Payneville, Kentucky Property Taxes
The median property tax rate in Payneville, KY is 1.09%, slightly higher than both the national median of 0.99% and Kentucky's state median of 1.02%. With the median home value in Payneville at $107,300, the typical annual property tax bill is $1,065, which is below the national median of $2,690. Property taxes in Payneville are calculated based on the tax assessed value, which often falls below the market value due to exemptions such as those for primary residences and agricultural properties. Understanding Payneville'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 Payneville or another part of Meade County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Payneville, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.09%
Estimate Property Tax Bill
$1,170
Ownwell’s Payneville Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Payneville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Payneville 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 Payneville, Kentucky
Property taxes in Payneville, Kentucky, are crucial in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Payneville is 1.09%, higher than both the Kentucky state median and the U.S. national median of 0.99%. Local government entities within Payneville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Payneville 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 Payneville's effective property tax rate to other counties in Kentucky and the national median. For comparison, the 40157 zip code has the highest median property tax rate of 1.09%, while the 40157 zip code also has the lowest median tax rate of 1.09%. Understanding how these areas compare with Payneville provides valuable insights into the varying tax landscape across Meade County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Payneville Tax Rate
1.09%
Average Meade County Tax Rate
1.16%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Payneville, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40157 | 0.54% | 0.85% | 1.09% | 1.19% | 1.19% |
Source: Ownwell
Property Tax Assessment Values Across Payneville, Kentucky
In Payneville, 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 Meade 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 Payneville, 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 Payneville helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the area are both $1065, found in the 40157 zip code.
Average Payneville Assessed Value
$107,300
Average Meade County Assessed Value
$122,800
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Payneville, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40157 | $24,240 | $60,500 | $107,300 | $159,000 | $217,700 |
Source: Ownwell
Property Tax Bills Across Payneville, Kentucky
In Payneville, KY, property tax bills are calculated based on the assessed value of a home, which is determined by local tax authorities. The assessed value is a percentage of the market value of the property. Homeowners in Payneville can expect varying tax bills depending on their property's assessed value, which is influenced by factors such as property size, location, and improvements. For instance, the median home price in Payneville is $107,300. Property tax rates in Payneville vary, but the median tax bill is notably influenced by these assessed values. Homeowners in the 25th percentile pay around $484, while those in the 75th percentile face bills of approximately $1,761. At the higher end, the 90th percentile tax bill can reach up to $2,497. The highest median tax bill in the area is $1,065, which is relatively low compared to the national median property tax rate of 0.99%. Understanding these factors helps homeowners plan for their annual tax obligations and manage their finances more effectively.
Average Payneville Tax Bill
$1,065
Average Meade County Tax Bill
$1,267
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Payneville, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40157 | $200 | $484 | $1,065 | $1,761 | $2,497 |
Source: Ownwell