Russell Springs, Kentucky Property Taxes
The median property tax rate in Russell Springs, KY is 0.96%, slightly lower than both the national median of 0.99% and the Kentucky state median of 1.02%. With the median home value in Russell Springs at $42,500, the typical annual property tax bill is $289, significantly below the national median of $2,690. Property taxes in Russell Springs are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Russell Springs' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Russell Springs 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
Russell Springs, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.96%
Estimate Property Tax Bill
$408
Ownwell’s Russell Springs Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Russell Springs with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Russell Springs 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 Russell Springs, Kentucky
Property taxes in Russell Springs, Kentucky, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Russell Springs is 0.96%, slightly below the U.S. national median of 0.99%. Local government entities within Russell Springs set these rates annually, and they can vary significantly across different neighborhoods. Each year, Russell Springs 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 Russell Springs' effective property tax rate to other counties in Kentucky and the national median. For comparison, the 42642 zip code has both the highest and lowest median property tax rate of 0.96%. Understanding how these cities compare with Russell Springs provides valuable insights into the varying tax landscape across Casey County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Russell Springs Tax Rate
0.96%
Average Casey County Tax Rate
0.96%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Russell Springs, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42642 | 0.49% | 0.96% | 0.96% | 0.96% | 0.96% |
Source: Ownwell
Property Tax Assessment Values Across Russell Springs, Kentucky
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Russell Springs, Kentucky. The market value represents the price a willing buyer would pay a willing seller in an open and competitive market, influenced by factors such as 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 Russell Springs, 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 Russell Springs is $42,500, with tax bills ranging from $91 at the 25th percentile to $718 at the 90th percentile. The zip code with the highest and lowest median tax bill is 42642, both at $289. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Russell Springs, Kentucky
Source: Ownwell
$35,000
$85,000
$135,000
Average Russell Springs Assessed Value
$42,500
Average Casey County Assessed Value
$43,000
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Russell Springs, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42642 | $6,250 | $11,250 | $42,500 | $69,500 | $96,000 |
Source: Ownwell
Property Tax Bills Across Russell Springs, Kentucky
Property tax bills in Russell Springs, located in Casey County, KY, are calculated based on the assessed value of a property. The assessed value is determined by local tax assessors and reflects the market value of the property. Homeowners in Russell Springs can expect their property tax bills to vary significantly, with the 25th percentile tax bill being $91 and the 75th percentile reaching up to $592. For those at the 90th percentile, tax bills can go as high as $718. The median home price in Russell Springs is $42,500, which is considerably lower than the national median. This lower home value contributes to relatively modest property tax bills compared to other regions. The highest median tax bill in the area is $289, which is significantly below the national median property tax rate of 0.99%. These property tax bills impact homeowners by influencing their overall cost of living and potentially their decisions on property investments. Lower property taxes can make homeownership more affordable, but they also reflect the local government's revenue for public services and infrastructure.
Average Russell Springs Tax Bill
$289
Average Casey County Tax Bill
$324
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Russell Springs, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42642 | $48 | $91 | $289 | $592 | $718 |
Source: Ownwell