Simpsonville, Kentucky Property Taxes
The median property tax rate in Simpsonville, 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 Simpsonville at $426,370, the typical annual property tax bill reaches $4,937, exceeding the national median of $2,690. Property taxes in Simpsonville 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 Simpsonville'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 Simpsonville 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
Simpsonville, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.16%
Estimate Property Tax Bill
$4,946
Ownwell’s Simpsonville Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Simpsonville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Simpsonville 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 Simpsonville, Kentucky
Property taxes in Simpsonville, Kentucky, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Simpsonville is 0.74%, lower than both the Kentucky state median of 0.83% and the U.S. national median of 0.99%. Local government entities within Simpsonville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Simpsonville 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 Simpsonville's effective property tax rate to other counties in Kentucky and the national median. For comparison, the highest median property tax rate in Simpsonville is 0.74%, while the lowest median tax rate is also 0.74%. Understanding how these cities compare with Simpsonville provides valuable insights into the varying tax landscape across Jefferson County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Simpsonville Tax Rate
1.16%
Average Jefferson County Tax Rate
1.17%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Simpsonville, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40067 | 1.16% | 1.16% | 1.16% | 1.16% | 1.16% |
Source: Ownwell
Property Tax Assessment Values Across Simpsonville, Kentucky
In Simpsonville, 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 Jefferson 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 Simpsonville, 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. The zip code with the highest and lowest median tax bill in Simpsonville is 40067, both at $4,937. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Simpsonville Assessed Value
$426,370
Average Jefferson County Assessed Value
$181,690
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Simpsonville, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40067 | $421,858 | $423,550 | $426,370 | $429,190 | $430,882 |
Source: Ownwell
Property Tax Bills Across Simpsonville, Kentucky
In Simpsonville, Kentucky, 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 then multiplied by the local property tax rate to determine the annual tax bill. For instance, if a home in Simpsonville has a median home price of $426,370, the tax bill can vary within a range, with the 25th percentile tax bill being $4,905 and the 75th percentile tax bill reaching $4,970. The highest median tax bill for the area is $4,937, and interestingly, the lowest median tax bill is also $4,937, both occurring in the 40067 zip code. Several factors influence the assessed value, including the property's market value, improvements made, and comparable property values in the vicinity. Homeowners in Simpsonville should be aware that their property tax bills can significantly impact their annual expenses. Compared to the national median property tax rate of 0.99%, the tax rates in Simpsonville might seem higher, reflecting the area's property values and local government funding needs.
Average Simpsonville Tax Bill
$4,937
Average Jefferson County Tax Bill
$2,069
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Simpsonville, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40067 | $4,885 | $4,905 | $4,937 | $4,970 | $4,990 |
Source: Ownwell