Columbia, Kentucky Property Taxes
The median property tax rate in Columbia, KY is 0.66%, significantly lower than both the national median of 0.99% and the Kentucky state median of 1.02%. With the median home value in Columbia at $54,000, the typical annual property tax bill is $299, well below the national median of $2,690. Property taxes in Columbia are calculated based on the assessed value, which often falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Columbia'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 Columbia 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
Columbia, Kentucky Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
1.02%
Estimate Property Tax Bill
$2,040
Ownwell’s Columbia Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Columbia with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Columbia 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 Columbia, Kentucky
Property taxes in Columbia, Kentucky, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Columbia is 0.66%, lower than both the Kentucky state median and the U.S. national median of 0.99%. Local government entities within Columbia set these rates annually, and they can vary significantly across different neighborhoods. Each year, Columbia 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 Columbia's effective property tax rate to other counties in Kentucky and the national median. For comparison, the 42728 zip code has both the highest and lowest median property tax rate of 0.66%. Understanding how these areas compare with Columbia provides valuable insights into the varying tax landscape across Russell County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Columbia Tax Rate
0.66%
Average Russell County Tax Rate
0.97%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Columbia, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42728 | 0.42% | 0.51% | 0.66% | 0.82% | 0.91% |
Source: Ownwell
Property Tax Assessment Values Across Columbia, Kentucky
In Columbia, 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 Columbia, 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 Columbia helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Columbia is $54,000, with the highest and lowest median tax bills both being $299 in the zip code 42728.
Average Columbia Assessed Value
$54,000
Average Russell County Assessed Value
$46,000
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Columbia, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42728 | $38,800 | $44,500 | $54,000 | $63,500 | $69,200 |
Source: Ownwell
Property Tax Bills Across Columbia, Kentucky
In Columbia, KY, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor's office. For a median home price of $54,000, various factors such as property size, location, and improvements are considered to determine the assessed value. The local tax rate is then applied to this assessed value to calculate the annual property tax bill. Homeowners in Columbia can expect property tax bills to vary, with the 25th percentile tax bill at $279 and the 75th percentile at $319. The 90th percentile tax bill reaches up to $331. These figures offer a perspective on how property taxes can impact household budgets, especially when compared to the national median property tax rate of 0.99%. Understanding these factors helps homeowners anticipate their financial obligations and plan accordingly. In Russell County, the median tax bill is consistently around $299, indicating relatively stable property tax rates across the region.
Average Columbia Tax Bill
$299
Average Russell County Tax Bill
$357
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Columbia, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42728 | $267 | $279 | $299 | $319 | $331 |
Source: Ownwell