Pembroke, Kentucky Property Taxes
The median property tax rate in Pembroke, KY is 0.84%, notably lower than both the national median of 0.99% and the Kentucky state median of 1.02%. With the median home value in Pembroke at $140,930, the typical annual property tax bill is $931, significantly less than the national median of $2,690. Property taxes in Pembroke are calculated based on the tax assessed value, which often falls below the market value due to exemptions such as primary residence and agricultural exemptions. By understanding Pembroke's property tax system, exploring available exemptions, and identifying opportunities for reductions, homeowners can achieve substantial annual savings. Whether you're in the heart of Pembroke or another part of the city, comprehending the local property tax system is beneficial for both homeowners and real estate investors.
Last Updated June 14, 2024
Pembroke, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.84%
Estimate Property Tax Bill
$1,184
Ownwell’s Pembroke Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Pembroke with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Pembroke 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 Pembroke, Kentucky
Property taxes in Pembroke, Kentucky, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Pembroke is 0.84%, which is lower than the U.S. national median of 0.99%. Local government entities within Pembroke set these rates annually, and they can vary significantly across different neighborhoods. Each year, Pembroke 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 Pembroke's effective property tax rate to other areas in Kentucky and the national median. For comparison, the zip code 42266 has the same median property tax rate of 0.84%. Understanding how these cities compare with Pembroke 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 Pembroke 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 Pembroke, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42266 | 0.15% | 0.39% | 0.84% | 0.84% | 0.84% |
Source: Ownwell
Property Tax Assessment Values Across Pembroke, Kentucky
In Pembroke, 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 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 Pembroke, 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 Pembroke helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the zip code with the highest and lowest median tax bills is 42266, with a median tax bill of $931.
Average Pembroke Assessed Value
$140,930
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 Pembroke, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42266 | $15,544 | $57,130 | $140,930 | $444,378 | $838,408 |
Source: Ownwell
Property Tax Bills Across Pembroke, Kentucky
In Pembroke, located in Todd County, KY, property tax bills are calculated based on the assessed value of a home and the applicable tax rate. The median home price in Pembroke is $140,930. Property taxes are determined by multiplying the assessed value by the local property tax rate. Several factors influence the assessed value, including the home's market value, location, and any improvements made to the property. Homeowners in Pembroke can expect varying property tax bills. The 25th percentile tax bill is $344, while the 75th percentile reaches $1,545, and the 90th percentile can be as high as $2,237. Compared to the national median property tax rate of 0.99%, Pembroke's rates can be considered moderate to high depending on the specific property and its assessed value. These property taxes are essential for funding local services such as schools, public safety, and infrastructure, directly impacting the quality of community amenities available to residents.
Average Pembroke Tax Bill
$931
Average Todd County Tax Bill
$511
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Pembroke, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42266 | $130 | $344 | $931 | $1,545 | $2,237 |
Source: Ownwell