Symsonia, Kentucky Property Taxes
The median property tax rate in Symsonia, KY, is 1.07%, slightly higher than both the national median of 0.99% and the Kentucky state median of 1.02%. With a median home value of $30,500 in Symsonia, the typical annual property tax bill amounts to $368, which is significantly lower than the national median of $2,690. Property taxes in Symsonia are based on the tax assessed value, which is often lower than the market value due to various exemptions, such as those for primary residences and agricultural properties. Gaining a thorough understanding of Symsonia's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're residing in the heart of Symsonia or another part of Marshall County, familiarizing yourself with the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Symsonia, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.07%
Estimate Property Tax Bill
$326
Ownwell’s Symsonia Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Symsonia with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Symsonia 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 Symsonia, Kentucky
Property taxes in Symsonia, Kentucky, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Symsonia is 1.07%, which is higher than both the Kentucky state median and the U.S. national median of 0.99%. Local government entities within Symsonia set these rates annually, and they can vary significantly across different neighborhoods. Each year, Symsonia 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 Symsonia's effective property tax rate to other counties in Kentucky and the national median. For comparison, the zip code 42082 has the highest median property tax rate of 1.07%, while the same zip code has the lowest median tax rate of 1.07%. Understanding how these areas compare with Symsonia provides valuable insights into the varying tax landscape across Marshall County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Symsonia Tax Rate
1.07%
Average Marshall County Tax Rate
1.08%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Symsonia, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42082 | 0.76% | 1.07% | 1.07% | 1.07% | 1.07% |
Source: Ownwell
Property Tax Assessment Values Across Symsonia, Kentucky
In Symsonia, 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 Marshall 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 Symsonia, 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 Symsonia 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 $368.00 in zip code 42082, while the lowest is also $368.00 in the same zip code.
Average Symsonia Assessed Value
$30,500
Average Marshall County Assessed Value
$60,000
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Symsonia, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42082 | $9,060 | $10,000 | $30,500 | $80,000 | $100,000 |
Source: Ownwell
Property Tax Bills Across Symsonia, Kentucky
In Symsonia, KY, property tax bills are calculated based on the assessed value of the property. The local tax assessor determines this value, which is then used to calculate the tax bill. Factors such as the property's location, size, and condition play a significant role in this assessment. The median home price in Symsonia is $30,500, which is relatively low compared to national standards. Homeowners in Symsonia can expect their tax bills to vary widely. For instance, the 25th percentile tax bill is around $107, while the 75th percentile reaches $634. At the 90th percentile, tax bills can soar to $1,510. The highest median tax bill in the area is $368, found in the zip code 42082. These property taxes significantly impact homeowners by contributing to local services such as schools, emergency services, and infrastructure. Understanding how these bills are calculated can help homeowners plan their finances better and potentially seek exemptions or appeals if they believe their property has been over-assessed.
Average Symsonia Tax Bill
$368
Average Marshall County Tax Bill
$728
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Symsonia, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42082 | $97 | $107 | $368 | $634 | $1,510 |
Source: Ownwell