estimates the market value for tax purposes. The assessed value is the market value minus any applicable exemptions or limits determined by local laws and offerings. The tax assessed value is the figure used to calculate your property taxes or the amount multiplied by your tax rate to get your tax bill.
In Menifee County, assessment notices are sent in the spring each year. They’ll typically reach your mailbox by the middle of March. Each property owner receives an assessment notice that contains both the market value and assessed value, along with an estimate of your property tax bill. By providing insights into how assessed and market values are determined, this section helps property owners navigate their tax responsibilities and understand the valuation processes affecting their property taxes in Salt Lick. For example, the median home price in Salt Lick is $20,000, with tax bills ranging significantly across the county. Zip code 40371 has the highest median home price at $20,000.
Property Tax Assessment Values Across Salt Lick, Menifee County, Kentucky
Source: Ownwell
$20,000
$20,000
$20,000
Median Salt Lick Market Value
$20,000
Median Menifee County Market Value
$12,000
Median Kentucky Market Value
$110,000
Median United States Market Value
$235,294
Property Tax Assessment Values Across Salt Lick, Menifee County, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40371 | $2,000 | $5,500 | $20,000 | $63,001 | $114,000 |
Source: Ownwell
Property Tax Bills Across Salt Lick, Menifee County, Kentucky
Median Salt Lick Tax Bill
$139
Median Menifee County Tax Bill
$188
Median Kentucky Tax Bill
$1,031
Median United States Tax Bill
$2,400
Property Tax Bills Across Salt Lick, Menifee County, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40371 | $12 | $41 | $139 | $577 | $975 |
Source: Ownwell