Greensburg, Kentucky Property Taxes
The median property tax rate in Greensburg, KY is 0.91%, slightly lower than both the national median of 0.99% and the Kentucky state median of 1.02%. With the median home value in Greensburg being $24,600, the typical annual property tax bill reaches $559, significantly below the national median of $2,690. Property taxes in Greensburg are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Greensburg'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 Greensburg 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
Greensburg, 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 Greensburg Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Greensburg with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Greensburg 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 Greensburg, Kentucky
Property taxes in Greensburg, Kentucky, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Greensburg is 0.91%, slightly lower than the U.S. national median of 0.99%. Local government entities within Greensburg set these rates annually, and they can vary significantly across different neighborhoods. Each year, Greensburg 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 Greensburg's effective property tax rate to other counties in Kentucky and the national median. For comparison, the 42743 zip code has the highest median property tax rate of 0.91%, while the same zip code also has the lowest median tax rate of 0.91%. Understanding how these cities compare with Greensburg 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 Greensburg Tax Rate
0.91%
Average Metcalfe County Tax Rate
1.01%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Greensburg, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42743 | 0.71% | 0.78% | 0.91% | 1.03% | 1.10% |
Source: Ownwell
Property Tax Assessment Values Across Greensburg, Kentucky
In Greensburg, 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 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 Greensburg, 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 Greensburg helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Greensburg both stand at $559 in the 42743 zip code.
Average Greensburg Assessed Value
$24,600
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 Greensburg, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42743 | $14,360 | $18,200 | $24,600 | $75,175 | $105,520 |
Source: Ownwell
Property Tax Bills Across Greensburg, Kentucky
In Greensburg, KY, property tax bills are calculated based on the assessed value of a home. Assessors determine this value by evaluating various factors such as the property's size, location, and condition. The assessed value is then multiplied by the local tax rate to determine the annual tax bill. For instance, in Greensburg, the median home price is $24,600, leading to varying tax bills. Homeowners in the 25th percentile can expect to pay around $420, while those in the 75th percentile might see bills near $697. The 90th percentile tax bill reaches up to $779. These figures highlight how property taxes can significantly impact homeowners, especially when compared to the national median property tax rate of 0.99%. Understanding these calculations helps homeowners anticipate their financial obligations and manage their budgets more effectively.
Average Greensburg Tax Bill
$559
Average Metcalfe County Tax Bill
$452
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Greensburg, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42743 | $338 | $420 | $559 | $697 | $779 |
Source: Ownwell