Jamestown, Kentucky Property Taxes
The median property tax rate in Jamestown, KY is 0.97%, slightly lower than both the national median of 0.99% and the Kentucky state median of 1.02%. With the median home value in Jamestown at $54,800, the typical annual property tax bill is $436, significantly below the national median of $2,690. Property taxes in Jamestown are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Jamestown'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 Jamestown or elsewhere in Russell County, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Jamestown, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.97%
Estimate Property Tax Bill
$532
Ownwell’s Jamestown Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Jamestown with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Jamestown 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 Jamestown, Kentucky
Property taxes in Jamestown, Kentucky, are essential for funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Jamestown is 0.97%, slightly below the U.S. national median of 0.99%. Local government entities within Jamestown set these rates annually, and they can vary significantly across different neighborhoods. Each year, Jamestown 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 Jamestown's effective property tax rate to other counties in Kentucky and the national median. For comparison, the zip code 42629 has both the highest and lowest median property tax rate of 0.97%. Understanding how these areas compare with Jamestown 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 Jamestown Tax Rate
0.97%
Average Russell County Tax Rate
0.97%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Jamestown, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42629 | 0.62% | 0.97% | 0.97% | 0.97% | 0.97% |
Source: Ownwell
Property Tax Assessment Values Across Jamestown, Kentucky
In Jamestown, 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 Russell 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 Jamestown, 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 Jamestown helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Jamestown is $54,800, with tax bills ranging from $132 at the 25th percentile to $1,986 at the 90th percentile. The highest and lowest median tax bills are both $436, found in the 42629 zip code.
Average Jamestown Assessed Value
$54,800
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 Jamestown, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42629 | $5,000 | $15,238 | $54,800 | $117,475 | $210,000 |
Source: Ownwell
Property Tax Bills Across Jamestown, Kentucky
In Jamestown, KY, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. For example, with a median home price of $54,800, the tax bill varies significantly across different percentiles. The 25th percentile tax bill is around $132, while the 75th percentile reaches $1,066, and the 90th percentile can be as high as $1,986. These figures show a wide range of potential tax burdens for homeowners, influenced by factors such as property size, location, and any applicable exemptions. Compared to the national median property tax rate of 0.99%, homeowners in Jamestown experience diverse tax rates that can impact their financial planning. For instance, the highest median tax bill in the area is $436 in the zip code 42629, which is notably lower than the national median. Understanding these factors is crucial for homeowners to anticipate their property tax liabilities and manage their budgets effectively.
Average Jamestown Tax Bill
$436
Average Russell County Tax Bill
$357
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Jamestown, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42629 | $48 | $132 | $436 | $1,066 | $1,986 |
Source: Ownwell