Taylorsville, Kentucky Property Taxes
The median property tax rate in Taylorsville, KY is 1.26%, significantly higher than both the national median of 0.99% and the Kentucky state median of 1.02%. With the median home value in Taylorsville at $209,344, the typical annual property tax bill reaches $2,504, which is close to the national median of $2,690. Property taxes in Taylorsville are calculated based on the tax assessed value, often lower than the market value due to exemptions like primary residence and agricultural exemptions. Understanding Taylorsville'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 Taylorsville 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
Taylorsville, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.26%
Estimate Property Tax Bill
$2,638
Ownwell’s Taylorsville Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Taylorsville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Taylorsville 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 Taylorsville, Kentucky
Property taxes in Taylorsville, Kentucky, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Taylorsville is 1.26%, higher than both the Kentucky state median and the U.S. national median of 0.99%. Local government entities within Taylorsville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Taylorsville 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 Taylorsville's effective property tax rate to other counties in Kentucky and the national median. For comparison, the 40071 zip code has the highest median property tax rate of 1.26%, while the lowest median tax rate is also 1.26%. Understanding how these cities compare with Taylorsville provides valuable insights into the varying tax landscape across Bullitt County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Taylorsville Tax Rate
1.26%
Average Bullitt County Tax Rate
1.18%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Taylorsville, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40071 | 1.02% | 1.25% | 1.26% | 1.27% | 1.27% |
Source: Ownwell
Property Tax Assessment Values Across Taylorsville, Kentucky
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Taylorsville, Kentucky. 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 Bullitt 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 Taylorsville, 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. For instance, the median home price in Taylorsville is $209,344, with annual tax bills ranging from $1,478 at the 25th percentile to $4,939 at the 90th percentile. 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 helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Taylorsville Assessed Value
$209,344
Average Bullitt County Assessed Value
$159,604
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Taylorsville, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40071 | $7,440 | $133,073 | $209,344 | $316,012 | $399,408 |
Source: Ownwell
Property Tax Bills Across Taylorsville, Kentucky
In Taylorsville, KY, property tax bills are calculated based on the assessed value of a home. The local government assesses the value of properties to determine the tax bill. Factors such as the location, size, and condition of the property can influence its assessed value. Homeowners in Taylorsville can expect varying tax bills, with the 25th percentile tax bill around $1,478 and the 75th percentile reaching $3,908. The highest median tax bill in the area is $2,504, located in the 40071 zip code. Comparing this to the national median property tax rate of 0.99%, Taylorsville's tax rates can significantly impact homeowners. Higher assessed values result in higher tax bills, which can affect a homeowner's annual budget. Understanding how these factors play into the overall tax bill can help homeowners plan and manage their finances better. By staying informed about the local property tax rates and assessments, residents can anticipate their financial obligations more accurately.
Average Taylorsville Tax Bill
$2,504
Average Bullitt County Tax Bill
$1,790
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Taylorsville, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40071 | $93 | $1,478 | $2,504 | $3,908 | $4,939 |
Source: Ownwell