Nicholasville, Kentucky Property Taxes
The median property tax rate in Nicholasville, KY is 1.06%, slightly above both the national median of 0.99% and Kentucky's state median of 1.02%. With a median home value of $189,700 in Nicholasville, the typical annual property tax bill is approximately $1,848, which is below the national median of $2,690. Property taxes in Nicholasville are determined based on the tax assessed value, often lower than the market value due to exemptions such as primary residence and agricultural exemptions. Navigating Nicholasville's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you reside in the heart of Nicholasville or another part of Jessamine County, understanding the local property tax system is beneficial for both homeowners and real estate investors.
Last Updated June 14, 2024
Nicholasville, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.06%
Estimate Property Tax Bill
$2,011
Ownwell’s Nicholasville Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Nicholasville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Nicholasville 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 Nicholasville, Kentucky
Property taxes in Nicholasville, Kentucky, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Nicholasville is 1.06%, significantly higher than the U.S. national median of 0.99%. Local government entities within Nicholasville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Nicholasville 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 Nicholasville's effective property tax rate to other counties in Kentucky and the national median. For comparison, the 40356 zip code has the highest median property tax rate of 1.06%, while the same zip code also has the lowest median tax rate of 1.06%. Understanding how these cities compare with Nicholasville provides valuable insights into the varying tax landscape across Jessamine County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Nicholasville Tax Rate
1.06%
Average Jessamine County Tax Rate
1.06%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Nicholasville, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40356 | 0.70% | 0.95% | 1.06% | 1.06% | 1.12% |
Source: Ownwell
Property Tax Assessment Values Across Nicholasville, Kentucky
In Nicholasville, 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 Jessamine 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 Nicholasville, 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 Nicholasville helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Nicholasville is $189,700, with median tax bills ranging from $1,143 at the 25th percentile to $5,145 at the 90th percentile. The highest and lowest median tax bills are both found in zip code 40356, standing at $1,848.
Average Nicholasville Assessed Value
$189,700
Average Jessamine County Assessed Value
$189,900
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Nicholasville, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40356 | $73,300 | $123,338 | $189,700 | $310,000 | $521,930 |
Source: Ownwell
Property Tax Bills Across Nicholasville, Kentucky
In Nicholasville, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. The assessed value is then multiplied by the local property tax rate to determine the annual tax bill. Several factors influence the assessed value, including the home's market value, location, and any improvements or additions made to the property. Homeowners in Nicholasville can expect varying tax bills depending on their property's value. For instance, homes in the 25th percentile have tax bills around $1,143, while those in the 75th percentile see bills closer to $3,019. The highest tax bills, such as those in the 90th percentile, can reach up to $5,145. Compared to the national median property tax rate of 0.99%, Nicholasville's rates can result in significant differences in annual taxes. This variation impacts homeowners by influencing their overall cost of living and potentially affecting their decisions on property investments and home improvements.
Average Nicholasville Tax Bill
$1,848
Average Jessamine County Tax Bill
$1,839
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Nicholasville, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40356 | $655 | $1,143 | $1,848 | $3,019 | $5,145 |
Source: Ownwell