Russellville, Kentucky Property Taxes
The median property tax rate in Russellville, KY is 0.90%, 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 Russellville at $84,900, the typical annual property tax bill amounts to $729, significantly below the national median of $2,690. Property taxes in Russellville are calculated based on the tax assessed value, which is often lower than the market value due to various exemptions, including primary residence and agricultural exemptions. Understanding Russellville'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 Russellville 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
Russellville, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.9%
Estimate Property Tax Bill
$764
Ownwell’s Russellville Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Russellville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Russellville 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 Russellville, Kentucky
Property taxes in Russellville, Kentucky, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Russellville is 0.90%, slightly below the U.S. national median of 0.99%. Local government entities within Russellville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Russellville 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 Russellville's effective property tax rate to other counties in Kentucky and the national median. For comparison, the 42276 zip code has both the highest and lowest median property tax rate of 0.90%. Understanding how these cities compare with Russellville provides valuable insights into the varying tax landscape across Logan County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Russellville Tax Rate
0.90%
Average Logan County Tax Rate
0.89%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Russellville, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42276 | 0.24% | 0.55% | 0.90% | 1.26% | 1.26% |
Source: Ownwell
Property Tax Assessment Values Across Russellville, Kentucky
In Russellville, 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 Logan 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 Russellville, 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 Russellville helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Russellville is $84,900, with median tax bills ranging from $340 at the 25th percentile to $1,827 at the 90th percentile. The zip code 42276 has both the highest and lowest median tax bill at $729.
Average Russellville Assessed Value
$84,900
Average Logan County Assessed Value
$85,000
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Russellville, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42276 | $10,000 | $37,500 | $84,900 | $160,000 | $280,000 |
Source: Ownwell
Property Tax Bills Across Russellville, Kentucky
In Russellville, located in Logan County, KY, property tax bills are determined based on the assessed value of a home, which is often a percentage of its market value. For a median home price of $84,900, the property tax bill can vary significantly. The tax bill at the 25th percentile is $340, while at the 75th percentile, it rises to $1,260, and at the 90th percentile, it can reach up to $1,827. These variations depend on several factors, including the specific property's assessed value and the local tax rates. Homeowners in Russellville might find that their property tax bills can fluctuate based on changes in property values and any adjustments in local tax rates. The highest and lowest median tax bills in the area are both recorded at $729, indicating some consistency in the median range. Compared to the national median property tax rate of 0.99%, Russellville's property taxes can be considered relatively moderate, impacting homeowners' annual expenses and potentially influencing their financial planning and property investment decisions.
Average Russellville Tax Bill
$729
Average Logan County Tax Bill
$685
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Russellville, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42276 | $140 | $340 | $729 | $1,260 | $1,827 |
Source: Ownwell