Campbellsville, Kentucky Property Taxes
The median property tax rate in Campbellsville, KY is 0.63%, significantly lower than both the national median of 0.99% and the Kentucky state median of 1.02%. With the median home value in Campbellsville at $135,000, the typical annual property tax bill amounts to $728, well below the national median of $2,690. Property taxes in Campbellsville are calculated based on the assessed value, which often falls below the market value due to various exemptions such as those for primary residences and agricultural properties. Understanding Campbellsville'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 Campbellsville or another part of the city, familiarizing yourself with the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Campbellsville, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.63%
Estimate Property Tax Bill
$851
Ownwell’s Campbellsville Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Campbellsville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Campbellsville 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 Campbellsville, Kentucky
Property taxes in Campbellsville, Kentucky, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Campbellsville is 0.63%, lower than the U.S. national median of 0.99%. Local government entities within Campbellsville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Campbellsville 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. Understanding how Campbellsville's effective property tax rate compares to other regions provides valuable insights into the varying tax landscape across Marion County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Campbellsville Tax Rate
0.63%
Average Marion County Tax Rate
0.90%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Campbellsville, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42718 | 0.20% | 0.36% | 0.63% | 0.90% | 0.90% |
Source: Ownwell
Property Tax Assessment Values Across Campbellsville, Kentucky
In Campbellsville, 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 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 Campbellsville, 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 Campbellsville helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in the area is $135,000, with the tax bill ranging from $342 at the 25th percentile to $1,615 at the 90th percentile. Notably, the highest median tax bill is $728 in the 42718 zip code, which also has the lowest median tax bill of $728.
Property Tax Assessment Values Across Campbellsville, Kentucky
Source: Ownwell
$75,000
$122,500
$170,000
Average Campbellsville Assessed Value
$135,000
Average Marion County Assessed Value
$120,000
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Campbellsville, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42718 | $28,000 | $72,100 | $135,000 | $200,000 | $325,000 |
Source: Ownwell
Property Tax Bills Across Campbellsville, Kentucky
In Campbellsville, located in Marion County, KY, property tax bills are calculated based on the assessed value of a home. The assessed value is determined by local government assessors who evaluate the property's market value. Homeowners can expect their tax bill to be influenced by several factors, including the assessed value, local tax rates, and any applicable exemptions. For a home with a median price of $135,000, property tax bills can vary significantly. For example, at the 25th percentile, a homeowner might pay around $342 annually, while at the 75th percentile, this amount can rise to $1,250. Those in the 90th percentile might see a tax bill as high as $1,615. The highest median tax bill in the area is $728, which is notably lower than the national median property tax rate of 0.99%. These tax bills directly impact homeowners by influencing their annual housing costs, affecting affordability and long-term financial planning. Understanding these factors can help homeowners better anticipate their property tax obligations.
Average Campbellsville Tax Bill
$728
Average Marion County Tax Bill
$852
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Campbellsville, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42718 | $152 | $342 | $728 | $1,250 | $1,615 |
Source: Ownwell