Irvington, Kentucky Property Taxes
The median property tax rate in Irvington, KY is 1.17%, higher than both the national median of 0.99% and Kentucky's state median of 1.02%. With a median home value of $97,600 in Irvington, the typical annual property tax bill amounts to $938, which is below the national median of $2,690. Property taxes in Irvington are calculated based on the tax assessed value, often lower than the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Irvington'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 Irvington or another part of Meade County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Irvington, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.17%
Estimate Property Tax Bill
$1,142
Ownwell’s Irvington Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Irvington with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Irvington 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 Irvington, Kentucky
Property taxes in Irvington, Kentucky, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Irvington is 1.17%, higher than both the Kentucky state median and the U.S. national median of 0.99%. Local government entities within Irvington set these rates annually, and they can vary significantly across different neighborhoods. Each year, Irvington 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 Irvington's effective property tax rate to other counties in Kentucky and the national median. For comparison, the 40146 zip code has the highest median property tax rate of 1.17%, while the 40146 zip code also has the lowest median tax rate of 1.17%. Understanding how these cities compare with Irvington provides valuable insights into the varying tax landscape across Meade County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Irvington Tax Rate
1.17%
Average Meade County Tax Rate
1.16%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Irvington, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40146 | 0.69% | 1.17% | 1.17% | 1.17% | 1.19% |
Source: Ownwell
Property Tax Assessment Values Across Irvington, Kentucky
In Irvington, 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 Meade 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 Irvington, 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 Irvington helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 40146 has the highest and lowest median tax bill, both at $938.
Average Irvington Assessed Value
$97,600
Average Meade County Assessed Value
$122,800
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Irvington, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40146 | $26,460 | $47,700 | $97,600 | $189,900 | $233,860 |
Source: Ownwell
Property Tax Bills Across Irvington, Kentucky
Property tax bills in Irvington, KY, are calculated based on the assessed value of a property, which is determined by local assessors. The median home price in Irvington is $97,600. Homeowners can expect to pay property taxes within a range, with the 25th percentile tax bill at $410 and the 75th percentile tax bill reaching $2,215. For those at the higher end, the 90th percentile tax bill is $2,665. The tax rate and the assessed value are key factors in determining the final tax bill. In Meade County, where Irvington is located, the highest and lowest median tax bill both stand at $938 in the zip code 40146. This suggests a relatively uniform tax rate across the area. Compared to the national median property tax rate of 0.99%, homeowners in Irvington might find their tax bills to be competitive, impacting their overall cost of living. Understanding these factors can help homeowners budget more effectively and anticipate their annual expenses.
Average Irvington Tax Bill
$938
Average Meade County Tax Bill
$1,267
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Irvington, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40146 | $255 | $410 | $938 | $2,215 | $2,665 |
Source: Ownwell