Allensville, Kentucky Property Taxes
The median property tax rate in Allensville, KY is 0.89%, which is notably lower than both the national median of 0.99% and the Kentucky state median of 1.02%. Given the median home value in Allensville is $105,000, the typical annual property tax bill amounts to $715, significantly below the national median of $2,690. Property taxes in Allensville are calculated based on the tax assessed value, often lower than the market value due to exemptions such as those for primary residences and agricultural properties. Understanding Allensville'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 Allensville or another part of Logan County, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Allensville, 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 Allensville Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Allensville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Allensville 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 Allensville, Kentucky
Property taxes in Allensville, Kentucky, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Allensville is 0.89%, which is lower than the U.S. national median of 0.99%. Local government entities within Allensville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Allensville 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 Allensville's effective property tax rate to other counties in Kentucky and the national median. For comparison, the 42204 zip code has the median property tax rate of 0.89%. Understanding how these cities compare with Allensville provides valuable insights into the varying tax landscape across Logan County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Allensville Tax Rate
0.89%
Average Logan County Tax Rate
0.89%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Allensville, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42204 | 0.16% | 0.48% | 0.89% | 0.89% | 0.89% |
Source: Ownwell
Property Tax Assessment Values Across Allensville, Kentucky
In Allensville, 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 Logan 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 Allensville, 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 Allensville helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the highest and lowest median tax bills in the area are both $715.00, found in zip code 42204.
Average Allensville Assessed Value
$105,000
Average Logan County Assessed Value
$85,000
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Allensville, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42204 | $19,900 | $38,250 | $105,000 | $290,000 | $704,300 |
Source: Ownwell
Property Tax Bills Across Allensville, Kentucky
In Allensville, Logan County, KY, property tax bills are calculated based on the assessed value of a home. The median home price in the area stands at $105,000. Homeowners' tax bills can vary significantly, with the 25th percentile tax bill at $280, the 75th percentile at $1301, and the 90th percentile reaching up to $2000. The calculation process involves multiplying the assessed value by the local tax rate, which is determined by various taxing authorities. Factors such as property size, location, and any applicable exemptions or deductions also play a role in the final tax bill. For example, the highest median tax bill in the region is $715, which is relatively lower than the national median property tax rate of 0.99%. These varying tax bills can impact homeowners differently, influencing their overall housing costs and potentially affecting their financial planning and property investment decisions.
Average Allensville Tax Bill
$715
Average Logan County Tax Bill
$685
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Allensville, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42204 | $174 | $280 | $715 | $1,301 | $2,000 |
Source: Ownwell