Center, Kentucky Property Taxes
The median property tax rate in Center, KY is 1.03%, slightly higher than both the national median of 0.99% and the Kentucky state median of 1.02%. With the median home value in Center at $45,000, the typical annual property tax bill reaches $361, which is significantly lower than the national median of $2,690. Property taxes in Center are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Center'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 Center or another part of Green County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Center, 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 CENTER Property Tax Bill Calculator is an invaluable tool for homeowners, real estate investors, and potential buyers to estimate their annual property taxes in CENTER using just two simple data points. By inputting your property's estimated assessed value, the calculator uses the median tax rate in CENTER to provide an accurate estimate of your property tax bill. This easy-to-use tool offers a clear understanding of potential tax liabilities, helping you make informed financial decisions. For those interested in neighborhood-specific trends, additional localized information is available. Your property’s assessed value, determined by the county, is essential for property tax calculations and takes into account any applicable exemptions.
Property Tax Rates Across Center, Kentucky
Property taxes in Center, Kentucky, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Center is 1.03%, slightly higher than the U.S. national median of 0.99%. Local government entities within Center set these rates annually, and they can vary significantly across different neighborhoods. Each year, Center 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 Center's effective property tax rate to other areas in Kentucky and the national median. For comparison, the 42214 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 Center provides valuable insights into the varying tax landscape across Green County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Center Tax Rate
1.03%
Average Green County Tax Rate
1.03%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Center, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42214 | 0.33% | 1.03% | 1.03% | 1.03% | 1.03% |
Source: Ownwell
Property Tax Assessment Values Across Center, Kentucky
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Center, 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 Green 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 Center, 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 Center helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Center are both $361, found in the 42214 zip code.
Average Center Assessed Value
$45,000
Average Green County Assessed Value
$56,200
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Center, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42214 | $9,500 | $20,375 | $45,000 | $62,325 | $87,550 |
Source: Ownwell
Property Tax Bills Across Center, Kentucky
In Center, located in Green County, KY, property tax bills are calculated based on the assessed value of a home. The median home price in this area is $45,000. To determine the tax bill, local tax rates are applied to this assessed value. Various factors influence the final tax bill, including the property's assessed value, applicable exemptions, and the specific tax rate set by local authorities. For homeowners, this means that the amount they pay in property taxes can vary significantly. For instance, tax bills in the 25th percentile are around $178, while those in the 75th percentile can reach $607. At the higher end, tax bills in the 90th percentile can go up to $1,013. Notably, the highest and lowest median tax bills in the area are both $361, specifically in the zip code 42214. This variability can impact homeowners' budgeting and financial planning, making it essential to understand how these taxes are calculated and what factors might influence them.
Average Center Tax Bill
$361
Average Green County Tax Bill
$485
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Center, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42214 | $64 | $178 | $361 | $607 | $1,013 |
Source: Ownwell