Jonesville, Kentucky Property Taxes
The median property tax rate in Jonesville, KY is 1.19%, higher than both the national median of 0.99% and the Kentucky state median of 1.02%. With a median home value of $70,100 in Jonesville, the typical annual property tax bill is $688, which is below the national median of $2,690. Property taxes in Jonesville are calculated based on the tax assessed value, often lower than the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Jonesville'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 Jonesville or another part of Grant County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Jonesville, 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 JONESVILLE Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in JONESVILLE with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in JONESVILLE 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 Jonesville, Kentucky
Property taxes in Jonesville, Kentucky, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Jonesville is 1.19%, higher than both the Kentucky state median and the U.S. national median of 0.99%. Local government entities within Jonesville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Jonesville 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 Jonesville's effective property tax rate to other counties in Kentucky and the national median. For comparison, the 41052 zip code has the highest median property tax rate of 1.19%, while the 41052 zip code also has the lowest median tax rate of 1.19%. Understanding how these cities compare with Jonesville provides valuable insights into the varying tax landscape across Grant County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Jonesville Tax Rate
1.19%
Average Grant County Tax Rate
1.12%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Jonesville, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41052 | 0.65% | 0.90% | 1.19% | 1.32% | 1.53% |
Source: Ownwell
Property Tax Assessment Values Across Jonesville, Kentucky
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Jonesville, Kentucky. 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 Grant 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 Jonesville, 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. Jonesville has a median home price of $70,100, with tax bills ranging from $468 at the 25th percentile to $1,619 at the 90th percentile. The zip code with the highest and lowest median tax bill is 41052, both at $688. 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 Jonesville helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Jonesville Assessed Value
$70,100
Average Grant County Assessed Value
$114,000
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Jonesville, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41052 | $14,500 | $42,750 | $70,100 | $116,300 | $145,800 |
Source: Ownwell
Property Tax Bills Across Jonesville, Kentucky
In JONESVILLE, KY, property tax bills are calculated based on the assessed value of a home, which is typically a percentage of its market value. For instance, with a median home price of $70,100, the property tax bill can vary significantly. Homeowners in the 25th percentile pay around $468, while those in the 75th percentile see bills closer to $1,005. At the 90th percentile, tax bills can reach up to $1,619. The highest median tax bill in the area is $688, which is notably below the national median property tax rate of 0.99%. Several factors influence these tax bills, including local tax rates set by the county and the assessed value of the property. These tax bills directly impact homeowners by affecting their annual expenses and potentially influencing their decisions on home improvements or relocation. Understanding these factors is crucial for homeowners to manage their finances effectively and anticipate future tax obligations.
Average Jonesville Tax Bill
$688
Average Grant County Tax Bill
$1,162
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Jonesville, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41052 | $133 | $468 | $688 | $1,005 | $1,619 |
Source: Ownwell