Providence, Kentucky Property Taxes
The median property tax rate in Providence, Kentucky is 0.68%, considerably lower than both the national median of 0.99% and the Kentucky state median of 1.02%. With the median home value in Providence at $110,000, the typical annual property tax bill is $473, significantly below the national median of $2,690. Property taxes in Providence are calculated based on the tax assessed value, which often falls below the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Providence'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 Providence or another part of Crittenden County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Providence, 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 Providence Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Providence with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Providence 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 Providence, Kentucky
Property taxes in Providence, Kentucky, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Providence is 0.68%, which is lower than the U.S. national median of 0.99%. Local government entities within Providence set these rates annually, and they can vary significantly across different neighborhoods. Each year, Providence 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 Providence's effective property tax rate to other counties in Kentucky and the national median. For comparison, the 42450 zip code has the highest median property tax rate of 0.68%, while the same 42450 zip code also has the lowest median tax rate of 0.68%. Understanding how these cities compare with Providence 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 Providence Tax Rate
0.68%
Average Crittenden County Tax Rate
0.92%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Providence, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42450 | 0.18% | 0.33% | 0.68% | 1.00% | 1.18% |
Source: Ownwell
Property Tax Assessment Values Across Providence, Kentucky
In Providence, 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 Crittenden 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 Providence, 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. For instance, the median home price in Providence is $110,000, with tax bills ranging from $269 at the 25th percentile to $1,635 at the 90th percentile. Being aware of these valuation processes in Providence helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Providence Assessed Value
$110,000
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 Providence, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42450 | $10,963 | $40,000 | $110,000 | $205,075 | $384,110 |
Source: Ownwell
Property Tax Bills Across Providence, Kentucky
Property tax bills in Providence, KY, are calculated based on the assessed value of the property and the local tax rate. The assessed value is determined by the local tax assessor and reflects the market value of the property. The tax rate is applied to this assessed value to calculate the annual tax bill. Several factors influence the assessed value, including the property's location, size, condition, and market trends. Homeowners in Providence can expect a wide range of tax bills. For instance, the 25th percentile tax bill is $269, while the 75th percentile tax bill is $1,211, and at the 90th percentile, it reaches $1,635. The median home price in Providence is $110,000, and the median property tax bill stands at $473, which is considerably lower than the national median property tax rate of 0.99%. This lower tax rate can make homeownership more affordable in Providence, easing the financial burden on residents compared to other regions.
Average Providence Tax Bill
$473
Average Crittenden County Tax Bill
$414
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Providence, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42450 | $66 | $269 | $473 | $1,211 | $1,635 |
Source: Ownwell