Vine Grove, Kentucky Property Taxes
The median property tax rate in Vine Grove, KY is 0.96%, slightly below the national median of 0.99% and the Kentucky state median of 1.02%. With a median home value of $82,000 in Vine Grove, the typical annual property tax bill is $522, which is significantly lower than the national median of $2,690. Property taxes in Vine Grove are calculated based on the assessed value, which often falls below the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Vine Grove'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 Vine Grove 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
Vine Grove, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.96%
Estimate Property Tax Bill
$787
Ownwell’s Vine Grove Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Vine Grove with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Vine Grove 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 Vine Grove, Kentucky
Property taxes in Vine Grove, Kentucky, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Vine Grove is 0.96%, which is slightly below the U.S. national median of 0.99%. Local government entities within Vine Grove set these rates annually, and they can vary significantly across different neighborhoods. Each year, Vine Grove 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. Understanding how these rates compare with other areas 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 Vine Grove Tax Rate
0.96%
Average Breckinridge County Tax Rate
0.96%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Vine Grove, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40175 | 0.27% | 0.50% | 0.96% | 1.04% | 1.46% |
Source: Ownwell
Property Tax Assessment Values Across Vine Grove, Kentucky
In Vine Grove, 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 Vine Grove, 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 Vine Grove helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the area are both $522.00, found in zip code 40175.
Average Vine Grove Assessed Value
$82,000
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 Vine Grove, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40175 | $7,460 | $27,250 | $82,000 | $141,100 | $226,400 |
Source: Ownwell
Property Tax Bills Across Vine Grove, Kentucky
In Vine Grove, KY, property tax bills are calculated based on the assessed value of a home. The assessed value is determined by local tax assessors who evaluate properties periodically. This value is then multiplied by the local property tax rate to determine the annual tax bill. For homeowners in Vine Grove, the median home price is $82,000. The tax bills in this area can vary significantly. The 25th percentile tax bill is $196, while the 75th percentile tax bill is $988, and the 90th percentile tax bill reaches up to $1,585. These figures indicate that some homeowners may pay relatively low taxes, while others could face higher bills depending on their property's assessed value. Comparatively, the national median property tax rate is 0.99%, and Vine Grove's tax bills reflect a range that can impact homeowners differently. Understanding how these factors influence your property tax bill can help you better manage your financial planning and obligations as a homeowner in this region.
Average Vine Grove Tax Bill
$522
Average Breckinridge County Tax Bill
$536
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Vine Grove, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40175 | $105 | $196 | $522 | $988 | $1,585 |
Source: Ownwell