Somerset, Kentucky Property Taxes
The median property tax rate in Somerset, KY is 0.81%, which is lower than both the national median of 0.99% and the Kentucky state median of 1.02%. With the median home value in Somerset at $76,000, the typical annual property tax bill is around $523, significantly lower than the national median of $2,690. Property taxes in Somerset are calculated based on the tax assessed value, often below market value due to exemptions like the primary residence and agricultural exemptions. Understanding Somerset'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 Somerset 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
Somerset, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.81%
Estimate Property Tax Bill
$616
Ownwell’s Somerset Property Tax Bill Calculator is an invaluable tool for homeowners, real estate investors, or potential buyers looking to estimate their annual property taxes in Somerset. By simply entering your property's estimated assessed value, the calculator uses the median tax rate specific to Somerset to provide an estimated property tax bill. This user-friendly tool offers a clear understanding of potential tax liabilities, enabling better financial planning. For those interested in more detailed trends at the neighborhood level, additional localized information is available below. Your property’s assessed value is the figure determined by Pulaski County for tax calculations, factoring in any applicable exemptions.
Property Tax Rates Across Somerset, Kentucky
Property taxes in Somerset, Kentucky, are essential for funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Somerset is 0.81%, which is lower than the U.S. national median of 0.99%. Local government entities within Somerset set these rates annually, and they can vary significantly across different neighborhoods. Each year, Somerset 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 Somerset's effective property tax rate to other counties in Kentucky and the national median. For comparison, the 42501 zip code has the highest median property tax rate of 0.81%, while the same 42501 zip code also has the lowest median tax rate of 0.81%. Understanding how these areas compare with Somerset provides valuable insights into the varying tax landscape across Pulaski County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Somerset Tax Rate
0.81%
Average Pulaski County Tax Rate
0.81%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Somerset, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42501 | 0.35% | 0.63% | 0.80% | 0.81% | 1.19% |
| 42502 | N/A | N/A | N/A | N/A | N/A |
| 42503 | 0.48% | 0.67% | 0.80% | 0.80% | 0.81% |
Source: Ownwell
Property Tax Assessment Values Across Somerset, Kentucky
In Somerset, 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 Pulaski 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 Somerset, 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. For instance, the highest median tax bill in Somerset is $720 in the 42503 zip code, while the lowest is $358 in the 42501 zip code. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Somerset Assessed Value
$76,000
Average Pulaski County Assessed Value
$57,500
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Somerset, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42501 | $2,000 | $8,000 | $58,000 | $115,000 | $180,000 |
| 42502 | N/A | N/A | N/A | N/A | N/A |
| 42503 | $7,500 | $20,000 | $105,000 | $180,000 | $280,000 |
Source: Ownwell
Property Tax Bills Across Somerset, Kentucky
In Somerset, KY, property tax bills are calculated based on the assessed value of a home, which is determined by the Pulaski County Property Valuation Administrator. This assessed value is then multiplied by the local tax rate to determine the tax bill. Various factors influence the assessed value, including the property's location, size, and condition. For homeowners in Somerset, the median home price stands at $76,000. Tax bills can vary significantly, with the 25th percentile at $97 and the 75th percentile reaching $1,127. The 90th percentile tax bill can go as high as $1,783. The highest median tax bill in the area is $720, found in the 42503 zip code, while the lowest median tax bill is $358 in the 42501 zip code. Compared to the national median property tax rate of 0.99%, Somerset's property tax rates provide a relatively affordable option for homeowners, though individual tax bills can vary widely based on the assessed value and specific location within the city.
Average Somerset Tax Bill
$523
Average Pulaski County Tax Bill
$362
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Somerset, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42501 | $16 | $60 | $358 | $837 | $1,409 |
| 42502 | N/A | N/A | N/A | N/A | N/A |
| 42503 | $52 | $123 | $720 | $1,288 | $2,012 |
Source: Ownwell