Greenville, Kentucky Property Taxes
The median property tax rate in Greenville, KY is 0.28%, significantly lower than both the national median of 0.99% and the Kentucky state median of 1.02%. With a median home value of $51,114 in Greenville, the typical annual property tax bill is just $136, far below the national median of $2,690. Property taxes in Greenville are calculated based on the tax assessed value, which often falls below the market value due to various exemptions, such as those for primary residences and agricultural properties. Understanding Greenville's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Greenville or another part of the city, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Greenville, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.28%
Estimate Property Tax Bill
$143
Ownwell’s Greenville Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Greenville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Greenville 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 Greenville, Kentucky
Property taxes in Greenville, Kentucky, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Greenville is 0.68%, significantly higher than the Kentucky state median of 0.72% but lower than the U.S. national median of 0.99%. Local government entities within Greenville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Greenville 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. Understanding how Greenville's effective property tax rate compares to other counties in Kentucky and the national median provides valuable insights into the varying tax landscape across Muhlenberg County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Greenville Tax Rate
0.28%
Average Todd County Tax Rate
0.84%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Greenville, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42345 | 0.22% | 0.24% | 0.28% | 0.31% | 0.34% |
Source: Ownwell
Property Tax Assessment Values Across Greenville, Kentucky
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Greenville, Kentucky. 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 Muhlenberg 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 Greenville, 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. For example, the highest median tax bill in Greenville is $136 in the 42345 zip code, while the lowest median tax bill is also $136 in the same zip code. 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 Greenville helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Greenville Assessed Value
$51,114
Average Todd County Assessed Value
$84,400
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Greenville, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42345 | $44,005 | $46,671 | $51,114 | $55,557 | $58,223 |
Source: Ownwell
Property Tax Bills Across Greenville, Kentucky
In Greenville, KY, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. The median home price in Greenville stands at $51,114. Property tax rates in this area are relatively low compared to the national median property tax rate of 0.99%. For instance, the tax bill at the 25th percentile is $129, while at the 75th percentile, it rises slightly to $142. The 90th percentile tax bill is $146, indicating a narrow range of property tax liabilities. Several factors influence the tax bill, including the home's assessed value and the local tax rate set by the county. As a result, homeowners in Greenville experience a modest property tax burden, which can make homeownership more affordable compared to other regions. This relatively low tax environment can be a significant advantage for both current homeowners and potential buyers, contributing to the overall attractiveness of the area.
Average Greenville Tax Bill
$136
Average Todd County Tax Bill
$511
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Greenville, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42345 | $125 | $129 | $136 | $142 | $146 |
Source: Ownwell