Scottsville, Kentucky Property Taxes
The median property tax rate in Scottsville, KY is 0.93%, slightly lower than both the national median of 0.99% and the Kentucky state median of 1.02%. With a median home value of $70,000 in Scottsville, the typical annual property tax bill is around $548, significantly below the national median of $2,690. Property taxes in Scottsville are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Scottsville'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 Scottsville or another part of Allen County, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Scottsville, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.93%
Estimate Property Tax Bill
$651
Ownwell’s Scottsville Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Scottsville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Scottsville 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 Scottsville, Kentucky
Property taxes in Scottsville, Kentucky, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Scottsville is 0.93%, which is lower than the U.S. national median of 0.99%. Local government entities within Scottsville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Scottsville 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 Scottsville's effective property tax rate to other counties in Kentucky and the national median. For comparison, the zip code 42164 has both the highest and lowest median property tax rate of 0.93%. Understanding how these areas compare with Scottsville provides valuable insights into the varying tax landscape across Allen County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Scottsville Tax Rate
0.93%
Average Allen County Tax Rate
0.94%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Scottsville, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42164 | 0.40% | 0.93% | 0.93% | 0.96% | 1.01% |
Source: Ownwell
Property Tax Assessment Values Across Scottsville, Kentucky
In Scottsville, 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 Allen 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 Scottsville, 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. The median home price in Scottsville is $70,000, with tax bills ranging from $182 at the 25th percentile to $1,966 at the 90th percentile. The zip code 42164 has both the highest and lowest median tax bill at $548. Being aware of these valuation processes in Scottsville helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Scottsville Assessed Value
$70,000
Average Allen County Assessed Value
$66,500
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Scottsville, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42164 | $8,500 | $29,900 | $70,000 | $132,000 | $215,975 |
Source: Ownwell
Property Tax Bills Across Scottsville, Kentucky
In Scottsville, located in Allen County, KY, property tax bills are calculated based on the assessed value of the property. The local tax rate is applied to this assessed value to determine the annual tax bill. Factors such as property size, location, and market conditions influence the assessed value. For homeowners, the tax bill can vary significantly. The median home price in Scottsville is $70,000, with tax bills ranging from $182 at the 25th percentile to $1,966 at the 90th percentile. The highest and lowest median tax bills in the area both stand at $548, indicating some level of uniformity in certain zones. Compared to the national median property tax rate of 0.99%, Scottsville's rates can be seen as more manageable, yet they still have a significant impact on homeowners' annual expenses. Understanding these factors helps homeowners better anticipate their financial obligations and plan accordingly.
Average Scottsville Tax Bill
$548
Average Allen County Tax Bill
$516
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Scottsville, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42164 | $47 | $182 | $548 | $1,164 | $1,966 |
Source: Ownwell