Russell Springs, Kentucky Property Taxes
The median property tax rate in Russell Springs, KY is 1.15%, which is higher than both the national median of 0.99% and the Kentucky state median of 1.02%. With a median home value of $50,000 in Russell Springs, the typical annual property tax bill is $393, significantly lower than the national median of $2,690. Property taxes in Russell Springs 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 Russell Springs' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Russell Springs 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
Russell Springs, 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 Russell Springs Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Russell Springs with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Russell Springs 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 Russell Springs, Kentucky
Property taxes in Russell Springs, Kentucky, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Russell Springs is 0.74%, which is lower than both the Kentucky state median of 0.83% and the U.S. national median of 0.99%. Local government entities within Russell Springs set these rates annually, and they can vary significantly across different neighborhoods. Each year, Russell Springs 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 Russell Springs' effective property tax rate to other counties in Kentucky and the national median. For comparison, the 42642 zip code has the highest median property tax rate of 0.74%, while the 42642 zip code also has the lowest median tax rate of 0.74%. Understanding how these cities compare with Russell Springs 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 Russell Springs Tax Rate
1.15%
Average Adair County Tax Rate
1.13%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Russell Springs, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42642 | 0.35% | 0.66% | 1.15% | 1.28% | 1.63% |
Source: Ownwell
Property Tax Assessment Values Across Russell Springs, Kentucky
In Russell Springs, 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 local 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 Russell Springs, 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 Russell Springs helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 42642 has the highest median tax bill at $393, while the lowest median tax bill is also $393.
Property Tax Assessment Values Across Russell Springs, Kentucky
Source: Ownwell
$40,000
$119,500
$199,000
Average Russell Springs Assessed Value
$50,000
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 Russell Springs, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42642 | $5,000 | $15,000 | $50,000 | $115,000 | $187,000 |
Source: Ownwell
Property Tax Bills Across Russell Springs, Kentucky
In Russell Springs, KY, property tax bills are calculated based on the assessed value of your home, not its market value. The median home price in the area is $50,000. Property tax rates are applied to this assessed value to determine the final tax bill. Factors considered in this calculation include the assessed value of the property and the specific tax rate set by local authorities. For instance, the tax bill for the 25th percentile is $138, while the 75th percentile sees a tax bill of $862, and the 90th percentile reaches $1,582. The highest and lowest median tax bills in the area are both $393, recorded in the 42642 zip code. These property taxes significantly impact homeowners by contributing to local services such as schools, public safety, and infrastructure. Compared to the national median property tax rate of 0.99%, residents in Russell Springs experience relatively lower property tax bills, making it a more affordable option for homeowners.
Average Russell Springs Tax Bill
$393
Average Adair County Tax Bill
$410
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Russell Springs, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42642 | $66 | $138 | $393 | $862 | $1,582 |
Source: Ownwell