Albany, Kentucky Property Taxes
The median property tax rate in Albany, KY is 0.97%, slightly below both the national median of 0.99% and the Kentucky state median of 1.02%. With a median home value of $130,000 in Albany, the typical annual property tax bill amounts to $1,163, which is lower than the national median of $2,690. Property taxes in Albany are calculated based on the tax assessed value, often below market value due to exemptions such as the primary residence and agricultural exemptions. Understanding Albany'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 Albany 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
Albany, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.97%
Estimate Property Tax Bill
$1,261
Ownwell’s Albany Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Albany with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Albany 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 Albany, Kentucky
Property taxes in Albany, Kentucky, play a critical role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Albany is 0.97%, slightly below the U.S. national median of 0.99%. Local government entities within Albany set these rates annually, and they can vary significantly across different neighborhoods. Each year, Albany 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 Albany's effective property tax rate to other counties in Kentucky and the national median. For comparison, the 42602 zip code has the highest median property tax rate of 0.97%, while the same zip code also has the lowest median tax rate of 0.97%. Understanding how these cities compare with Albany provides valuable insights into the varying tax landscape across Russell County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Albany Tax Rate
0.97%
Average Russell County Tax Rate
0.97%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Albany, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42602 | 0.89% | 0.97% | 0.97% | 0.97% | 0.97% |
Source: Ownwell
Property Tax Assessment Values Across Albany, Kentucky
In Albany, 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 Russell 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 Albany, 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. For instance, the highest median tax bill in Albany is $1163 in the 42602 zip code, whereas the lowest median tax bill is also $1163 in the same zip code. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Albany Assessed Value
$130,000
Average Russell County Assessed Value
$46,000
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Albany, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42602 | $20,000 | $32,500 | $130,000 | $162,500 | $216,800 |
Source: Ownwell
Property Tax Bills Across Albany, Kentucky
In Albany, property tax bills are calculated based on the assessed value of a home, which is typically a percentage of its market value. For instance, with a median home price of $130,000, the assessed value forms the foundation for determining the tax bill. The local tax rate is then applied to this assessed value. Factors such as property location within Russell County and any applicable exemptions can influence the final tax amount. Homeowners in Albany can expect their property tax bills to vary significantly. For example, the 25th percentile tax bill is around $315, while the 75th percentile reaches up to $1,575. Those at the 90th percentile might see bills as high as $1,985. These variations highlight the impact of property values and local tax rates on individual tax obligations. Compared to the national median property tax rate of 0.99%, Albany's tax rates can reflect both lower and higher ends of the spectrum, affecting homeowners' financial planning and overall housing costs.
Average Albany Tax Bill
$1,163
Average Russell County Tax Bill
$357
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Albany, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42602 | $194 | $315 | $1,163 | $1,575 | $1,985 |
Source: Ownwell