Smithland, Kentucky Property Taxes
The median property tax rate in Smithland, KY is 0.83%, which is lower than both the national median of 0.99% and the Kentucky state median of 1.02%. With the median home value in Smithland at $53,000, the typical annual property tax bill is $313, significantly less than the national median of $2,690. Property taxes in Smithland 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 Smithland'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 Smithland or another part of Livingston County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Smithland, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.83%
Estimate Property Tax Bill
$440
Ownwell’s Smithland Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Smithland with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Smithland 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 Smithland, Kentucky
Property taxes in Smithland, Kentucky, are essential for funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Smithland is 0.83%, which is lower than the U.S. national median of 0.99%. Local government entities within Smithland set these rates annually, and they can vary significantly across different neighborhoods. Each year, Smithland 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 Smithland's effective property tax rate to other counties in Kentucky and the national median. For comparison, the zip code 42081 has the highest median property tax rate of 0.83%, while the same zip code also has the lowest median tax rate of 0.83%. Understanding how these cities compare with Smithland provides valuable insights into the varying tax landscape across Livingston County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Smithland Tax Rate
0.83%
Average Livingston County Tax Rate
0.92%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Smithland, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42081 | 0.30% | 0.59% | 0.83% | 0.92% | 0.93% |
Source: Ownwell
Property Tax Assessment Values Across Smithland, Kentucky
In Smithland, 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 Livingston County Property Valuation Administrator 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 Smithland, 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 Smithland is $53,000, with tax bills ranging from $100 at the 25th percentile to $1,435 at the 90th percentile. The highest and lowest median tax bills are both $313, found in the 42081 zip code. 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 Smithland Assessed Value
$53,000
Average Livingston County Assessed Value
$67,000
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Smithland, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42081 | $5,000 | $14,000 | $53,000 | $125,000 | $244,900 |
Source: Ownwell
Property Tax Bills Across Smithland, Kentucky
In Smithland, KY, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. For example, with a median home price of $53,000, the property tax rate in Livingston County is applied to this assessed value. The tax bill varies significantly, with the 25th percentile at $100 and the 75th percentile at $801, highlighting the range homeowners might expect. The 90th percentile tax bill can reach up to $1,435, indicating that some properties are assessed at higher values or have additional levies. Factors influencing the tax bill include the property's location, improvements, and any applicable exemptions. Compared to the national median property tax rate of 0.99%, Smithland's rates can be relatively moderate, making it potentially more affordable for homeowners. These property taxes fund essential local services, such as schools, infrastructure, and emergency services, thereby directly impacting the community's quality of life. Homeowners must stay informed about their property's assessed value and any changes in local tax rates to anticipate their annual tax obligations accurately.
Average Smithland Tax Bill
$313
Average Livingston County Tax Bill
$417
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Smithland, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42081 | $42 | $100 | $313 | $801 | $1,435 |
Source: Ownwell