Payneville, Kentucky Property Taxes
The median property tax rate in Payneville, KY is 0.58%, considerably lower than both the national median of 0.99% and the Kentucky state median of 1.02%. With the median home value in Payneville, the typical annual property tax bill reaches $622, significantly below the national median of $2,690. Property taxes in Payneville 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 Payneville'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 Payneville or another part of Breckinridge County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Payneville, 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 Payneville Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Payneville with just two data points. By entering your property's estimated assessed value, the calculator uses the median tax rate in Payneville to provide an estimate of your property tax bill. This valuable tool helps you understand potential tax liabilities. For those interested in more detailed trends at the neighborhood level, additional localized information is available further down the page. Your property’s assessed value is determined by the county for property tax purposes and accounts for any applicable exemptions.
Property Tax Rates Across Payneville, Kentucky
Property taxes in Payneville, Kentucky, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Payneville is 0.58%, significantly lower than both the Kentucky state median and the U.S. national median of 0.99%. Local government entities within Payneville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Payneville 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 Payneville's effective property tax rate to other counties in Kentucky and the national median. For comparison, the 40157 zip code has the highest median property tax rate of 0.58%, while the same zip code also has the lowest median tax rate of 0.58%. Understanding how these areas compare with Payneville provides valuable insights into the varying tax landscape across Breckinridge County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Payneville Tax Rate
0.58%
Average Breckinridge County Tax Rate
0.96%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Payneville, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40157 | 0.46% | 0.49% | 0.58% | 0.74% | 0.90% |
Source: Ownwell
Property Tax Assessment Values Across Payneville, Kentucky
In Payneville, 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 Breckinridge 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 Payneville, 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 Payneville helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the highest and lowest median tax bills are both $622.00, found in the 40157 zip code.
Average Payneville Assessed Value
$86,000
Average Breckinridge County Assessed Value
$64,000
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Payneville, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40157 | $27,500 | $38,750 | $86,000 | $139,250 | $161,300 |
Source: Ownwell
Property Tax Bills Across Payneville, Kentucky
In Payneville, KY, property tax bills are calculated based on the assessed value of a home, which is typically a percentage of its market value. The median home price in Payneville is $86,000. Property taxes are then calculated by applying the local tax rate to this assessed value. For instance, homeowners in Payneville can expect a property tax bill ranging from the 25th percentile at $367 to the 75th percentile at $797, with the 90th percentile reaching up to $813. These tax bills are influenced by various factors, including the property's location within Breckinridge County, local government budgets, and public service funding needs. Compared to the national median property tax rate of 0.99%, Payneville's property tax rates reflect the community's specific financial requirements. For homeowners, understanding this calculation is crucial as it affects annual expenses and long-term financial planning. The highest and lowest median tax bills in Payneville are both $622, indicating a relatively uniform tax burden across different properties.
Average Payneville Tax Bill
$622
Average Breckinridge County Tax Bill
$536
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Payneville, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40157 | $208 | $367 | $622 | $797 | $813 |
Source: Ownwell