Glasgow, Kentucky Property Taxes
The median property tax rate in Glasgow, KY is 0.51%, significantly lower than both the national median of 0.99% and Kentucky's state median of 1.02%. With the median home value in Glasgow at $37,600, the typical annual property tax bill is $92, far below the national median of $2,690. Property taxes in Glasgow are calculated based on the tax assessed value, which often falls below the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Glasgow'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 Glasgow or another part of Monroe County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Glasgow, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.51%
Estimate Property Tax Bill
$192
Ownwell’s Glasgow Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Glasgow with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Glasgow 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 Glasgow, Kentucky
Property taxes in Glasgow, Kentucky, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Glasgow is 0.51%, which is lower than both the Kentucky state median and the U.S. national median of 0.99%. Local government entities within Glasgow set these rates annually, and they can vary significantly across different neighborhoods. Each year, Glasgow 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 Glasgow's effective property tax rate to other counties in Kentucky and the national median. For comparison, the zip code 42141 has both the highest and lowest median property tax rate of 0.51%. Understanding how these areas compare with Glasgow 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 Glasgow Tax Rate
0.51%
Average Monroe County Tax Rate
0.92%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Glasgow, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42141 | 0.17% | 0.30% | 0.51% | 0.72% | 0.84% |
Source: Ownwell
Property Tax Assessment Values Across Glasgow, Kentucky
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Glasgow, Kentucky. 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 Monroe County Property Valuation Administrator 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 Glasgow, 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 25th percentile tax bill in Glasgow is $66, while the 75th percentile tax bill is $118. 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 Glasgow helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Glasgow Assessed Value
$37,600
Average Monroe County Assessed Value
$42,000
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Glasgow, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42141 | $19,920 | $26,550 | $37,600 | $41,250 | $43,440 |
Source: Ownwell
Property Tax Bills Across Glasgow, Kentucky
In Glasgow, located in Monroe County, KY, property tax bills are calculated based on the assessed value of a home. The median home price in this area is $37,600. Property taxes are determined by applying the local tax rate to the assessed value of the property. This rate is set by local government authorities and can vary from year to year. Several factors influence the final tax bill, including the property's location, size, and any applicable exemptions. For instance, the 25th percentile tax bill in Glasgow is $66, while the 75th percentile reaches $118, and the 90th percentile is $133. These figures show a range of what homeowners might expect to pay, depending on their property's assessed value and any qualifying exemptions. Compared to the national median property tax rate of 0.99%, Glasgow's tax rates can offer significant savings for homeowners, making it an attractive place for those looking to minimize their property tax burden. Understanding these factors can help homeowners better anticipate their annual expenses and manage their budgets accordingly.
Average Glasgow Tax Bill
$92
Average Monroe County Tax Bill
$328
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Glasgow, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42141 | $51 | $66 | $92 | $118 | $133 |
Source: Ownwell