Tompkinsville, Kentucky Property Taxes
The median property tax rate in Tompkinsville, KY is 1.05%, slightly higher than both the national median of 0.99% and the Kentucky state median of 1.02%. With the median home value in Tompkinsville at $68,000, the typical annual property tax bill reaches $704, which is significantly lower than the national median of $2,690. Property taxes in Tompkinsville are calculated based on the tax assessed value, often lower than the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Tompkinsville'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 Tompkinsville 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
Tompkinsville, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.05%
Estimate Property Tax Bill
$714
Ownwell’s Tompkinsville Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Tompkinsville with just two simple data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Tompkinsville to provide an estimate of your property tax bill. This valuable tool offers insights into potential tax liabilities, making it easier for you to plan financially. Interested in seeing trends on a neighborhood level? Scroll down for more localized information. Your property’s assessed value, determined by the county, is used for property tax calculations and includes any applicable exemptions.
Property Tax Rates Across Tompkinsville, Kentucky
Property taxes in Tompkinsville, Kentucky, play a crucial role in funding essential local services, including public schools, road maintenance, and emergency services. The median tax rate in Tompkinsville is 0.83%, which is lower than both the Kentucky state median of 0.83% and the U.S. national median of 0.99%. Local government entities within Tompkinsville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Tompkinsville 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 Tompkinsville's effective property tax rate to other counties in Kentucky and the national median. For comparison, the 42167 zip code has the highest median property tax rate of 0.83%, while the same zip code also has the lowest median tax rate of 0.83%. Understanding how these cities compare with Tompkinsville provides valuable insights into the varying tax landscape across Monroe County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Tompkinsville Tax Rate
1.05%
Average Metcalfe County Tax Rate
1.01%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Tompkinsville, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42167 | 0.79% | 1.04% | 1.05% | 1.07% | 1.12% |
Source: Ownwell
Property Tax Assessment Values Across Tompkinsville, Kentucky
In Tompkinsville, 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 Tompkinsville, 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 Tompkinsville helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. In Metcalfe County, the zip code 42167 holds the highest and lowest median tax bill, both at $704, reflecting a consistent tax environment across the area.
Average Tompkinsville Assessed Value
$68,000
Average Metcalfe County Assessed Value
$50,550
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Tompkinsville, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42167 | $21,000 | $31,000 | $68,000 | $90,750 | $103,825 |
Source: Ownwell
Property Tax Bills Across Tompkinsville, Kentucky
In Tompkinsville, KY, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. The median home price in Tompkinsville is $68,000. Property taxes are then levied by applying the local tax rate to this assessed value. For instance, homeowners in the 25th percentile can expect to pay around $618 annually, while those in the 75th percentile may see bills closer to $819. At the 90th percentile, property taxes can reach up to $921. Factors that influence the tax bill include the property's assessed value, local tax rates, and any applicable exemptions or deductions. These taxes are crucial for funding local services such as schools, emergency services, and infrastructure. Compared to the national median property tax rate of 0.99%, Tompkinsville's property taxes are relatively moderate. Homeowners must budget for these annual expenses, as they directly impact the affordability and overall cost of owning property in the area.
Average Tompkinsville Tax Bill
$704
Average Metcalfe County Tax Bill
$452
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Tompkinsville, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42167 | $401 | $618 | $704 | $819 | $921 |
Source: Ownwell