41553 Property Tax Rate

Property owners in ZIP code 41553 (Phelps, Kentucky) pay a median of $741/year in property taxes on homes valued at $113,900. This translates to an effective tax rate of 0.65%, which is 14% below the Kentucky state average of 0.75%.

The monthly property tax burden for a median-valued home in 41553 is approximately $62, which factors into escrow payments on mortgages. This ZIP code is located within Pike County. This is $356 less than the Kentucky average of $1,097/year.

Compared to similar ZIP codes in Kentucky, 41553 has higher property taxes. ZIP codes with similar effective rates include 41425 (0.65%) and 40380 (0.65%).

In Phelps, property taxes represent approximately 1.7% of the median household income of $44,250, providing context for the relative tax burden on homeowners in this area.

Kentucky does not cap assessment increases at sale; your property will be reassessed at fair market value upon purchase, potentially raising your tax bill significantly from the prior owner's amount. Pike County offers a Homestead Exemption for primary residences that reduces the assessed value used for school taxes — contact the Pike County Property Valuation Administrator to apply and verify your eligibility before the close of business in your assessment year. File your exemption claim promptly after closing to ensure it applies to your first tax bill.