Roundhill, Kentucky Property Taxes
The median property tax rate in Roundhill, KY is 0.90%, slightly below both the national median of 0.99% and the Kentucky state median of 1.02%. With the median home value in Roundhill at $47,900, the typical annual property tax bill is $333, which is significantly lower than the national median of $2,690. Property taxes in Roundhill are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions, such as those for primary residences and agricultural properties. Understanding Roundhill'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 Roundhill or another part of Butler County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Roundhill, 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 Roundhill Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Roundhill with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Roundhill 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 Roundhill, Kentucky
Property taxes in Roundhill, Kentucky, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Roundhill is 0.90%, slightly below the U.S. national median of 0.99%. Local government entities within Roundhill set these rates annually, and they can vary significantly across different neighborhoods. Each year, Roundhill 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 Roundhill's effective property tax rate to other regions in Kentucky and the national median. For comparison, the 42275 zip code has the highest median property tax rate of 0.90%, while the same 42275 zip code also has the lowest median tax rate of 0.90%. Understanding how these cities compare with Roundhill provides valuable insights into the varying tax landscape across Butler County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Roundhill Tax Rate
0.90%
Average Butler County Tax Rate
0.90%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Roundhill, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42275 | 0.27% | 0.87% | 0.90% | 0.97% | 1.16% |
Source: Ownwell
Property Tax Assessment Values Across Roundhill, Kentucky
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Roundhill, Kentucky. 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 Butler 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. 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 Roundhill helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest and lowest median tax bill is 42275, with a median tax bill of $333.
Average Roundhill Assessed Value
$47,900
Average Butler County Assessed Value
$64,000
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Roundhill, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42275 | $5,760 | $15,550 | $47,900 | $83,000 | $147,660 |
Source: Ownwell
Property Tax Bills Across Roundhill, Kentucky
In ROUNDHILL, KY, property tax bills are calculated based on the assessed value of a home and the local tax rate. The median home price in ROUNDHILL is $47,900. To determine your tax bill, the local tax rate is applied to the assessed value of your property. For instance, homeowners at the 25th percentile of tax bills pay around $116, while those at the 75th percentile face bills closer to $693. At the higher end, the 90th percentile tax bill reaches approximately $1,176. Several factors influence these amounts, including the home's assessed value, local tax rates, and any applicable exemptions. While the highest and lowest median tax bills in the area both stand at $333, homeowners in ROUNDHILL generally have lower property tax rates compared to the national median of 0.99%. Understanding these factors can help homeowners anticipate their annual tax obligations and better manage their finances.
Average Roundhill Tax Bill
$333
Average Butler County Tax Bill
$452
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Roundhill, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42275 | $42 | $116 | $333 | $693 | $1,176 |
Source: Ownwell