Tiline, Kentucky Property Taxes
The median property tax rate in Tiline, KY is 0.66%, significantly lower than both the national median of 0.99% and the Kentucky state median of 1.02%. With a median home value of $88,000 in Tiline, the typical annual property tax bill is $438, which is well below the national median of $2,690. Property taxes in Tiline are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Tiline'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 Tiline or another part of Livingston County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Tiline, 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 Tiline Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Tiline with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Tiline 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 Tiline, Kentucky
Property taxes in Tiline, Kentucky, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Tiline is 0.66%, which is lower than both the Kentucky state median and the U.S. national median of 0.99%. Local government entities within Tiline set these rates annually, and they can vary significantly across different neighborhoods. Each year, Tiline 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 Tiline's effective property tax rate to other counties in Kentucky and the national median. For comparison, the 42083 zip code has both the highest and lowest median property tax rate of 0.66%. Understanding how these cities compare with Tiline 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 Tiline Tax Rate
0.66%
Average Livingston County Tax Rate
0.92%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Tiline, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42083 | 0.25% | 0.37% | 0.66% | 0.92% | 0.92% |
Source: Ownwell
Property Tax Assessment Values Across Tiline, Kentucky
In Tiline, 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 Livingston 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 Tiline, 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. The median home price in Tiline is $88,000, with tax bills ranging from $187 at the 25th percentile to $1,416 at the 90th percentile. The zip code with the highest median tax bill is 42083, with a median of $438. 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 Tiline helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Tiline Assessed Value
$88,000
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 Tiline, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42083 | $8,050 | $34,250 | $88,000 | $158,875 | $310,350 |
Source: Ownwell
Property Tax Bills Across Tiline, Kentucky
In Tiline, property tax bills are calculated based on the assessed value of a property, which is determined by the Livingston County Assessor. The assessed value is typically a percentage of the property's market value. Homeowners in Tiline can expect their property tax bill to fall within a range, with the 25th percentile at $187 and the 75th percentile reaching $863. For those at the 90th percentile, the tax bill can go up to $1,416. Factors such as property size, location, and improvements can influence the assessed value, and consequently, the tax bill. Compared to the national median property tax rate of 0.99%, Tiline's property tax rates are relatively moderate. However, these taxes can still have a significant impact on homeowners, affecting their overall housing costs and disposable income. Understanding how these bills are calculated helps homeowners plan and manage their finances more effectively.
Average Tiline Tax Bill
$438
Average Livingston County Tax Bill
$417
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Tiline, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42083 | $55 | $187 | $438 | $863 | $1,416 |
Source: Ownwell