Eminence, Kentucky Property Taxes
The median property tax rate in Eminence, KY is 1.13%, higher than both the national median of 0.99% and Kentucky's state median of 1.02%. With the median home value in Eminence at $132,500, the typical annual property tax bill reaches $1,357, which is below the national median of $2,690. Property taxes in Eminence are calculated based on the tax assessed value, which often falls below the market value due to exemptions such as primary residence and agricultural exemptions. Understanding Eminence'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 Eminence 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
Eminence, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.13%
Estimate Property Tax Bill
$1,497
Ownwell’s Eminence Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Eminence with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Eminence 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 Henry County for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Eminence, Kentucky
Property taxes in Eminence, Kentucky, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Eminence is 1.13%, which is notably higher than both the Kentucky state median and the U.S. national median of 0.99%. Local government entities within Eminence set these rates annually, and they can vary significantly across different neighborhoods. Each year, Eminence 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 Eminence's effective property tax rate to other counties in Kentucky and the national median. For comparison, the 40019 zip code has both the highest and lowest median property tax rate of 1.13%. Understanding how these cities compare with Eminence provides valuable insights into the varying tax landscape across Henry County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Eminence Tax Rate
1.13%
Average Henry County Tax Rate
1.15%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Eminence, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40019 | 0.74% | 0.96% | 1.13% | 1.13% | 1.17% |
Source: Ownwell
Property Tax Assessment Values Across Eminence, Kentucky
In Eminence, 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 Henry 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 Eminence, 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 Eminence helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Eminence is $1,357 in the 40019 zip code, which is also the lowest median tax bill, providing a uniform perspective on tax responsibilities.
Average Eminence Assessed Value
$132,500
Average Henry County Assessed Value
$127,000
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Eminence, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40019 | $49,680 | $94,850 | $132,500 | $184,250 | $236,080 |
Source: Ownwell
Property Tax Bills Across Eminence, Kentucky
In Eminence, located in Henry County, KY, property tax bills are calculated based on the assessed value of a home. The median home price in this area is $132,500. The tax rate applied to this assessed value determines the final tax bill. Various factors influence the assessed value, including property size, location, and market conditions. For homeowners in Eminence, the property tax bills can vary significantly. For instance, the 25th percentile tax bill is $881, while the 75th percentile reaches $1986, and the 90th percentile can go up to $2618. These tax bills are crucial for homeowners as they directly impact annual expenses. With the national median property tax rate at 0.99%, understanding local tax implications is essential for budgeting and financial planning. In Eminence, the highest and lowest median tax bills are both recorded at $1357 in the zip code 40019, illustrating some consistency within this region. Homeowners must stay informed about these factors to manage their property-related finances effectively.
Average Eminence Tax Bill
$1,357
Average Henry County Tax Bill
$1,329
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Eminence, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40019 | $485 | $881 | $1,357 | $1,986 | $2,618 |
Source: Ownwell