Campbellsville, Kentucky Property Taxes
The median property tax rate in Campbellsville, KY is 0.51%, considerably lower than both the national median of 0.99% and the Kentucky state median of 1.02%. With the median home value in Campbellsville at $95,000, the typical annual property tax bill reaches $465, significantly below the national median of $2,690. Property taxes in Campbellsville 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 Campbellsville'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 Campbellsville 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
Campbellsville, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.51%
Estimate Property Tax Bill
$485
Ownwell’s Campbellsville Property Tax Bill Calculator is an essential tool for homeowners, real estate investors, and potential buyers looking to estimate their annual property taxes in Campbellsville. By simply entering your property's estimated assessed value, the calculator uses the median tax rate in Campbellsville to project your property tax bill. This valuable insight helps you understand your potential tax liabilities. For those interested in more detailed trends at the neighborhood level, additional localized information is available below. Your property’s assessed value, determined by the county for tax purposes, includes any applicable exemptions, ensuring an accurate estimate of your annual property taxes.
Property Tax Rates Across Campbellsville, Kentucky
Property taxes in Campbellsville, Kentucky, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Campbellsville is 0.51%, lower than both the Kentucky state median and the U.S. national median of 0.99%. Local government entities within Campbellsville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Campbellsville 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 Campbellsville's effective property tax rate to other counties in Kentucky and the national median. For comparison, the 42718 zip code has the highest median property tax rate of 0.51%, while the 42718 zip code also has the lowest median tax rate of 0.51%. Understanding how these cities compare with Campbellsville provides valuable insights into the varying tax landscape across Larue County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Campbellsville Tax Rate
0.51%
Average Larue County Tax Rate
0.98%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Campbellsville, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42718 | 0.19% | 0.28% | 0.51% | 1.00% | 1.17% |
Source: Ownwell
Property Tax Assessment Values Across Campbellsville, Kentucky
In Campbellsville, 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 Larue 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 Campbellsville, 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 Campbellsville helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 42718 has both the highest and lowest median tax bill, valued at $465.
Average Campbellsville Assessed Value
$95,000
Average Larue County Assessed Value
$95,000
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Campbellsville, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42718 | $13,500 | $43,100 | $95,000 | $190,000 | $280,000 |
Source: Ownwell
Property Tax Bills Across Campbellsville, Kentucky
In Campbellsville, KY, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor. The median home price in Campbellsville is $95,000, and property taxes are derived by applying the local tax rate to this assessed value. Homeowners in Campbellsville experience a range of property tax bills, with the 25th percentile at $170 and the 75th percentile at $889. For those in the 90th percentile, tax bills can reach up to $1,609. Several factors influence the property tax bill, including the home's assessed value, the local tax rate, and any applicable exemptions or deductions. These taxes significantly impact homeowners, as they must budget for this recurring expense. Compared to the national median property tax rate of 0.99%, Campbellsville homeowners benefit from relatively lower property tax bills, making it a more affordable area for property ownership. The highest and lowest median tax bills in the area are both $465, located in the 42718 zip code.
Average Campbellsville Tax Bill
$465
Average Larue County Tax Bill
$717
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Campbellsville, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42718 | $89 | $170 | $465 | $889 | $1,609 |
Source: Ownwell