Summersville, Kentucky Property Taxes
The median property tax rate in Summersville, KY is 1.01%, slightly higher than the national median of 0.99% but just below the Kentucky state median of 1.02%. With the median home value in Summersville at $36,000, the typical annual property tax bill is $273, which is significantly lower than the national median of $2,690. Property taxes in Summersville are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Summersville'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 Summersville or another part of Hart County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Summersville, 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 Summersville Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Summersville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Summersville 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 Summersville, Kentucky
Property taxes in Summersville, Kentucky, are essential in funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Summersville is 1.01%, which is slightly higher than the U.S. national median of 0.99%. Local government entities within Summersville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Summersville 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 Summersville's effective property tax rate compares to other areas in Hart County and the national median provides valuable insights into the varying tax landscape, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Summersville Tax Rate
1.01%
Average Hart County Tax Rate
0.99%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Summersville, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42782 | 0.32% | 0.60% | 1.01% | 1.18% | 1.73% |
Source: Ownwell
Property Tax Assessment Values Across Summersville, Kentucky
In Summersville, 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 Hart 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 Summersville, 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. For example, the median home price in Summersville is $36,000, with tax bills ranging from $102 at the 25th percentile to $1,030 at the 90th percentile. Being aware of these valuation processes in Summersville helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Summersville Assessed Value
$36,000
Average Hart County Assessed Value
$61,600
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Summersville, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42782 | $4,500 | $15,000 | $36,000 | $86,000 | $113,500 |
Source: Ownwell
Property Tax Bills Across Summersville, Kentucky
In Summersville, KY, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. This assessed value is then multiplied by the local property tax rate to arrive at the annual tax bill. For example, with a median home price of $36,000, homeowners can expect their property tax bill to vary significantly. The 25th percentile tax bill is around $102, while the 75th percentile tax bill reaches $657, and the 90th percentile can go up to $1,030. Factors influencing the tax bill include the property's assessed value, local tax rates, and any applicable exemptions. Homeowners in Summersville should be aware that while the local tax rate may appear low compared to the national median property tax rate of 0.99%, the actual amount paid can still vary widely. This variability can impact household budgets, making it essential for homeowners to understand their assessed property values and potential tax liabilities.
Average Summersville Tax Bill
$273
Average Hart County Tax Bill
$492
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Summersville, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42782 | $45 | $102 | $273 | $657 | $1,030 |
Source: Ownwell