Greenwood, Kentucky Property Taxes
The median property tax rate in Greenwood, KY, is 0.82%, lower than both the national median of 0.99% and the Kentucky state median of 1.02%. With the median home value in Greenwood, the typical annual property tax bill is $51, significantly below the national median of $2,690. Property taxes in Greenwood 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 Greenwood's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Greenwood 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
Greenwood, 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 Greenwood Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Greenwood with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Greenwood 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 Greenwood, Kentucky
Property taxes in Greenwood, Kentucky, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Greenwood is 0.82%, which is lower than the U.S. national median of 0.99%. Local government entities within Greenwood set these rates annually, and they can vary significantly across different neighborhoods. Each year, Greenwood 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 Greenwood's effective property tax rate to other counties in Kentucky and the national median. For comparison, the zip code 42634 has both the highest and lowest median property tax rate in the county, standing at 0.82%. Understanding how these cities compare with Greenwood provides valuable insights into the varying tax landscape across McCreary County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Greenwood Tax Rate
0.82%
Average Mccreary County Tax Rate
0.82%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Greenwood, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42634 | 0.45% | 0.82% | 0.82% | 0.82% | 0.82% |
Source: Ownwell
Property Tax Assessment Values Across Greenwood, Kentucky
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Greenwood, Kentucky. 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 Greenwood, 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. For instance, the zip codes with the highest and lowest tax bills are 42634 at $160 and 42631 at $28, respectively. 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 Greenwood helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Greenwood Assessed Value
$6,250
Average Mccreary County Assessed Value
$37,000
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Greenwood, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42634 | $1,500 | $3,375 | $6,250 | $12,200 | $38,000 |
Source: Ownwell
Property Tax Bills Across Greenwood, Kentucky
In Greenwood, located in McCreary County, KY, property tax bills are calculated based on the assessed value of the property. The assessed value is determined by the local tax assessor and reflects the market value of the home. For homeowners in Greenwood, the median home price stands at $6,250. The property tax rate in Greenwood can vary, but the tax bill typically falls within certain percentiles. For instance, at the 25th percentile, homeowners can expect a tax bill of around $28, while at the 75th percentile, the tax bill rises to approximately $91. Those at the 90th percentile may face a tax bill as high as $160. These tax bills are crucial for homeowners as they directly influence the overall cost of owning property in the area. Compared to the national median property tax rate of 0.99%, Greenwood's tax rates can be considered relatively modest, providing a more affordable living option for residents.
Average Greenwood Tax Bill
$51
Average Mccreary County Tax Bill
$204
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Greenwood, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42634 | $12 | $28 | $51 | $91 | $160 |
Source: Ownwell