Carrollton, Kentucky Property Taxes
The median property tax rate in Carrollton, KY is 1.01%, slightly higher than the national median of 0.99% but just below the Kentucky state median of 1.02%. With the median home value in Carrollton at $84,000, the typical annual property tax bill amounts to $752, which is significantly lower than the national median of $2,690. Property taxes in Carrollton 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 Carrollton'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 Carrollton 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
Carrollton, 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 Carrollton Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Carrollton with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Carrollton 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 Carrollton, Kentucky
Property taxes in Carrollton, Kentucky, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Carrollton is 1.01%, slightly higher than the U.S. national median of 0.99%. Local government entities within Carrollton set these rates annually, and they can vary significantly across different neighborhoods. Each year, Carrollton 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. Understanding how Carrollton's effective property tax rate compares to other areas provides valuable insights into the varying tax landscape across Carroll County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Carrollton Tax Rate
1.01%
Average Carroll County Tax Rate
1.01%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Carrollton, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41008 | 0.52% | 1.01% | 1.01% | 1.11% | 1.11% |
Source: Ownwell
Property Tax Assessment Values Across Carrollton, Kentucky
In Carrollton, 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 Carrollton, 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. The median home price in Carrollton is $84,000, with tax bills ranging from $414 at the 25th percentile to $2,012 at the 90th percentile. The zip code 41008 has the highest and lowest median tax bill, both at $752. 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 Carrollton helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Carrollton Assessed Value
$84,000
Average Carroll County Assessed Value
$75,000
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Carrollton, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41008 | $23,000 | $50,000 | $84,000 | $138,250 | $202,000 |
Source: Ownwell
Property Tax Bills Across Carrollton, Kentucky
In Carrollton, KY, property tax bills are calculated based on the assessed value of a home. The local government determines this value, which is then multiplied by the property tax rate to calculate the annual tax bill. For Carrollton, the median home price stands at $84,000. Several factors influence the assessed value, including the property's location, size, and condition. Homeowners in Carrollton can expect varying tax bills depending on their property's assessed value. For instance, the 25th percentile of tax bills is approximately $414, while the 75th percentile reaches up to $1,335. At the higher end, the 90th percentile tax bill can be as much as $2,012. The median tax bill in Carrollton is $752, which is significantly lower than the national median property tax rate of 0.99%. This relatively low property tax burden can make homeownership more affordable in Carrollton, impacting household budgets and potentially increasing disposable income for other expenses.
Average Carrollton Tax Bill
$752
Average Carroll County Tax Bill
$704
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Carrollton, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41008 | $177 | $414 | $752 | $1,335 | $2,012 |
Source: Ownwell