Carrsville, Kentucky Property Taxes
The median property tax rate in Carrsville, KY is 0.83%, 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 Carrsville, the typical annual property tax bill is $17, significantly below the national median of $2,690. Property taxes in Carrsville are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Carrsville'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 Carrsville or another part of the city, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Carrsville, 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 Carrsville Property Tax Bill Calculator empowers homeowners, real estate investors, and prospective buyers to estimate their annual property taxes in Carrsville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Carrsville 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 Carrsville, Kentucky
Property taxes in Carrsville, Kentucky, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Carrsville is 0.83%, which is lower than the U.S. national median of 0.99%. Local government entities within Carrsville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Carrsville 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 Carrsville's effective property tax rate to other counties in Kentucky and the national median. For comparison, the highest and lowest median property tax rates in Livingston County are both 0.83%, the same as Carrsville's rate. Understanding how these cities compare with Carrsville provides valuable insights into the varying tax landscape across Livingston County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Carrsville Tax Rate
0.83%
Average Livingston County Tax Rate
0.92%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Carrsville, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42081 | 0.83% | 0.83% | 0.83% | 0.83% | 0.83% |
Source: Ownwell
Property Tax Assessment Values Across Carrsville, Kentucky
In Carrsville, 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 assessor 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 Carrsville, 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 Carrsville helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Carrsville Assessed Value
$2,000
Average Livingston County Assessed Value
$67,000
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Carrsville, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42081 | $2,000 | $2,000 | $2,000 | $2,000 | $2,000 |
Source: Ownwell
Property Tax Bills Across Carrsville, Kentucky
In Carrsville, located in Livingston County, KY, property tax bills are calculated based on the assessed value of a home and the applicable tax rate. The assessed value is determined by local assessors and reflects the market value of the property. For homeowners in Carrsville, the property tax rate is influenced by county regulations and local budgetary needs. The median home price in Carrsville is $2,000, which is significantly lower than the national median. Despite the low property values, homeowners still need to be aware of their tax obligations. The property tax bill for the 25th, 75th, and 90th percentiles is uniformly $17. This consistency indicates a relatively stable tax environment but also highlights how even minor fluctuations in assessed values can impact tax bills. For homeowners, understanding these factors is crucial as property taxes contribute to essential services such as schools, infrastructure, and public safety. By keeping track of assessed values and tax rates, residents can better anticipate their annual property tax expenses and plan their finances accordingly.
Average Carrsville Tax Bill
$17
Average Livingston County Tax Bill
$417
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Carrsville, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42081 | $17 | $17 | $17 | $17 | $17 |
Source: Ownwell