Turners Station, Kentucky Property Taxes
The median property tax rate in Turners Station, KY is 1.17%, which is notably higher than both the national median of 0.99% and the Kentucky state median of 1.02%. With the median home value in Turners Station at $104,900, the typical annual property tax bill amounts to $1,124, falling below the national median of $2,690. Property taxes in Turners Station are calculated based on the assessed value, which often remains lower than the market value due to various exemptions like primary residence and agricultural exemptions. Understanding Turners Station'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 Turners Station or another part of the city, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Turners Station, 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 Turners Station Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Turners Station with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Turners Station 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 Turners Station, Kentucky
Property taxes in Turners Station, Kentucky, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Turners Station is 1.17%, higher than both the Kentucky state median and the U.S. national median of 0.99%. Local government entities within Turners Station set these rates annually, and they can vary significantly across different neighborhoods. Each year, Turners Station 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 Turners Station's effective property tax rate to other areas in Kentucky and the national median. For comparison, the 40075 zip code has the highest median property tax rate of 1.17%, while the same zip code also has the lowest median tax rate of 1.17%. Understanding how these cities compare with Turners Station 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 Turners Station 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 Turners Station, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40075 | 0.63% | 0.97% | 1.17% | 1.19% | 1.25% |
Source: Ownwell
Property Tax Assessment Values Across Turners Station, Kentucky
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Turners Station, 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 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 Turners Station, 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 Henry County, the median home price is $104,900, with the 25th percentile tax bill at $548 and the 75th percentile tax bill at $1,686. The highest and lowest median tax bills are both $1,124, found in the zip code 40075. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Turners Station, Kentucky
Source: Ownwell
$48,900
$142,250
$235,600
Average Turners Station Assessed Value
$104,900
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 Turners Station, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40075 | $27,880 | $65,075 | $104,900 | $155,000 | $216,120 |
Source: Ownwell
Property Tax Bills Across Turners Station, Kentucky
In Turners Station, located in Henry County, KY, property tax bills are calculated based on the assessed value of a home. This assessed value is determined by the local tax assessor and is influenced by factors such as the home's market value, its location, and any improvements made to the property. The median home price in Turners Station is $104,900, which serves as a baseline for many tax calculations. The property tax rate in this area is applied to the assessed value to determine the annual tax bill. For instance, homeowners in the 25th percentile can expect a tax bill around $548, while those in the 75th percentile might see bills as high as $1,686. At the 90th percentile, the tax bill can reach up to $2,435. These figures highlight the variability in tax burdens based on property values and assessment practices. Understanding how property taxes are calculated is crucial for homeowners, as it directly affects their annual financial planning and overall cost of homeownership.
Average Turners Station Tax Bill
$1,124
Average Henry County Tax Bill
$1,329
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Turners Station, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40075 | $280 | $548 | $1,124 | $1,686 | $2,435 |
Source: Ownwell