Guthrie, Kentucky Property Taxes
The median property tax rate in Guthrie, KY is 0.84%, which is notably lower than both the national median of 0.99% and the Kentucky state median of 1.02%. With the median home value in Guthrie at $70,390, the typical annual property tax bill amounts to $478, significantly below the national median of $2,690. Property taxes in Guthrie are calculated based on the tax assessed value, which generally falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Guthrie'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 Guthrie 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
Guthrie, Kentucky Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
1.02%
Estimate Property Tax Bill
$2,040
Ownwell’s Guthrie Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Guthrie with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Guthrie 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 Guthrie, Kentucky
Property taxes in Guthrie, Kentucky, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Guthrie is 0.84%, which is lower than the U.S. national median of 0.99%. Local government entities within Guthrie set these rates annually, and they can vary significantly across different neighborhoods. Each year, Guthrie 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 Guthrie's effective property tax rate to other areas in Kentucky and the national median. For comparison, the 42234 zip code has both the highest and lowest median property tax rate of 0.84%. Understanding how these areas compare with Guthrie provides valuable insights into the varying tax landscape across Todd County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Guthrie Tax Rate
0.84%
Average Todd County Tax Rate
0.84%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Guthrie, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42234 | 0.22% | 0.53% | 0.84% | 0.84% | 0.84% |
Source: Ownwell
Property Tax Assessment Values Across Guthrie, Kentucky
In Guthrie, 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 Todd 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 Guthrie, 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 Guthrie is $70,390, with tax bills ranging from $222 at the 25th percentile to $1,676 at the 90th percentile. The zip code 42234 has both the highest and lowest median tax bill at $478. 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 Guthrie Assessed Value
$70,390
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 Guthrie, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42234 | $13,450 | $36,150 | $70,390 | $145,570 | $378,344 |
Source: Ownwell
Property Tax Bills Across Guthrie, Kentucky
In Guthrie, located in Todd County, KY, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. The median home price in Guthrie is $70,390. Property tax rates in this area are influenced by local government budgets and the need to fund public services such as schools and infrastructure. Homeowners in Guthrie can expect their annual property tax bills to vary significantly. For instance, the tax bill at the 25th percentile is $222, while at the 75th percentile, it rises to $982. Those at the 90th percentile might see a tax bill as high as $1,676. This range indicates that factors such as property size, location, and improvements can substantially impact the final tax bill. Compared to the national median property tax rate of 0.99%, the rates in Guthrie can be considered relatively moderate. Understanding these factors helps homeowners in Guthrie anticipate their financial obligations and plan accordingly.
Average Guthrie Tax Bill
$478
Average Todd County Tax Bill
$511
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Guthrie, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42234 | $84 | $222 | $478 | $982 | $1,676 |
Source: Ownwell