Emerson, Kentucky Property Taxes
The median property tax rate in Emerson, KY is 1.01%, slightly higher than the national median of 0.99% but just below the Kentucky state median of 1.02%. With the median home value in Emerson, the typical annual property tax bill is $170, significantly lower than the national median of $2,690. Property taxes in Emerson are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as the primary residence and agricultural exemptions. Understanding Emerson's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Emerson 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
Emerson, 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 Emerson Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Emerson with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Emerson 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 Emerson, Kentucky
Property taxes in Emerson, Kentucky, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Emerson is 1.01%, slightly higher than the U.S. national median of 0.99%. Local government entities within Emerson set these rates annually, and they can vary significantly across different neighborhoods. Each year, Emerson 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 Emerson's effective property tax rate to other counties in Kentucky and the national median. For comparison, the zip code 41135 has both the highest and lowest median property tax rate of 1.01%. Understanding how these areas compare with Emerson provides valuable insights into the varying tax landscape across Lewis County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Emerson Tax Rate
1.01%
Average Lewis County Tax Rate
1.02%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Emerson, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41135 | 0.23% | 1.01% | 1.01% | 1.01% | 1.01% |
Source: Ownwell
Property Tax Assessment Values Across Emerson, Kentucky
In Emerson, 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 Lewis 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 Emerson, 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 Emerson helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Emerson is $27,800, with tax bills ranging from $33 at the 25th percentile to $908 at the 90th percentile. The highest and lowest median tax bill is $170 in the 41135 zip code.
Average Emerson Assessed Value
$27,800
Average Lewis County Assessed Value
$28,800
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Emerson, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41135 | $1,310 | $8,000 | $27,800 | $48,525 | $87,100 |
Source: Ownwell
Property Tax Bills Across Emerson, Kentucky
In Emerson, located in Lewis County, KY, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is determined by the county assessor, who takes into account various factors such as the property's market value, location, and condition. The local tax rate is then applied to this assessed value to calculate the annual property tax bill. For homeowners in Emerson, the tax bill can vary significantly. For instance, the tax bill at the 25th percentile is $33, while at the 75th percentile, it rises to $442, and at the 90th percentile, it reaches $908. This range highlights the variability in property taxes within the community. Compared to the national median property tax rate of 0.99%, Emerson's property taxes are relatively low. However, the impact on homeowners can still be significant, especially for those with higher-valued properties. Understanding these factors can help homeowners better anticipate their property tax obligations and plan accordingly.
Average Emerson Tax Bill
$170
Average Lewis County Tax Bill
$218
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Emerson, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41135 | $10 | $33 | $170 | $442 | $908 |
Source: Ownwell