Russell County Property Taxes
The median property tax rate in Russell County is 0.97%, which is slightly lower than both the national median of 0.99% and the Kentucky state median of 1.02%. With a median home value of $46,000 in Russell County, the typical annual property tax bill is around $357, significantly below the national median of $2,690. Property taxes in Russell County are calculated based on the tax assessed value, which is often lower than the actual market value due to various property tax exemptions, such as primary residence and agricultural exemptions. Understanding Russell County's specific property tax system, exploring available exemptions, and identifying opportunities for property tax reductions can provide substantial annual savings. Whether you reside in Jamestown or another part of Russell County, gaining a comprehensive knowledge of local property taxes will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Russell County Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.97%
Estimate Property Tax Bill
$446
Ownwell’s Russell County Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner to estimate their annual property taxes in Russell County with just 2 data points. Enter your property's estimated assessed value, and our calculator applies the median tax rate in Russell County to estimate your property tax bill. This insight helps you understand potential tax liabilities. If you’d like to see trends on a city level, scroll down to navigate to a more local informational page. Your property assessed value is the value assigned to your property by your county for property tax calculations. Assessed value takes into account any exemptions you may have on your property.
Property Tax Rates Across Russell County, Kentucky
Property taxes in Russell County play a crucial role in funding essential local services like public schools, road maintenance, and emergency services. The median tax rate in Russell County is 0.97%, which is lower than the Kentucky state median but close to the U.S. national median of 0.99%. Local government entities within Russell County set these rates annually, and they can vary significantly between different areas within the county. Each year, the county estimates its required budget to maintain services for the upcoming fiscal year and divides this budget by the total value of all taxable property in the jurisdiction, resulting in the property tax rate. Although tax rates and budgets are influenced by laws and voter input, this calculation forms the basic process for setting property tax rates. For comparison, the city of Albany has one of the higher property tax rates in Kentucky at 0.97%, while the city of Columbia boasts one of the lowest at 0.66%. Analyzing how Russell County's tax rates stack up against these benchmarks can give homeowners a better understanding of the local tax landscape.
Average Russell County Tax Rate
0.97%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Russell County, Kentucky
| City | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| Albany | 0.89% | 0.97% | 0.97% | 0.97% | 0.97% |
| Columbia | 0.42% | 0.51% | 0.66% | 0.82% | 0.91% |
| Dunnville | 0.33% | 0.69% | 0.97% | 0.97% | 0.97% |
| Glens Fork | 0.37% | 0.59% | 0.97% | 0.97% | 0.97% |
| Jamestown | 0.62% | 0.97% | 0.97% | 0.97% | 0.97% |
| Nancy | 0.97% | 0.97% | 0.97% | 0.97% | 0.97% |
| Russell Springs | 0.47% | 0.97% | 0.97% | 0.97% | 0.97% |
| Windsor | 0.68% | 0.72% | 0.81% | 0.89% | 0.94% |
Source: Ownwell
Property Tax Assessment Values Across Russell County, Kentucky
In Russell County, understanding the difference between "market value" and "assessed value" is key to comprehending property taxes. The market value represents the price a willing buyer would pay to a willing seller in an open, competitive market, considering location, property condition, and current economic trends. For tax purposes, this value is estimated by the Russell County Appraisal District. The assessed value, however, 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. Assessment notices in Russell County are typically mailed in the spring, usually by the middle of April. These notices provide homeowners with both the market and assessed values, along with an estimate of the annual property tax bill. By distinguishing between these valuation concepts, property owners can better navigate their tax responsibilities and understand how their property taxes are affected. Being aware of these valuation processes in Russell County will help you identify opportunities for appealing assessments or applying for exemptions to manage your tax burden more effectively. Notably, Albany has the highest median tax bill at $1,163, while Nancy boasts the lowest at $116.
Average Russell County Assessed Value
$46,000
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Russell County, Kentucky
| City | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| Albany | $20,000 | $32,500 | $130,000 | $162,500 | $216,800 |
| Columbia | $38,800 | $44,500 | $54,000 | $63,500 | $69,200 |
| Dunnville | $3,940 | $16,250 | $50,000 | $91,000 | $140,920 |
| Glens Fork | $35,000 | $48,750 | $60,700 | $103,625 | $200,000 |
| Jamestown | $5,000 | $15,238 | $54,800 | $117,475 | $210,000 |
| Nancy | $2,000 | $4,000 | $14,000 | $40,450 | $89,000 |
| Russell Springs | $6,000 | $17,000 | $53,000 | $95,000 | $150,000 |
| Windsor | $71,340 | $82,350 | $100,700 | $119,050 | $130,060 |
Source: Ownwell
Property Tax Bills Across Russell County, Kentucky
In Russell County, KY, property tax bills are calculated based on the assessed value of a property. The assessed value is determined by the local assessor’s office and reflects the market value of the property. Once the assessed value is established, it is multiplied by the local tax rate to calculate the annual property tax bill. For homeowners in Russell County, the tax bill can vary significantly. The 25th percentile tax bill is around $116, while the 75th percentile tax bill reaches $824, and the 90th percentile can go up to $1550. These variations highlight the impact of property value and location on the tax bill. Comparatively, Russell County’s median home price stands at $46,000, which is considerably lower than many other regions. For instance, the city of Albany within the same state has the highest median tax bill of $1163, while Nancy has the lowest at $116. This disparity emphasizes how location and property value influence the financial obligations of homeowners in terms of property taxes.
Average Russell County Tax Bill
$357
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Russell County, Kentucky
| City | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| Albany | $194 | $315 | $1,163 | $1,575 | $1,985 |
| Columbia | $267 | $279 | $299 | $319 | $331 |
| Dunnville | $19 | $97 | $426 | $703 | $1,298 |
| Glens Fork | $176 | $242 | $595 | $692 | $1,918 |
| Jamestown | $48 | $132 | $436 | $1,066 | $1,986 |
| Nancy | $19 | $39 | $116 | $368 | $784 |
| Russell Springs | $48 | $145 | $388 | $824 | $1,410 |
| Windsor | $646 | $686 | $751 | $817 | $856 |
Source: Ownwell