Thelma, Kentucky Property Taxes
The median property tax rate in Thelma, KY is 1.03%, slightly higher than both the national median of 0.99% and the Kentucky state median of 1.02%. With the median home value in Thelma at $70,000, the typical annual property tax bill reaches $575, which is significantly lower than the national median of $2,690. Property taxes in Thelma are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like primary residence and agricultural exemptions. Understanding Thelma'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 Thelma 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
Thelma, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.03%
Estimate Property Tax Bill
$721
Ownwell’s Thelma Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Thelma with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Thelma 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 Thelma, Kentucky
Property taxes in Thelma, Kentucky, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Thelma is 0.75%, which is lower than both the Kentucky state median of 0.83% and the U.S. national median of 0.99%. Local government entities within Thelma set these rates annually, and they can vary significantly across different neighborhoods. Each year, Thelma 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 Thelma's effective property tax rate to other counties in Kentucky and the national median. For comparison, the highest median property tax rate in Johnson County is 0.75% in the 41260 zip code, while the lowest median tax rate is also 0.75% in the same zip code. Understanding how these areas compare with Thelma provides valuable insights into the varying tax landscape across Johnson County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Thelma Tax Rate
1.03%
Average Johnson County Tax Rate
1.01%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Thelma, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41260 | 0.39% | 0.58% | 1.03% | 1.05% | 1.07% |
Source: Ownwell
Property Tax Assessment Values Across Thelma, Kentucky
In Thelma, 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 Johnson County Property Valuation Administrator 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 Thelma, 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 Thelma helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 41260 has the highest and lowest median tax bill at $575.
Average Thelma Assessed Value
$70,000
Average Johnson County Assessed Value
$56,700
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Thelma, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41260 | $18,220 | $41,000 | $70,000 | $92,500 | $129,420 |
Source: Ownwell
Property Tax Bills Across Thelma, Kentucky
In Thelma, Johnson County, KY, property tax bills are calculated based on the assessed value of a home, 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. For example, with a median home price of $70,000, homeowners can expect varying tax bills depending on their property's specific assessed value and applicable exemptions. Several factors influence the final tax bill, including the home's assessed value, any applicable exemptions, and the specific tax rate set by local authorities. In Thelma, the 25th percentile tax bill is $322, while the 75th percentile reaches $847, and the 90th percentile goes up to $1310. These figures highlight the range of property tax burdens homeowners may face. Compared to the national median property tax rate of 0.99%, Thelma's property tax rates can significantly impact homeowners, affecting their overall financial planning and homeownership costs. Understanding these factors is crucial for homeowners to effectively manage their property tax obligations.
Average Thelma Tax Bill
$575
Average Johnson County Tax Bill
$379
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Thelma, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41260 | $118 | $322 | $575 | $847 | $1,310 |
Source: Ownwell