Edmonton, Kentucky Property Taxes
The median property tax rate in Edmonton, KY is 1.13%, higher than both the national median of 0.99% and the Kentucky state median of 1.02%. With the median home value in Edmonton at $48,500, the typical annual property tax bill reaches $365, which is significantly lower than the national median of $2,690. Property taxes in Edmonton 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 Edmonton'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 Edmonton 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
Edmonton, Kentucky Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
1.02%
Estimate Property Tax Bill
$2,040
Ownwell’s Edmonton Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Edmonton with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Edmonton 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 Edmonton, Kentucky
Property taxes in Edmonton, Kentucky, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Edmonton is 1.13%, higher than the U.S. national median of 0.99%. Local government entities within Edmonton set these rates annually, and they can vary significantly across different neighborhoods. Each year, Edmonton 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 Edmonton's effective property tax rate to other counties in Kentucky and the national median. For comparison, the 42129 zip code has the highest median property tax rate of 1.13%, while the same zip code also has the lowest median tax rate of 1.13%. Understanding how these cities compare with Edmonton provides valuable insights into the varying tax landscape across Adair County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Edmonton Tax Rate
1.13%
Average Adair County Tax Rate
1.13%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Edmonton, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42129 | 0.20% | 0.46% | 1.13% | 1.20% | 1.53% |
Source: Ownwell
Property Tax Assessment Values Across Edmonton, Kentucky
In Edmonton, 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 local 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 Edmonton, 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 Edmonton helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 42129 has the highest median tax bill at $365, while the lowest median tax bill is also found in the same zip code at $365.
Average Edmonton Assessed Value
$48,500
Average Adair County Assessed Value
$50,000
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Edmonton, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42129 | $5,000 | $15,000 | $48,500 | $120,500 | $190,300 |
Source: Ownwell
Property Tax Bills Across Edmonton, Kentucky
In Edmonton, located in Adair County, KY, property tax bills are calculated based on the assessed value of a home. The assessed value is determined by local government officials who evaluate the market value of the property. Homeowners in this area typically see a range of tax bills, with the 25th percentile paying around $125, while those in the 75th percentile pay about $705. At the higher end, the 90th percentile of homeowners may see tax bills reaching up to $1,216. For a median home price of $48,500, the property tax rate in Edmonton is relatively low compared to the national median property tax rate of 0.99%. This lower rate can be beneficial for homeowners as it means less annual expense, allowing for more financial flexibility. However, it also means that local services funded by property taxes, such as schools and emergency services, may have more limited budgets. Understanding these factors can help homeowners anticipate their annual tax obligations and plan their finances accordingly.
Average Edmonton Tax Bill
$365
Average Adair County Tax Bill
$410
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Edmonton, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42129 | $62 | $125 | $365 | $705 | $1,216 |
Source: Ownwell