Smiths Grove, Kentucky Property Taxes
The median property tax rate in Smiths Grove, KY is 1.04%, slightly higher than both the national median of 0.99% and the Kentucky state median of 1.02%. With a median home value of $66,000 in Smiths Grove, the typical annual property tax bill is $503, which is significantly lower than the national median of $2,690. Property taxes in Smiths Grove are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as the primary residence and agricultural exemptions. Understanding Smiths Grove'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 Smiths Grove 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
Smiths Grove, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.04%
Estimate Property Tax Bill
$686
-$7,193
Ownwell’s Smiths Grove Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Smiths Grove with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Smiths Grove 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 Smiths Grove, Kentucky
Property taxes in Smiths Grove, Kentucky, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Smiths Grove is 1.04%, which is higher than the U.S. national median of 0.99%. Local government entities within Smiths Grove set these rates annually, and they can vary significantly across different neighborhoods. Each year, Smiths Grove 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 Smiths Grove's effective property tax rate to other areas in Kentucky and the national median. For comparison, the 42171 zip code has both the highest and lowest median property tax rate of 1.04%. Understanding how these areas compare with Smiths Grove provides valuable insights into the varying tax landscape across Barren County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Smiths Grove Tax Rate
1.04%
Average Barren County Tax Rate
1.04%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Smiths Grove, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42171 | 0.23% | 0.55% | 1.04% | 1.12% | 1.35% |
Source: Ownwell
Property Tax Assessment Values Across Smiths Grove, Kentucky
In Smiths Grove, 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 Barren 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 Smiths Grove, 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 Smiths Grove helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest and lowest median tax bill is 42171, with a median tax bill of $503.
Average Smiths Grove Assessed Value
$66,000
Average Barren County Assessed Value
$90,000
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Smiths Grove, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42171 | $8,370 | $29,000 | $66,000 | $139,300 | $240,000 |
Source: Ownwell
Property Tax Bills Across Smiths Grove, Kentucky
In Smiths Grove, located in Barren County, KY, property tax bills are calculated based on the assessed value of a home. The median home price in Smiths Grove is $66,000. To determine the tax bill, the assessed value is multiplied by the local property tax rate. Factors such as property size, location, and improvements can influence the assessed value. For homeowners in Smiths Grove, tax bills can vary significantly. The 25th percentile tax bill is $192, while the 75th percentile tax bill is $998, and the 90th percentile tax bill can reach up to $1,719. The median tax bill in the area is $503, which is considerably lower than the national median property tax rate of 0.99%. These variations in tax bills can impact homeowners by influencing their annual expenses and potentially affecting property values. Lower property taxes can make homeownership more affordable, while higher taxes may require careful financial planning.
Average Smiths Grove Tax Bill
$503
Average Barren County Tax Bill
$755
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Smiths Grove, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42171 | $76 | $192 | $503 | $998 | $1,719 |
Source: Ownwell