Eddyville, Kentucky Property Taxes
The median property tax rate in Eddyville, KY is 1.01%, slightly above the national median of 0.99% but just below the Kentucky state median of 1.02%. With a median home value of $133,000 in Eddyville, the typical annual property tax bill amounts to $948, which is lower than the national median of $2,690. Property taxes in Eddyville are calculated based on the tax assessed value, which is often less than the market value due to various exemptions like primary residence and agricultural exemptions. Understanding Eddyville'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 Eddyville 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
Eddyville, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.01%
Estimate Property Tax Bill
$1,343
Ownwell’s Eddyville Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Eddyville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Eddyville 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 Eddyville, Kentucky
Property taxes in Eddyville, Kentucky, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Eddyville is 0.83%, lower than both the Kentucky state median of 1.00% and the U.S. national median of 0.99%. Local government entities within Eddyville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Eddyville 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 Eddyville's effective property tax rate to other counties in Kentucky and the national median. For comparison, the zip code 42038 has the highest median property tax rate of 1.01%, while the same zip code also has the lowest median tax rate of 1.01%. Understanding how these cities compare with Eddyville provides valuable insights into the varying tax landscape across Crittenden County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Eddyville Tax Rate
1.01%
Average Crittenden County Tax Rate
0.92%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Eddyville, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42038 | 1.00% | 1.01% | 1.01% | 1.02% | 1.03% |
Source: Ownwell
Property Tax Assessment Values Across Eddyville, Kentucky
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Eddyville, Kentucky. The market value represents the price a willing buyer would pay a willing seller in an open and competitive market, affected 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 Eddyville, 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 example, the median home price in Eddyville is $133,000, with tax bills ranging from $736 at the 25th percentile to $1,288 at the 90th percentile. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and comprehend how their property taxes are determined. Being aware of these processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Eddyville Assessed Value
$133,000
Average Crittenden County Assessed Value
$55,000
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Eddyville, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42038 | $68,600 | $92,750 | $133,000 | $149,650 | $159,640 |
Source: Ownwell
Property Tax Bills Across Eddyville, Kentucky
Property tax bills in Eddyville, KY, are calculated based on the assessed value of a property, which is determined by the local county assessor. This assessed value is then multiplied by the local property tax rate to determine the annual tax bill. In Eddyville, the median home price is $133,000, and property tax bills can vary significantly. For instance, homeowners in the 25th percentile pay around $736 annually, whereas those in the 75th percentile pay up to $1,160. At the 90th percentile, the tax bill reaches approximately $1,288. These property tax bills are influenced by various factors, including property size, location, and any applicable exemptions. Compared to the national median property tax rate of 0.99%, Eddyville's tax rates reflect a diverse range of tax burdens. Homeowners need to be aware of these factors as they can significantly impact their annual expenses, making it crucial to understand how their property is assessed and what exemptions they may qualify for to potentially lower their tax bills.
Average Eddyville Tax Bill
$948
Average Crittenden County Tax Bill
$414
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Eddyville, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42038 | $608 | $736 | $948 | $1,160 | $1,288 |
Source: Ownwell