Princeton, Kentucky Property Taxes
The median property tax rate in Princeton, KY is 0.83%, which is notably lower than both the national median of 0.99% and the Kentucky state median of 1.02%. With the median home value in Princeton at $96,250, the typical annual property tax bill comes to $722, significantly below the national median of $2,690. Property taxes in Princeton are calculated based on the tax assessed value, which often falls below the market value due to various exemptions, such as those for primary residences and agricultural properties. Understanding Princeton'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 Princeton or another part of the city, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Princeton, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.83%
Estimate Property Tax Bill
$799
Ownwell’s Princeton Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Princeton with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Princeton 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 Princeton, Kentucky
Property taxes in Princeton, Kentucky, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Princeton is 0.83%, which is lower than the U.S. national median of 0.99%. Local government entities within Princeton set these rates annually, and they can vary significantly across different neighborhoods. Each year, Princeton 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 Princeton's effective property tax rate to other counties in Kentucky and the national median. For comparison, the zip code 42445 in Lyon County has the same median property tax rate of 0.83%. Understanding how these areas compare with Princeton provides valuable insights into the varying tax landscape across Caldwell County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Princeton Tax Rate
0.83%
Average Lyon County Tax Rate
0.83%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Princeton, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42445 | 0.52% | 0.83% | 0.83% | 0.89% | 0.89% |
Source: Ownwell
Property Tax Assessment Values Across Princeton, Kentucky
In Princeton, 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 local 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 Princeton, 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 Princeton helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Princeton is $96,250, with tax bills ranging from $406 at the 25th percentile to $2,068 at the 90th percentile. The zip code 42445 has both the highest and lowest median tax bill at $722.00.
Average Princeton Assessed Value
$96,250
Average Lyon County Assessed Value
$65,000
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Princeton, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42445 | $14,825 | $47,725 | $96,250 | $143,000 | $247,000 |
Source: Ownwell
Property Tax Bills Across Princeton, Kentucky
In Princeton, KY, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor's office. The assessed value is a percentage of the market value of the property. The property tax rate in Princeton is then applied to this assessed value to determine the annual tax bill. Factors such as property size, location, and improvements can influence the assessed value. For example, the median home price in Princeton is $96,250. Homeowners at the 25th percentile of tax bills pay around $406 annually, while those at the 75th percentile pay about $1,215. At the 90th percentile, tax bills can reach up to $2,068. The highest and lowest median tax bill in the area is $722, which is relatively moderate compared to the national median property tax rate of 0.99%. These tax bills directly impact homeowners by contributing to local services such as schools, public safety, and infrastructure, making it essential for homeowners to understand how their tax obligations are determined.
Average Princeton Tax Bill
$722
Average Lyon County Tax Bill
$445
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Princeton, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42445 | $116 | $406 | $722 | $1,215 | $2,068 |
Source: Ownwell