Smith Mills, Kentucky Property Taxes
The median property tax rate in Smith Mills, KY is 1.16%, considerably higher than both the national median of 0.99% and the Kentucky state median of 1.02%. With the median home value in Smith Mills at $58,000, the typical annual property tax bill reaches $676, which is notably lower than the national median of $2,690. Property taxes in Smith Mills are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Smith Mills' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Smith Mills or another part of Henderson County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Smith Mills, 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 Smith Mills Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Smith Mills with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Smith Mills 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 Smith Mills, Kentucky
Property taxes in Smith Mills, Kentucky, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Smith Mills is 1.16%, higher than both the Kentucky state median and the U.S. national median of 0.99%. Local government entities within Smith Mills set these rates annually, and they can vary significantly across different neighborhoods. Each year, Smith Mills 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 Smith Mills' effective property tax rate to other counties in Kentucky and the national median. For comparison, the 42457 zip code has the highest median property tax rate of 1.16%, while the 42457 zip code has the lowest median tax rate of 1.16%. Understanding how these cities compare with Smith Mills provides valuable insights into the varying tax landscape across Henderson County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Smith Mills Tax Rate
1.16%
Average Henderson County Tax Rate
1.12%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Smith Mills, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42457 | 0.30% | 0.97% | 1.16% | 1.22% | 1.27% |
Source: Ownwell
Property Tax Assessment Values Across Smith Mills, Kentucky
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Smith Mills, KY. 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 Smith Mills, 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. The median home price in Smith Mills is $58,000, and tax bills can vary significantly. For instance, the 25th percentile tax bill is $441, while the 75th percentile tax bill is $1,401. The highest median tax bill recorded is $676 in the 42457 zip code, which also has the lowest median tax bill. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Smith Mills Assessed Value
$58,000
Average Henderson County Assessed Value
$98,900
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Smith Mills, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42457 | $38,000 | $48,375 | $58,000 | $78,875 | $125,550 |
Source: Ownwell
Property Tax Bills Across Smith Mills, Kentucky
In Smith Mills, located in Henderson County, KY, property tax bills are calculated based on the assessed value of a home. The median home price in this area is $58,000. Property taxes are determined by multiplying the assessed value by the local tax rate. Factors such as the property's location, size, and any exemptions or deductions available to the homeowner can influence the final tax bill. For instance, homeowners in Smith Mills can expect to pay a tax bill ranging from $441 at the 25th percentile to $1,401 at the 75th percentile, with the 90th percentile reaching up to $1,598. Comparatively, the highest median tax bill in the region is $676, found in the zip code 42457. These property tax rates can significantly impact homeowners, affecting their annual budgeting and long-term financial planning. Understanding how these taxes are calculated helps residents anticipate their expenses and explore potential savings through appeals or exemptions.
Average Smith Mills Tax Bill
$676
Average Henderson County Tax Bill
$1,006
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Smith Mills, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42457 | $179 | $441 | $676 | $1,401 | $1,598 |
Source: Ownwell