Kevil, Ballard County, Kentucky Property Taxes
The median property tax rate in Kevil, KY is 1.03%, slightly higher than both the national median of 0.99% and the Kentucky state median of 1.02%. With the median home value in Kevil at $62,500, the typical annual property tax bill reaches $535, which is well below the national median of $2,690. Property taxes in Kevil 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 Kevil'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 Kevil 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
Kevil, Ballard County, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.03%
Estimate Property Tax Bill
$644
$597
Ownwell’s Kevil Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Kevil with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Kevil 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 Kevil, Ballard County, Kentucky
Property taxes in Kevil, Kentucky, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Kevil is 1.03%, which is notably higher than the U.S. national median of 0.99%. Local government entities within Kevil set these rates annually, and they can vary significantly across different neighborhoods. Each year, Kevil 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 Kevil's effective property tax rate to other areas in Kentucky and the national median. For comparison, the zip code 42053, which includes Kevil, has both the highest and lowest median property tax rate of 1.03%. Understanding how these figures compare with Kevil provides valuable insights into the varying tax landscape across Ballard County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Kevil Tax Rate
1.03%
Average Ballard County Tax Rate
1.03%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Kevil, Ballard County, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42053 | 0.52% | 1.03% | 1.03% | 1.03% | 1.04% |
Source: Ownwell
Property Tax Assessment Values Across Kevil, Ballard County, Kentucky
In Kevil, 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 Ballard 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 Kevil, 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 Kevil is $62,500, with the highest and lowest median tax bills both at $535 in the 42053 zip code. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Kevil, Ballard County, Kentucky
Source: Ownwell
$45,000
$53,750
$62,500
Average Kevil Assessed Value
$62,500
Average Ballard County Assessed Value
$52,000
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Kevil, Ballard County, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42053 | $6,000 | $20,000 | $62,500 | $125,000 | $200,000 |
Source: Ownwell
Property Tax Bills Across Kevil, Ballard County, Kentucky
In Kevil, located in Ballard County, KY, property tax bills are calculated based on the assessed value of your home and the local tax rate. The median home price in Kevil is $62,500, and the property tax rate in the area is assessed to determine your annual tax bill. Factors such as property size, location, and any improvements made can influence the assessed value of your property. Homeowners in Kevil experience a range of tax bills, with the 25th percentile paying around $165 and the 75th percentile facing bills up to $1,252. At the 90th percentile, tax bills can reach as high as $1,973. The highest median tax bill in Kevil is $535, which is notably lower than the national median property tax rate of 0.99%. Understanding how these factors affect your tax bill is crucial for financial planning and property management. Lower tax rates can make homeownership more affordable, but it's essential to stay informed about any changes in property assessments or tax policies that could impact your annual obligations.
Average Kevil Tax Bill
$535
Average Ballard County Tax Bill
$421
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Kevil, Ballard County, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42053 | $62 | $165 | $535 | $1,252 | $1,973 |
Source: Ownwell