Spottsville, Kentucky Property Taxes
The median property tax rate in Spottsville, KY is 1.17%, which is higher than both the national median of 0.99% and the Kentucky state median of 1.02%. With a median home value of $77,750 in Spottsville, the typical annual property tax bill is $838, still below the national median of $2,690. Property taxes here are calculated based on the assessed value, which often falls below the market value due to various exemptions like primary residence and agricultural exemptions. Understanding Spottsville'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 Spottsville or another part of Henderson County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Spottsville, 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 Spottsville Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Spottsville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Spottsville 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 Spottsville, Kentucky
Property taxes in Spottsville, Kentucky, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Spottsville is 1.17%, which is significantly higher than the U.S. national median of 0.99%. Local government entities within Spottsville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Spottsville 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 Spottsville's effective property tax rate to other counties in Kentucky and the national median. For comparison, the ZIP code 42458 has the highest median property tax rate of 1.17%, while the ZIP code 42458 also has the lowest median tax rate of 1.17%. Understanding how these areas compare with Spottsville provides valuable insights into the varying tax landscape across Henderson County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Spottsville Tax Rate
1.17%
Average Henderson County Tax Rate
1.12%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Spottsville, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42458 | 0.60% | 1.12% | 1.17% | 1.22% | 1.35% |
Source: Ownwell
Property Tax Assessment Values Across Spottsville, Kentucky
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Spottsville, KY. 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 Henderson 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 Spottsville, 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. For instance, the median home price in Spottsville is $77,750, with tax bills ranging from $441 at the 25th percentile to $2,023 at the 90th percentile. The zip code 42458 has the highest and lowest median tax bill at $838. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Spottsville Assessed Value
$77,750
Average Henderson County Assessed Value
$98,900
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Spottsville, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42458 | $15,000 | $39,750 | $77,750 | $115,250 | $176,000 |
Source: Ownwell
Property Tax Bills Across Spottsville, Kentucky
In Spottsville, Henderson County, KY, property tax bills are determined based on the assessed value of a home. The median home price in Spottsville is $77,750. Local tax authorities assess the property to estimate its value, and this assessment forms the basis for calculating the tax bill. Factors such as property size, location, and market trends influence the assessed value. Homeowners in Spottsville can expect varying tax bills. The 25th percentile tax bill is around $441, while at the 75th percentile, it rises to $1,340. For those at the higher end, the 90th percentile tax bill can reach up to $2,023. Comparatively, the highest and lowest median tax bills in the area are both $838, indicating some consistency within certain zip codes. These property taxes fund essential public services and infrastructure, impacting homeowners by contributing to community development. Understanding these factors helps homeowners anticipate their financial obligations and plan accordingly.
Average Spottsville Tax Bill
$838
Average Henderson County Tax Bill
$1,006
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Spottsville, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42458 | $194 | $441 | $838 | $1,340 | $2,023 |
Source: Ownwell