Smithfield, Kentucky Property Taxes
The median property tax rate in Smithfield, KY is 1.17%, noticeably higher than both the national median of 0.99% and the Kentucky state median of 1.02%. With the median home value in Smithfield at $184,050, the typical annual property tax bill reaches $1,969, which is below the national median of $2,690. Property taxes here 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 Smithfield'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 Smithfield or another part of Henry County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Smithfield, 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 Smithfield Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Smithfield with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Smithfield 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 Smithfield, Kentucky
Property taxes in Smithfield, Kentucky, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Smithfield is 1.17%, significantly higher than the U.S. national median of 0.99%. Local government entities within Smithfield set these rates annually, and they can vary significantly across different neighborhoods. Each year, Smithfield 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 Smithfield's effective property tax rate to other areas and the national median. For comparison, the zip code 40068 has both the highest and lowest median property tax rate of 1.17%. Understanding how these areas compare with Smithfield provides valuable insights into the varying tax landscape across Henry County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Smithfield Tax Rate
1.17%
Average Henry County Tax Rate
1.15%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Smithfield, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40068 | 0.84% | 0.98% | 1.17% | 1.19% | 1.26% |
Source: Ownwell
Property Tax Assessment Values Across Smithfield, Kentucky
In Smithfield, 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 Henry 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 Smithfield, 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 Smithfield helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Smithfield is $184,050, with tax bills ranging from $1,172 at the 25th percentile to $3,695 at the 90th percentile. The zip code 40068 has both the highest and lowest median tax bill at $1,969.
Average Smithfield Assessed Value
$184,050
Average Henry County Assessed Value
$127,000
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Smithfield, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40068 | $49,050 | $117,125 | $184,050 | $267,100 | $327,850 |
Source: Ownwell
Property Tax Bills Across Smithfield, Kentucky
In Smithfield, KY, located in Henry County, property tax bills are calculated based on the assessed value of the property, which is determined by the local tax assessor. The assessed value is a percentage of the market value, reflecting what the property might sell for under current market conditions. Various factors influence the assessed value, including the property's location, size, and condition, as well as comparable property sales in the area. For homeowners in Smithfield, the median home price is $184,050. Property tax bills can vary significantly, with the 25th percentile at $1,172 and the 75th percentile reaching $2,963. Homeowners at the 90th percentile face tax bills up to $3,695. These figures show a broad range in tax liabilities, influenced by the differences in property values and assessments. The highest median tax bill in the area is $1,969, found in zip code 40068, which aligns with the overall median tax rate. This variability in tax bills can significantly impact homeowners' annual budgets, making it essential to understand how assessments are conducted and how they can appeal if they believe their property has been over-assessed.
Average Smithfield Tax Bill
$1,969
Average Henry County Tax Bill
$1,329
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Smithfield, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40068 | $505 | $1,172 | $1,969 | $2,963 | $3,695 |
Source: Ownwell