Campbellsville, Kentucky Property Taxes
The median property tax rate in Campbellsville, KY is 1.03%, slightly above both the national median of 0.99% and the Kentucky state median of 1.02%. With the median home value in Campbellsville at $75,800, the typical annual property tax bill amounts to $670, which is significantly lower than the national median of $2,690. Property taxes in Campbellsville are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like primary residence and agricultural exemptions. Understanding Campbellsville'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 Campbellsville 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
Campbellsville, 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 Campbellsville Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Campbellsville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Campbellsville 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 Campbellsville, Kentucky
Property taxes in Campbellsville, Kentucky, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Campbellsville is 0.82%, lower than both the Kentucky state median of 0.83% and the U.S. national median of 0.99%. Local government entities within Campbellsville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Campbellsville 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 Campbellsville's effective property tax rate to other counties in Kentucky and the national median. For comparison, the 42718 zip code has the highest median property tax rate of 0.82%, while the 42718 zip code has the lowest median tax rate of 0.82%. Understanding how these cities compare with Campbellsville provides valuable insights into the varying tax landscape across Taylor County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Campbellsville Tax Rate
1.03%
Average Green County Tax Rate
1.03%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Campbellsville, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42718 | 0.44% | 0.79% | 1.03% | 1.03% | 1.03% |
Source: Ownwell
Property Tax Assessment Values Across Campbellsville, Kentucky
In Campbellsville, 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 local 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 Campbellsville, 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. In Campbellsville, the highest median tax bill is $670 in zip code 42718, while the lowest median tax bill is also $670 in the same zip code. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Campbellsville Assessed Value
$75,800
Average Green County Assessed Value
$56,200
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Campbellsville, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42718 | $20,000 | $45,000 | $75,800 | $125,000 | $201,800 |
Source: Ownwell
Property Tax Bills Across Campbellsville, Kentucky
In Campbellsville, located in Green County, KY, property tax bills are calculated based on the assessed value of a home. The assessed value is determined by local government assessors who evaluate the property's market value. This assessed value is then multiplied by the local tax rate to calculate the annual tax bill. For example, with a median home price of $75,800, homeowners can expect varying tax bills. The 25th percentile tax bill is around $355, while the 75th percentile reaches up to $1,234, and the 90th percentile can be as high as $1,800. The median property tax bill in the area is $670, which is significantly lower than the national median property tax rate of 0.99%. These tax bills influence homeowners by impacting their annual financial planning and housing affordability. Lower property tax rates can make homeownership more accessible and financially manageable for residents in Campbellsville.
Average Campbellsville Tax Bill
$670
Average Green County Tax Bill
$485
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Campbellsville, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42718 | $141 | $355 | $670 | $1,234 | $1,800 |
Source: Ownwell