Albany, Kentucky Property Taxes
The median property tax rate in Albany, KY is 0.82%, which is lower than both the national median of 0.99% and the Kentucky state median of 1.02%. With a median home value of $185,000 in Albany, the typical annual property tax bill amounts to $1,519, significantly below the national median of $2,690. Property taxes in Albany are calculated based on the tax assessed value, which is often lower than the market value due to exemptions such as those for primary residences and agricultural properties. Understanding Albany'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 Albany or another part of Cumberland County, gaining insight into the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Albany, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.82%
Estimate Property Tax Bill
$1,517
-$15,898
Ownwell’s Albany Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Albany with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Albany 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 Albany, Kentucky
Property taxes in Albany, Kentucky, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Albany is 0.82%, lower than both the Kentucky state median and the U.S. national median of 0.99%. Local government entities within Albany set these rates annually, and they can vary significantly across different neighborhoods. Each year, Albany 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 Albany's effective property tax rate to other counties in Kentucky and the national median. For comparison, the 42602 zip code has the highest median property tax rate of 0.82%, while the same zip code also has the lowest median tax rate of 0.82%. Understanding how these cities compare with Albany provides valuable insights into the varying tax landscape across Cumberland County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Albany Tax Rate
0.82%
Average Cumberland County Tax Rate
0.82%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Albany, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42602 | 0.82% | 0.82% | 0.82% | 0.82% | 0.82% |
Source: Ownwell
Property Tax Assessment Values Across Albany, Kentucky
In Albany, 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 local authorities 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 Albany, 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 Albany helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest and lowest median tax bill is 42602, with a median tax bill of $1,519.
Average Albany Assessed Value
$185,000
Average Cumberland County Assessed Value
$52,750
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Albany, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42602 | $185,000 | $185,000 | $185,000 | $185,000 | $185,000 |
Source: Ownwell
Property Tax Bills Across Albany, Kentucky
In Albany, Kentucky, property tax bills are calculated based on the assessed value of a property, which is determined by the local tax assessor. This assessed value is then multiplied by the local property tax rate to determine the annual tax bill. For instance, with a median home price of $185,000, homeowners in Albany can expect a tax bill around $1,519, which is consistent across various percentiles, indicating a stable tax environment. Several factors influence the assessed value, including the property's size, location, and condition. Additionally, local government budgets and public service funding needs play a crucial role in setting the tax rate. Compared to the national median property tax rate of 0.99%, Albany's tax rate results in a comparable annual tax bill for homeowners. For homeowners, understanding these factors is essential as property taxes significantly impact monthly mortgage payments and overall housing affordability. Keeping abreast of local assessments and tax rates can help homeowners anticipate changes in their property tax bills and manage their finances more effectively.
Average Albany Tax Bill
$1,519
Average Cumberland County Tax Bill
$329
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Albany, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42602 | $1,519 | $1,519 | $1,519 | $1,519 | $1,519 |
Source: Ownwell