Tompkinsville, Kentucky Property Taxes
The median property tax rate in Tompkinsville, KY is 0.92%, slightly lower than the national median of 0.99% and the Kentucky state median of 1.02%. With the median home value in Tompkinsville at $50,000, the typical annual property tax bill is $397, significantly below the national median of $2,690. Property taxes in Tompkinsville are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as the primary residence and agricultural exemptions. Understanding Tompkinsville'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 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
0.92%
Estimate Property Tax Bill
$460
Ownwell’s Tompkinsville Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Tompkinsville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Tompkinsville 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 Tompkinsville, Kentucky
Property taxes in Tompkinsville, Kentucky, are essential for funding local services such as public schools, road maintenance, and emergency services. The median tax rate in Tompkinsville is 0.92%, which is lower than 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 areas in Monroe County and the national median. For comparison, the zip code 42167 has both the highest and lowest median property tax rate of 0.92%. Understanding how these areas 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
0.92%
Average Monroe County Tax Rate
0.92%
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 | 0.47% | 0.92% | 0.92% | 0.92% | 0.92% |
Source: Ownwell
Property Tax Assessment Values Across Tompkinsville, Kentucky
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Tompkinsville, KY. 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 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. The median home price in Tompkinsville is $50,000, with tax bills ranging significantly. For instance, the 25th percentile tax bill is $139, while the 75th percentile tax bill is $782. The highest median tax bill, found in zip code 42167, is $397. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Tompkinsville Assessed Value
$50,000
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 Tompkinsville, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42167 | $5,600 | $17,000 | $50,000 | $91,500 | $148,500 |
Source: Ownwell
Property Tax Bills Across Tompkinsville, Kentucky
In Tompkinsville, located in Monroe County, KY, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. The assessed value is then multiplied by the local tax rate to calculate the tax bill. For instance, with a median home price of $50,000, the tax bills can vary significantly. Homeowners in the 25th percentile can expect to pay around $139 annually, while those in the 75th percentile might pay approximately $782. The 90th percentile sees tax bills as high as $1,294. These tax bills can impact homeowners in various ways. Lower tax bills can make homeownership more affordable, while higher tax bills can place a significant financial burden on families. In Monroe County, the highest and lowest median tax bills are both recorded at $397, indicating a relatively stable tax environment within the zip code 42167. Comparing these rates to the national median property tax rate of 0.99%, homeowners in Tompkinsville generally face lower property taxes, contributing to the area's affordability.
Average Tompkinsville Tax Bill
$397
Average Monroe County Tax Bill
$328
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 | $46 | $139 | $397 | $782 | $1,294 |
Source: Ownwell