Grand Rivers, Kentucky Property Taxes
The median property tax rate in Grand Rivers, KY is 0.92%, slightly below the national median of 0.99% and the Kentucky state median of 1.02%. With a median home value of $84,250 in Grand Rivers, the typical annual property tax bill amounts to $589, significantly less than the national median of $2,690. Property taxes in Grand Rivers are calculated based on the assessed value, which often falls below market value due to exemptions such as those for primary residences and agricultural properties. By understanding Grand Rivers' property tax system, exploring available exemptions, and identifying opportunities for reductions, homeowners and real estate investors can achieve substantial annual savings. Whether you're residing in the heart of Grand Rivers or elsewhere in Livingston County, a thorough grasp of the local property tax system will prove beneficial.
Last Updated June 14, 2024
Grand Rivers, 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 Grand Rivers Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Grand Rivers with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Grand Rivers 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 Grand Rivers, Kentucky
Property taxes in Grand Rivers, Kentucky, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Grand Rivers is 0.92%, slightly lower than the U.S. national median of 0.99%. Local government entities within Grand Rivers set these rates annually, and they can vary significantly across different neighborhoods. Each year, Grand Rivers 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 Grand Rivers' effective property tax rate to other counties in Kentucky and the national median. For comparison, the 42045 zip code has the highest median property tax rate of 0.92%, while the same zip code also has the lowest median tax rate of 0.92%. Understanding how these cities compare with Grand Rivers provides valuable insights into the varying tax landscape across Livingston County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Grand Rivers Tax Rate
0.92%
Average Livingston County Tax Rate
0.92%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Grand Rivers, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42045 | 0.47% | 0.80% | 0.92% | 0.92% | 0.92% |
Source: Ownwell
Property Tax Assessment Values Across Grand Rivers, Kentucky
In Grand Rivers, 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 Livingston 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 Grand Rivers, 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 Grand Rivers helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in the area is $589 in the 42045 zip code, while the lowest median tax bill is also $589 in the same zip code.
Average Grand Rivers Assessed Value
$84,250
Average Livingston County Assessed Value
$67,000
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Grand Rivers, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42045 | $10,500 | $30,000 | $84,250 | $148,000 | $270,000 |
Source: Ownwell
Property Tax Bills Across Grand Rivers, Kentucky
In Grand Rivers, KY, property tax bills are calculated based on the assessed value of a home, which is determined by the Livingston County Property Valuation Administrator. The assessed value is typically a percentage of the market value of the property. For instance, with a median home price of $84,250, the assessed value is used to calculate the tax bill. The property tax rate in Grand Rivers is applied to this assessed value to determine the annual tax bill. Several factors influence the tax bill, including property location, home size, and any applicable exemptions. Homeowners in Grand Rivers can expect tax bills to vary significantly. For example, the 25th percentile tax bill is $230, while the 75th percentile reaches $1,196, and the 90th percentile can go up to $2,078. These variations highlight the impact of property value and applicable exemptions on the final tax amount. Understanding these factors helps homeowners anticipate their tax obligations and plan their finances accordingly.
Average Grand Rivers Tax Bill
$589
Average Livingston County Tax Bill
$417
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Grand Rivers, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42045 | $92 | $230 | $589 | $1,196 | $2,078 |
Source: Ownwell