Greenup, Kentucky Property Taxes
The median property tax rate in Greenup, KY is 1.61%, considerably higher than both the national median of 0.99% and the Kentucky state median of 1.02%. With the median home value in Greenup, the typical annual property tax bill reaches $637, which is below the national median of $2,690. Property taxes in Greenup are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Greenup'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 Greenup 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
Greenup, 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 Greenup Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Greenup with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Greenup 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 Greenup, Kentucky
Property taxes in Greenup, Kentucky, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Greenup is 1.61%, significantly higher than the U.S. national median of 0.99%. Local government entities within Greenup set these rates annually, and they can vary across different neighborhoods. Each year, Greenup 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 Greenup's effective property tax rate to other counties in Kentucky and the national median. For comparison, the 41144 zip code has both the highest and lowest median property tax rate of 1.61%. Understanding how these areas compare with Greenup provides valuable insights into the varying tax landscape across Greenup County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Greenup Tax Rate
1.61%
Average Greenup County Tax Rate
1.58%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Greenup, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41144 | 0.46% | 0.90% | 1.60% | 1.60% | 1.61% |
Source: Ownwell
Property Tax Assessment Values Across Greenup, Kentucky
In Greenup, 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 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. Assessment notices in Greenup 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 Greenup helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest median tax bill is 41144, with a median tax bill of $637.00.
Average Greenup Assessed Value
$53,857
Average Greenup County Assessed Value
$65,000
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Greenup, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41144 | $7,000 | $23,000 | $53,857 | $96,025 | $164,505 |
Source: Ownwell
Property Tax Bills Across Greenup, Kentucky
In Greenup, KY, property tax bills are calculated based on the assessed value of a home. The median home price in Greenup is $53,857. To determine the tax bill, the assessed value is multiplied by the local tax rate. Various factors influence the assessed value, including the property's size, location, and condition. Once the assessed value is established, it is multiplied by the tax rate, which in Greenup results in a median tax bill of $637.00, as seen in zip code 41144. Homeowners in Greenup can expect their tax bills to vary widely. For instance, the 25th percentile tax bill is $245, while the 75th percentile tax bill is $1,371. At the 90th percentile, the tax bill can reach up to $2,434. These variations highlight how different property values and conditions can significantly affect the tax burden on homeowners. Compared to the national median property tax rate of 0.99%, Greenup's rates reflect the local economic conditions and property values, impacting how much residents pay annually.
Average Greenup Tax Bill
$637
Average Greenup County Tax Bill
$857
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Greenup, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41144 | $91 | $245 | $637 | $1,371 | $2,434 |
Source: Ownwell