Glasgow, Kentucky Property Taxes
The median property tax rate in Glasgow, KY is 1.04%, slightly higher than both the national median of 0.99% and the Kentucky state median of 1.02%. With the median home value in Glasgow, the typical annual property tax bill reaches $837, which is significantly lower than the national median of $2,690. Property taxes in Glasgow are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Glasgow'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 Glasgow 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
Glasgow, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.04%
Estimate Property Tax Bill
$1,014
Ownwell’s Glasgow Property Tax Bill Calculator is a valuable tool for homeowners, real estate investors, and potential buyers looking to estimate their annual property taxes in Glasgow. By simply entering your property's estimated assessed value, the calculator utilizes the median tax rate specific to Glasgow, located in Barren County, KY, to provide an accurate property tax bill estimate. This user-friendly tool is designed to help you grasp potential tax liabilities with ease. For those interested in neighborhood-level trends, additional localized information is available below. Your property’s assessed value is determined by the county for tax purposes, considering any applicable exemptions.
Property Tax Rates Across Glasgow, Kentucky
Property taxes in Glasgow, Kentucky, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Glasgow is 1.04%, higher than both the Kentucky state median and the U.S. national median of 0.99%. Local government entities within Glasgow set these rates annually, and they can vary significantly across different neighborhoods. Each year, Glasgow 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 Glasgow's effective property tax rate to other counties in Kentucky and the national median. For comparison, the 42141 zip code has both the highest and lowest median property tax rate of 1.04%. Understanding how these cities compare with Glasgow provides valuable insights into the varying tax landscape across Barren County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Glasgow Tax Rate
1.04%
Average Barren County Tax Rate
1.04%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Glasgow, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42141 | 0.47% | 0.79% | 1.04% | 1.14% | 1.14% |
Source: Ownwell
Property Tax Assessment Values Across Glasgow, Kentucky
In Glasgow, 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 Barren 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 Glasgow, 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 Glasgow helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the median home price is $97,500, with the highest median tax bill in the 42141 zip code at $837.
Average Glasgow Assessed Value
$97,500
Average Barren County Assessed Value
$90,000
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Glasgow, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42141 | $10,000 | $40,000 | $97,500 | $164,900 | $257,500 |
Source: Ownwell
Property Tax Bills Across Glasgow, Kentucky
In Glasgow, Barren County, KY, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. This assessed value is then multiplied by the local property tax rate to determine the annual tax bill. For example, with a median home price of $97,500, homeowners in Glasgow can expect their property tax bills to vary significantly. The 25th percentile tax bill is around $317, while the 75th percentile tax bill can reach up to $1,518. At the higher end, the 90th percentile tax bill can be as much as $2,314. These figures highlight the variability in tax burdens, influenced by factors such as property location, market conditions, and any applicable exemptions. Homeowners in Glasgow should be aware of these factors, as they directly impact the affordability and financial planning associated with homeownership. Notably, the median tax bill in the area, $837, aligns with the national median property tax rate of 0.99%, providing a benchmark for comparison.
Average Glasgow Tax Bill
$837
Average Barren County Tax Bill
$755
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Glasgow, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42141 | $102 | $317 | $837 | $1,518 | $2,314 |
Source: Ownwell