Jonesville, Owen County, Kentucky Property Taxes
The median property tax rate in JONESVILLE, KY is 1.18%, which is considerably higher than both the national median of 0.99% and the Kentucky state median of 1.02%. With the median home value in JONESVILLE at $76,000, the typical annual property tax bill reaches $731, still below the national median of $2,690. Property taxes in JONESVILLE are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions, such as primary residence and agricultural exemptions. Understanding JONESVILLE'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 JONESVILLE 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
Jonesville, Owen County, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.18%
Estimate Property Tax Bill
$897
$832
Ownwell’s Jonesville Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Jonesville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Jonesville 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 Jonesville, Owen County, Kentucky
Property taxes in JONESVILLE, Kentucky, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in JONESVILLE is 1.18%, significantly higher than both the Kentucky state median and the U.S. national median of 0.99%. Local government entities within JONESVILLE set these rates annually, and they can vary significantly across different neighborhoods. Each year, JONESVILLE 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 JONESVILLE's effective property tax rate to other counties in Kentucky and the national median. For comparison, the 41052 zip code has the highest median property tax rate of 1.18%, while the same zip code also has the lowest median tax rate of 1.18%. Understanding how these cities compare with JONESVILLE provides valuable insights into the varying tax landscape across Owen County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Jonesville Tax Rate
1.18%
Average Owen County Tax Rate
1.18%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Jonesville, Owen County, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41052 | 0.68% | 1.15% | 1.18% | 1.21% | 1.24% |
Source: Ownwell
Property Tax Assessment Values Across Jonesville, Owen County, Kentucky
In Jonesville, 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 local appraisal authorities 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 Jonesville, 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 Jonesville helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 41052 has both the highest and lowest median tax bills at $731.
Property Tax Assessment Values Across Jonesville, Owen County, Kentucky
Source: Ownwell
$27,550
$58,200
$88,850
Average Jonesville Assessed Value
$76,000
Average Owen County Assessed Value
$55,000
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Jonesville, Owen County, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41052 | $21,370 | $47,650 | $76,000 | $118,750 | $171,620 |
Source: Ownwell
Property Tax Bills Across Jonesville, Owen County, Kentucky
In Jonesville, located in Owen County, KY, property tax bills are calculated based on the assessed value of a home. The assessed value is determined by the local assessor’s office, which evaluates the property to estimate its market value. Homeowners in Jonesville face tax bills that can vary significantly; for example, the 25th percentile tax bill is $489, while the 75th percentile tax bill reaches $1,352, and the 90th percentile tax bill can be as high as $1,813. These amounts are influenced by factors such as property size, location, and market conditions. The median home price in Jonesville is $76,000, and the property tax rate is applied to this assessed value to determine the final tax bill. Comparatively, the national median property tax rate stands at 0.99%. Homeowners in Jonesville must budget for these expenses, as property taxes contribute to local services and infrastructure, directly impacting their financial planning and the overall cost of homeownership.
Average Jonesville Tax Bill
$731
Average Owen County Tax Bill
$541
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Jonesville, Owen County, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41052 | $213 | $489 | $731 | $1,352 | $1,813 |
Source: Ownwell