Centertown, Kentucky Property Taxes
The median property tax rate in Centertown, KY is 0.96%, slightly below both the national median of 0.99% and the Kentucky state median of 1.02%. With the median home value in Centertown at $30,000, the typical annual property tax bill amounts to $231, which is significantly lower than the national median of $2,690. Property taxes in Centertown are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Centertown'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 Centertown 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
Centertown, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.96%
Estimate Property Tax Bill
$288
Ownwell’s Centertown Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Centertown with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Centertown 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 Centertown, Kentucky
Property taxes in Centertown, Kentucky, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Centertown is 0.96%, slightly below the U.S. national median of 0.99%. Local government entities within Centertown set these rates annually, and they can vary significantly across different neighborhoods. Each year, Centertown 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 Centertown's effective property tax rate to other areas in Ohio County and the national median. For comparison, the 42328 zip code has the highest median property tax rate of 0.96%, while the same zip code also has the lowest median tax rate of 0.96%. Understanding how these areas compare with Centertown provides valuable insights into the varying tax landscape across Ohio County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Centertown Tax Rate
0.96%
Average Ohio County Tax Rate
0.96%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Centertown, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42328 | 0.48% | 0.96% | 0.96% | 0.96% | 0.96% |
Source: Ownwell
Property Tax Assessment Values Across Centertown, Kentucky
In Centertown, 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 Ohio 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 Centertown, 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 Centertown helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Centertown Assessed Value
$30,000
Average Ohio County Assessed Value
$23,500
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Centertown, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42328 | $3,000 | $8,000 | $30,000 | $65,000 | $95,000 |
Source: Ownwell
Property Tax Bills Across Centertown, Kentucky
In Centertown, Kentucky, property tax bills are calculated based on the assessed value of the property. The local tax rate is applied to this assessed value to determine the annual tax bill. Factors such as property size, location, and market conditions play a crucial role in the assessment. For instance, with a median home price of $30,000, the tax bill can vary significantly. Homeowners in the 25th percentile may see tax bills as low as $64, while those in the 75th percentile could pay around $521. At the 90th percentile, tax bills can reach up to $905. Interestingly, the highest and lowest median tax bills in the area are both $231, found in the 42328 zip code. Compared to the national median property tax rate of 0.99%, Centertown's rates can be quite favorable for homeowners. Understanding these factors helps homeowners anticipate their property tax obligations and plan their finances accordingly.
Average Centertown Tax Bill
$231
Average Ohio County Tax Bill
$192
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Centertown, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42328 | $24 | $64 | $231 | $521 | $905 |
Source: Ownwell