Princeton, Kentucky Property Taxes
The median property tax rate in Princeton, KY is 0.82%, notably lower than both the national median of 0.99% and the Kentucky state median of 1.02%. With a median home value of $46,517 in Princeton, the typical annual property tax bill is around $349, significantly below the national median of $2,690. Property taxes in Princeton are calculated based on the assessed value, which often falls below the market value due to various exemptions, such as those for primary residences and agricultural properties. Understanding Princeton'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 Princeton or another part of Caldwell County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Princeton, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.82%
Estimate Property Tax Bill
$381
Ownwell’s Princeton Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Princeton with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Princeton 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 Princeton, Kentucky
Property taxes in Princeton, Kentucky, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Princeton is 0.82%, which is lower than the U.S. national median of 0.99%. Local government entities within Princeton set these rates annually, and they can vary significantly across different neighborhoods. Each year, Princeton 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 Princeton's effective property tax rate to other counties in Kentucky and the national median. For comparison, the 42445 zip code has the highest median property tax rate of 0.82%, while the same zip code also has the lowest median tax rate of 0.82%. Understanding how these cities compare with Princeton provides valuable insights into the varying tax landscape across Caldwell County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Princeton Tax Rate
0.82%
Average Caldwell County Tax Rate
0.82%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Princeton, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42445 | 0.26% | 0.82% | 0.82% | 0.99% | 0.99% |
Source: Ownwell
Property Tax Assessment Values Across Princeton, Kentucky
In Princeton, 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 Caldwell 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 Princeton, 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. The median home price in Princeton is $46,517, with the 25th percentile tax bill at $133 and the 75th percentile tax bill at $771. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Princeton Assessed Value
$46,517
Average Caldwell County Assessed Value
$49,350
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Princeton, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42445 | $5,303 | $20,500 | $46,517 | $105,000 | $200,000 |
Source: Ownwell
Property Tax Bills Across Princeton, Kentucky
In Princeton, Caldwell County, KY, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. The median home price in Princeton is $46,517. The property tax rate is applied to this assessed value to determine the annual tax bill. Factors that influence the tax bill include the property's assessed value, the local tax rate, and any applicable exemptions or abatements. Homeowners in Princeton can expect property tax bills that vary widely. For example, the tax bill at the 25th percentile is $133, while at the 75th percentile, it rises to $771. At the 90th percentile, it can reach as high as $1,383. The median tax bill in the area is $349, which is significantly lower than the national median property tax rate of 0.99%. This lower tax burden can make homeownership more affordable in Princeton, impacting the overall cost of living and potentially making the area more attractive to potential buyers.
Average Princeton Tax Bill
$349
Average Caldwell County Tax Bill
$358
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Princeton, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42445 | $36 | $133 | $349 | $771 | $1,383 |
Source: Ownwell