Vine Grove, Kentucky Property Taxes
The median property tax rate in Vine Grove, KY is 1.16%, which is higher than both the national median of 0.99% and the Kentucky state median of 1.02%. With a median home value of $131,000 in Vine Grove, the typical annual property tax bill amounts to $1,347, surpassing the national median of $2,690. Property taxes in Vine Grove 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 Vine Grove'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 Vine Grove 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
Vine Grove, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.16%
Estimate Property Tax Bill
$1,520
Ownwell’s Vine Grove Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Vine Grove with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Vine Grove 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 Vine Grove, Kentucky
Property taxes in Vine Grove, Kentucky, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Vine Grove is 1.16%, which is higher than the U.S. national median of 0.99%. Local government entities within Vine Grove set these rates annually, and they can vary significantly across different neighborhoods. Each year, Vine Grove 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 Vine Grove's effective property tax rate to other areas in Kentucky and the national median. For comparison, the zip code 40175 has both the highest and lowest median property tax rate of 1.16%. Understanding how these cities compare with Vine Grove 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 Vine Grove Tax Rate
1.16%
Average Meade County Tax Rate
1.16%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Vine Grove, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40175 | 0.74% | 0.97% | 1.16% | 1.16% | 1.16% |
Source: Ownwell
Property Tax Assessment Values Across Vine Grove, Kentucky
In Vine Grove, 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 Property Valuation Administrator 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 Vine Grove, 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 Vine Grove 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 $1347 in the 40175 zip code, which is also the lowest median tax bill, reflecting a consistent tax environment across the city.
Average Vine Grove Assessed Value
$131,000
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 Vine Grove, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40175 | $18,540 | $68,450 | $131,000 | $181,600 | $232,440 |
Source: Ownwell
Property Tax Bills Across Vine Grove, Kentucky
In Vine Grove, property tax bills are calculated based on the assessed value of a home, which is then multiplied by the local tax rate. This assessed value is determined by the local assessor and reflects the estimated market value of the property. Homeowners in Vine Grove, located in Meade County, can expect their tax bills to vary significantly. The median home price in the area is $131,000, and tax bills range from the 25th percentile at $667 to the 90th percentile at $2,615. The highest and lowest median tax bills in the area both stand at $1,347, which is notably higher than the national median property tax rate of 0.99%. These tax bills fund essential local services such as schools, public safety, and infrastructure, directly impacting the community's quality of life. Homeowners should be aware that fluctuations in property values and tax rates can affect their annual tax obligations.
Average Vine Grove Tax Bill
$1,347
Average Meade County Tax Bill
$1,267
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Vine Grove, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40175 | $169 | $667 | $1,347 | $2,002 | $2,615 |
Source: Ownwell