Greensburg, Kentucky Property Taxes
The median property tax rate in Greensburg, KY is 1.13%, notably higher than both the national median of 0.99% and the Kentucky state median of 1.02%. With the median home value in Greensburg at $55,000, the typical annual property tax bill reaches $404, which is significantly lower than the national median of $2,690. Property taxes in Greensburg are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Greensburg'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 Greensburg 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
Greensburg, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.13%
Estimate Property Tax Bill
$622
-$6,513
Ownwell’s GREENSBURG Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in GREENSBURG with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in GREENSBURG 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 Greensburg, Kentucky
Property taxes in Greensburg, Kentucky, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Greensburg is 1.13%, which is higher than the U.S. national median of 0.99%. Local government entities within Greensburg set these rates annually, and they can vary significantly across different neighborhoods. Each year, Greensburg 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 Greensburg's effective property tax rate to other areas in Kentucky and the national median. For comparison, the zip code 42743 has both the highest and lowest median property tax rate of 1.13%. Understanding how these cities compare with Greensburg provides valuable insights into the varying tax landscape across Adair County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Greensburg Tax Rate
1.13%
Average Adair County Tax Rate
1.13%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Greensburg, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42743 | 0.23% | 0.40% | 1.13% | 1.16% | 1.26% |
Source: Ownwell
Property Tax Assessment Values Across Greensburg, Kentucky
In Greensburg, 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 Adair 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 Greensburg, 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 Greensburg helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Greensburg Assessed Value
$55,000
Average Adair County Assessed Value
$50,000
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Greensburg, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42743 | $10,000 | $20,000 | $55,000 | $132,750 | $222,000 |
Source: Ownwell
Property Tax Bills Across Greensburg, Kentucky
Property tax bills in Greensburg, KY, are calculated based on the assessed value of a property, which is a percentage of its market value. The local tax rate is then applied to this assessed value to determine the annual tax bill. Factors such as property size, location, and improvements can influence the assessed value, impacting the final tax amount. For instance, in Greensburg, the median home price is $55,000. Homeowners in Greensburg can expect their tax bills to vary significantly. At the 25th percentile, the tax bill is around $163, while it reaches $823 at the 75th percentile. The 90th percentile sees tax bills as high as $1,329. The highest and lowest median tax bills in the area are both $404, indicating a relatively consistent range within the zip code 42743. These property taxes fund essential local services, such as schools and infrastructure, directly affecting community quality and homeowner satisfaction. Comparing to the national median property tax rate of 0.99%, Greensburg's rates can be considered moderate, providing a balanced approach to funding local needs without overly burdening homeowners.
Average Greensburg Tax Bill
$404
Average Adair County Tax Bill
$410
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Greensburg, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42743 | $102 | $163 | $404 | $823 | $1,329 |
Source: Ownwell