Adams, Kentucky Property Taxes
The median property tax rate in Adams, KY is 1.21%, considerably higher than both the national median of 0.99% and the Kentucky state median of 1.02%. With the median home value in Adams at $18,000, the typical annual property tax bill reaches $184, which is significantly lower than the national median of $2,690. Property taxes in Adams 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 Adams' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Adams 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
Adams, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.21%
Estimate Property Tax Bill
$218
Ownwell’s Adams Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Adams with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Adams 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 Adams, Kentucky
Property taxes in Adams, Kentucky, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Adams is 1.21%, significantly higher than both the Kentucky state median and the U.S. national median of 0.99%. Local government entities within Adams set these rates annually, and they can vary significantly across different neighborhoods. Each year, Adams 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 Adams's effective property tax rate to other counties in Kentucky and the national median. For comparison, the 41201 zip code has the highest median property tax rate of 1.21%, while the same zip code also has the lowest median tax rate of 1.21%. Understanding how these cities compare with Adams provides valuable insights into the varying tax landscape across Lawrence County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Adams Tax Rate
1.21%
Average Lawrence County Tax Rate
1.15%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Adams, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41201 | 0.50% | 1.14% | 1.21% | 1.31% | 1.42% |
Source: Ownwell
Property Tax Assessment Values Across Adams, Kentucky
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Adams, 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 Lawrence 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 Adams, 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 Adams 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 41201, both valued at $184.
Average Adams Assessed Value
$18,000
Average Lawrence County Assessed Value
$32,500
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Adams, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41201 | $5,000 | $8,250 | $18,000 | $70,100 | $109,600 |
Source: Ownwell
Property Tax Bills Across Adams, Kentucky
In the city of Adams in Lawrence County, KY, property tax bills are calculated based on the assessed value of a home and the local tax rate. The median home price in Adams is $18,000, which significantly influences the tax bill. Homeowners in this area typically see tax bills ranging from $105 at the 25th percentile to $608 at the 75th percentile, with the top 10% paying as much as $1,214. These variations depend on the home's assessed value and any applicable exemptions or deductions. The property tax rate in Adams is determined by local government and is applied to the assessed value of the property, which is generally lower than the market value. This assessed value is periodically updated to reflect changes in the real estate market. Compared to the national median property tax rate of 0.99%, homeowners in Adams experience relatively lower tax bills, which can provide some financial relief. However, these taxes still play a crucial role in funding local services, such as schools and infrastructure, impacting the overall quality of life in the community.
Average Adams Tax Bill
$184
Average Lawrence County Tax Bill
$296
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Adams, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41201 | $71 | $105 | $184 | $608 | $1,214 |
Source: Ownwell