Gilbertsville, Kentucky Property Taxes
The median property tax rate in Gilbertsville, KY is 1.08%, which is higher than both the national median of 0.99% and Kentucky's state median of 1.02%. With the median home value in Gilbertsville at $85,000, the typical annual property tax bill reaches $1,223, surpassing the national median of $2,690. Property taxes in Gilbertsville are calculated based on the tax assessed value, often lower than the market value due to various exemptions like primary residence and agricultural exemptions. Understanding Gilbertsville'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 Gilbertsville 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
Gilbertsville, 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 Gilbertsville Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Gilbertsville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Gilbertsville to provide an accurate estimate of your property tax bill. This insightful tool helps you understand potential tax liabilities, making financial planning easier. For those interested in seeing trends on a neighborhood level, scroll down to find more localized information. Your property’s assessed value is determined by the county for property tax calculations, taking into account any applicable exemptions.
Property Tax Rates Across Gilbertsville, Kentucky
Property taxes in Gilbertsville, Kentucky, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Gilbertsville is 1.08%, higher than the U.S. national median of 0.99%. Local government entities within Gilbertsville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Gilbertsville 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 Gilbertsville's effective property tax rate to other counties in Kentucky and the national median. For comparison, the 42044 zip code has the highest median property tax rate of 1.08%, while the same zip code also has the lowest median tax rate of 1.08%. Understanding how these cities compare with Gilbertsville provides valuable insights into the varying tax landscape across Marshall County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Gilbertsville Tax Rate
1.08%
Average Marshall County Tax Rate
1.08%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Gilbertsville, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42044 | 1.07% | 1.08% | 1.08% | 1.34% | 2.62% |
Source: Ownwell
Property Tax Assessment Values Across Gilbertsville, Kentucky
In Gilbertsville, 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 Gilbertsville, 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. For instance, the median home price in Gilbertsville is $85,000, with tax bills ranging from $485 at the 25th percentile to $4,756 at the 90th percentile. The highest and lowest median tax bills in the area are both $1,223, found in the 42044 zip code. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and comprehend how their property taxes are determined. Being aware of these processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Gilbertsville Assessed Value
$85,000
Average Marshall County Assessed Value
$60,000
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Gilbertsville, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42044 | $15,000 | $30,000 | $85,000 | $193,000 | $375,000 |
Source: Ownwell
Property Tax Bills Across Gilbertsville, Kentucky
In Gilbertsville, Kentucky, property tax bills are calculated based on the assessed value of a homeowner's property. The assessment is determined by the local county assessor and reflects the market value of the property. Homeowners in Gilbertsville can expect tax bills to vary significantly, with the 25th percentile tax bill at $485 and the 75th percentile tax bill reaching $2,558. For those in the 90th percentile, the tax bill can be as high as $4,756. Several factors influence these tax bills, including the property's location within Marshall County, its assessed value, and the applicable tax rate. The median home price in Gilbertsville is $85,000, and the median property tax rate for the area is 0.99%, aligning with the national median. This means that homeowners with properties assessed at the median value can expect annual tax bills around this rate. These taxes fund essential local services such as schools, public safety, and infrastructure, directly impacting the community's quality of life.
Average Gilbertsville Tax Bill
$1,223
Average Marshall County Tax Bill
$728
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Gilbertsville, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42044 | $215 | $485 | $1,223 | $2,558 | $4,756 |
Source: Ownwell