Center, Kentucky Property Taxes
The median property tax rate in Center, KY is 1.01%, slightly higher than the national median of 0.99% but just below the Kentucky state median of 1.02%. With the median home value in Center at $54,200, the typical annual property tax bill amounts to $487, which is considerably lower than the national median of $2,690. Property taxes in Center are calculated based on the tax assessed value, which is often lower than the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Center'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 Center 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
Center, 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 CENTER Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in CENTER with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in CENTER 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 Center, Kentucky
Property taxes in Center, Kentucky, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Center is 1.01%, higher than both the Kentucky state median and the U.S. national median of 0.99%. Local government entities within Center set these rates annually, and they can vary significantly across different neighborhoods. Each year, Center 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 Center's effective property tax rate to other counties in Kentucky and the national median. For comparison, the 42214 zip code has both the highest and lowest median property tax rate of 1.01%. Understanding how these areas compare with Center provides valuable insights into the varying tax landscape across Metcalfe County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Center Tax Rate
1.01%
Average Metcalfe County Tax Rate
1.01%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Center, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42214 | 0.40% | 0.80% | 1.01% | 1.06% | 1.15% |
Source: Ownwell
Property Tax Assessment Values Across Center, Kentucky
In Center, 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 Metcalfe 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 Center, 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. The median home price in Center is $54,200, with tax bills ranging significantly. For example, the 25th percentile tax bill is $246, while the 75th percentile tax bill is $842. The highest median tax bill, found in zip code 42214, is $487. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Center Assessed Value
$54,200
Average Metcalfe County Assessed Value
$50,550
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Center, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42214 | $15,000 | $32,000 | $54,200 | $90,000 | $130,290 |
Source: Ownwell
Property Tax Bills Across Center, Kentucky
In Center, located in Metcalfe County, KY, property tax bills are calculated based on the assessed value of the home and the local tax rate. The median home price in Center is $54,200. Homeowners' tax bills can vary significantly, with the 25th percentile tax bill at $246 and the 75th percentile tax bill reaching $842. For those at the 90th percentile, the tax bill can be as high as $1,342. Several factors influence the final tax bill, including the home's assessed value, local tax rates, and any applicable exemptions or deductions. The assessed value is determined by the county's property appraiser and reflects the market value of the property. Comparatively, the national median property tax rate is 0.99%, which offers a benchmark for understanding how local rates stack up against the national average. For homeowners, understanding these factors can help in budgeting for annual expenses and potentially exploring options for appealing their property tax assessments to ensure fair taxation.
Average Center Tax Bill
$487
Average Metcalfe County Tax Bill
$452
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Center, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42214 | $101 | $246 | $487 | $842 | $1,342 |
Source: Ownwell