Symsonia, Kentucky Property Taxes
The median property tax rate in Symsonia, KY is 0.90%, which is lower than both the national median of 0.99% and the Kentucky state median of 1.02%. With the median home value in Symsonia at $84,000, the typical annual property tax bill amounts to $591, significantly below the national median of $2,690. Property taxes in Symsonia are calculated based on the assessed value, which generally falls below the market value due to various exemptions, such as the primary residence and agricultural exemptions. Understanding Symsonia'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 Symsonia 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
Symsonia, 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 Symsonia Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Symsonia with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Symsonia 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 Symsonia, Kentucky
Property taxes in Symsonia, Kentucky, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Symsonia is 0.90%, which is lower than the U.S. national median of 0.99%. Local government entities within Symsonia set these rates annually, and they can vary significantly across different neighborhoods. Each year, Symsonia 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 Symsonia's effective property tax rate to other areas in Graves County and the national median. For comparison, the zip code 42082 has both the highest and lowest median property tax rate of 0.90%. Understanding how these areas compare with Symsonia provides valuable insights into the varying tax landscape across Graves County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Symsonia Tax Rate
0.90%
Average Graves County Tax Rate
0.67%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Symsonia, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42082 | 0.35% | 0.58% | 0.90% | 0.90% | 0.90% |
Source: Ownwell
Property Tax Assessment Values Across Symsonia, Kentucky
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Symsonia, 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 Graves 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 Symsonia, 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 Symsonia helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in the area is $591 in the 42082 zip code, which is also the lowest median tax bill, reflecting a consistent tax burden across the region.
Average Symsonia Assessed Value
$84,000
Average Graves County Assessed Value
$80,000
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Symsonia, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42082 | $7,501 | $30,000 | $84,000 | $155,000 | $230,501 |
Source: Ownwell
Property Tax Bills Across Symsonia, Kentucky
In Symsonia, Graves County, KY, property tax bills are calculated based on the assessed value of a property, which is determined by the county assessor. This assessed value is then multiplied by the local property tax rate to determine the annual tax bill. The median home price in Symsonia is $84,000, which provides a baseline for understanding typical tax bills in the area. Homeowners in Symsonia can expect their tax bills to vary significantly. For instance, the 25th percentile tax bill is around $214, while the 75th percentile tax bill reaches $1,130. Those in the 90th percentile can see tax bills as high as $1,723. The highest and lowest median tax bills in the area are both recorded at $591, indicating a relatively narrow range in median tax liabilities. Compared to the national median property tax rate of 0.99%, Symsonia's rates can be more favorable for some homeowners, potentially making it a more attractive place to own property. Understanding these factors can help homeowners better anticipate their annual property tax expenses and plan accordingly.
Average Symsonia Tax Bill
$591
Average Graves County Tax Bill
$394
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Symsonia, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42082 | $63 | $214 | $591 | $1,130 | $1,723 |
Source: Ownwell