Jeffersonville, Montgomery County, Kentucky Property Taxes
The median property tax rate in Jeffersonville, KY is 1.08%, slightly higher than both the national median of 0.99% and the Kentucky state median of 1.02%. With the median home value in Jeffersonville being $49,500, the typical annual property tax bill is $425, which is significantly lower than the national median of $2,690. Property taxes in Jeffersonville are calculated based on the assessed value, which generally falls below the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Jeffersonville's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Jeffersonville 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
Jeffersonville, Montgomery County, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.08%
Estimate Property Tax Bill
$535
$496
Ownwell’s Jeffersonville Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Jeffersonville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Jeffersonville 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 Jeffersonville, Montgomery County, Kentucky
Property taxes in Jeffersonville, Kentucky, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Jeffersonville is 0.83%, which is lower than both the Kentucky state median of 0.86% and the U.S. national median of 0.99%. Local government entities within Jeffersonville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Jeffersonville 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. Understanding how Jeffersonville's effective property tax rate compares to other counties in Kentucky and the national median provides valuable insights into the varying tax landscape across Montgomery County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Jeffersonville Tax Rate
1.08%
Average Montgomery County Tax Rate
1.08%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Jeffersonville, Montgomery County, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40337 | 0.52% | 1.07% | 1.07% | 1.07% | 1.08% |
Source: Ownwell
Property Tax Assessment Values Across Jeffersonville, Montgomery County, Kentucky
In Jeffersonville, 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 Montgomery 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 Jeffersonville, 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. For example, the median home price in Jeffersonville is $49,500, with tax bills ranging from $161 at the 25th percentile to $1,473 at the 90th percentile. 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 Jeffersonville helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Jeffersonville, Montgomery County, Kentucky
Source: Ownwell
$22,500
$55,750
$89,000
Average Jeffersonville Assessed Value
$49,500
Average Montgomery County Assessed Value
$80,000
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Jeffersonville, Montgomery County, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40337 | $7,000 | $18,000 | $49,500 | $93,000 | $143,000 |
Source: Ownwell
Property Tax Bills Across Jeffersonville, Montgomery County, Kentucky
In Jeffersonville, KY, property tax bills are calculated based on the assessed value of a property, which is determined by the local tax assessor. The assessed value is typically a percentage of the property's market value. Factors such as location, property size, and improvements can influence this assessed value. Once the assessed value is established, the tax rate, which is set by local taxing authorities, is applied to determine the annual tax bill. For homeowners in Jeffersonville, the median home price stands at $49,500. Tax bills can vary significantly, with the 25th percentile at $161 and the 75th percentile reaching up to $892. At the 90th percentile, tax bills can go as high as $1,473. These figures highlight the range of property tax obligations within the area, impacting homeowners differently based on their property’s assessed value. Comparatively, the national median property tax rate is 0.99%, offering a benchmark for understanding local tax burdens. Understanding these factors helps homeowners anticipate their annual property tax expenses.
Average Jeffersonville Tax Bill
$425
Average Montgomery County Tax Bill
$736
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Jeffersonville, Montgomery County, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40337 | $64 | $161 | $425 | $892 | $1,473 |
Source: Ownwell