Gamaliel, Monroe County, Kentucky Property Taxes
The median property tax rate in Gamaliel, KY is 0.92%, slightly below both the national median of 0.99% and the Kentucky state median of 1.02%. With a median home value of $46,500 in Gamaliel, the typical annual property tax bill is $360, significantly lower than the national median of $2,690. Property taxes in Gamaliel 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 Gamaliel'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 Gamaliel or another part of Monroe County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Gamaliel, Monroe County, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.92%
Estimate Property Tax Bill
$428
$397
Ownwell’s Gamaliel Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Gamaliel with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Gamaliel 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 Monroe County for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Gamaliel, Monroe County, Kentucky
Property taxes in Gamaliel, Kentucky, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Gamaliel is 0.92%, slightly below the U.S. national median of 0.99%. Local government entities within Gamaliel set these rates annually, and they can vary significantly across different neighborhoods. Each year, Gamaliel 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 Gamaliel's effective property tax rate to other counties in Kentucky and the national median. For comparison, the zip code 42140 has both the highest and lowest median property tax rate of 0.92%. Understanding how these cities compare with Gamaliel provides valuable insights into the varying tax landscape across Monroe County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Gamaliel Tax Rate
0.92%
Average Monroe County Tax Rate
0.92%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Gamaliel, Monroe County, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42140 | 0.43% | 0.92% | 0.92% | 0.92% | 0.92% |
Source: Ownwell
Property Tax Assessment Values Across Gamaliel, Monroe County, Kentucky
In Gamaliel, 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 Monroe 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 Gamaliel, 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 Gamaliel helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price is $46,500, with the highest median tax bill found in zip code 42140 at $360.
Property Tax Assessment Values Across Gamaliel, Monroe County, Kentucky
Source: Ownwell
$28,850
$44,425
$60,000
Average Gamaliel Assessed Value
$46,500
Average Monroe County Assessed Value
$42,000
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Gamaliel, Monroe County, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42140 | $5,000 | $13,625 | $46,500 | $74,500 | $117,900 |
Source: Ownwell
Property Tax Bills Across Gamaliel, Monroe County, Kentucky
In Gamaliel, KY, property tax bills are calculated based on the assessed value of the property, which is determined by the Monroe County property assessor. The assessed value is then multiplied by the local tax rate to determine the tax bill. For example, with a median home price of $46,500, homeowners can expect their property tax bills to vary significantly. At the 25th percentile, tax bills are around $109, while at the 75th percentile, they rise to approximately $619. For those at the 90th percentile, the tax bill can reach up to $1030. The median tax bill in the area stands at $360, which is considerably lower than the national median property tax rate of 0.99%. This relatively low tax burden can be beneficial for homeowners, making property ownership more affordable in Gamaliel. Factors such as property improvements, market conditions, and local government budgets can also influence the assessed value and, consequently, the tax bill.
Average Gamaliel Tax Bill
$360
Average Monroe County Tax Bill
$328
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Gamaliel, Monroe County, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42140 | $46 | $109 | $360 | $619 | $1,030 |
Source: Ownwell