Turners Station, Kentucky Property Taxes
The median property tax rate in Turners Station, KY is 1.03%, slightly higher than both the national median of 0.99% and the Kentucky state median of 1.02%. With a median home value of $77,000 in Turners Station, the typical annual property tax bill amounts to $689, which is significantly lower than the national median of $2,690. Property taxes in Turners Station are calculated based on the tax assessed value, which is often lower than the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Turners Station'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 Turners Station or another part of Carroll County, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Turners Station, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.03%
Estimate Property Tax Bill
$793
Ownwell’s Turners Station Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Turners Station with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Turners Station 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 Turners Station, Kentucky
Property taxes in Turners Station, Kentucky, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Turners Station is 1.03%, higher than both the Kentucky state median and the U.S. national median of 0.99%. Local government entities within Turners Station set these rates annually, and they can vary significantly across different neighborhoods. Each year, Turners Station 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 Turners Station's effective property tax rate to other counties in Kentucky and the national median. For comparison, the 40075 zip code has the highest median property tax rate of 1.03%, while the same zip code also has the lowest median tax rate of 1.03%. Understanding how these cities compare with Turners Station 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 Turners Station Tax Rate
1.03%
Average Carroll County Tax Rate
1.01%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Turners Station, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40075 | 0.32% | 0.63% | 1.03% | 1.07% | 1.09% |
Source: Ownwell
Property Tax Assessment Values Across Turners Station, Kentucky
In Turners Station, 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 Carroll 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 Turners Station, 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 Turners Station helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price here is $77,000, with tax bills ranging from $379 at the 25th percentile to $2,042 at the 90th percentile. The highest and lowest median tax bills, both at $689, are found in zip code 40075.
Property Tax Assessment Values Across Turners Station, Kentucky
Source: Ownwell
$28,550
$75,525
$122,500
Average Turners Station Assessed Value
$77,000
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 Turners Station, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40075 | $34,000 | $55,000 | $77,000 | $137,000 | $210,400 |
Source: Ownwell
Property Tax Bills Across Turners Station, Kentucky
In Turners Station, Carroll County, KY, property tax bills are calculated based on the assessed value of your home. The assessed value is determined by the county assessor, who evaluates the property's market value. This assessed value is then multiplied by the local tax rate to determine your annual property tax bill. The median home price in Turners Station is $77,000, with tax bills varying significantly across different percentiles. For instance, homeowners at the 25th percentile face a tax bill of $379, while those at the 75th percentile pay around $1,393. At the 90th percentile, the tax bill can reach up to $2,042. These varying tax bills impact homeowners differently, depending on the assessed value of their property and the applicable tax rate. Compared to the national median property tax rate of 0.99%, the tax rates in Turners Station can lead to significantly different financial obligations for homeowners. Understanding how these factors interplay is crucial for homeowners to manage their annual property tax liabilities effectively.
Average Turners Station Tax Bill
$689
Average Carroll County Tax Bill
$704
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Turners Station, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40075 | $143 | $379 | $689 | $1,393 | $2,042 |
Source: Ownwell