Nancy, Russell County, Kentucky Property Taxes
The median property tax rate in Nancy, KY is 0.97%, slightly below both the national median of 0.99% and the Kentucky state median of 1.02%. With the median home value in Nancy at $14,000, the typical annual property tax bill is $116, significantly lower than the national median of $2,690. Property taxes in Nancy are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Nancy'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 Nancy 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
Nancy, Russell County, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.97%
Estimate Property Tax Bill
$136
$126
Ownwell’s Nancy Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Nancy with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Nancy 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 Nancy, Russell County, Kentucky
Property taxes in Nancy, Kentucky, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Nancy is 0.97%, slightly lower than the U.S. national median of 0.99%. Local government entities within Nancy set these rates annually, and they can vary significantly across different neighborhoods. Each year, Nancy 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 Nancy's effective property tax rate to other counties in Kentucky and the national median. For comparison, the 42544 zip code has the highest median property tax rate of 0.97%, while the same zip code also has the lowest median tax rate of 0.97%. Understanding how these cities compare with Nancy provides valuable insights into the varying tax landscape across Russell County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Nancy Tax Rate
0.97%
Average Russell County Tax Rate
0.97%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Nancy, Russell County, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42544 | 0.97% | 0.97% | 0.97% | 0.97% | 0.97% |
Source: Ownwell
Property Tax Assessment Values Across Nancy, Russell County, Kentucky
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Nancy, Kentucky. 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 Russell 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 Nancy, 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 Nancy helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Nancy is $116.00, found in zip code 42544, while the lowest median tax bill is also $116.00 in the same zip code.
Property Tax Assessment Values Across Nancy, Russell County, Kentucky
Source: Ownwell
$14,000
$72,000
$130,000
Average Nancy Assessed Value
$14,000
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 Nancy, Russell County, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42544 | $2,000 | $4,000 | $14,000 | $40,450 | $89,000 |
Source: Ownwell
Property Tax Bills Across Nancy, Russell County, Kentucky
In Nancy, located in Russell 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 and reflects the market value of the property. Once the assessed value is established, the property tax rate, set by local government authorities, is applied to determine the annual tax bill. For homeowners in Nancy, the median home price is $14,000, which is relatively low compared to national averages. Consequently, property tax bills can vary significantly. For instance, the 25th percentile tax bill is $39, while the 75th percentile reaches $368. At the higher end, the 90th percentile tax bill is $784. These variations illustrate how different factors, such as property value and local tax rates, impact what homeowners pay annually. Understanding these factors helps homeowners in Nancy anticipate their financial obligations and manage their budgets effectively. With the highest and lowest median tax bills both at $116 in the zip code 42544, the area maintains a consistent and predictable tax environment.
Average Nancy Tax Bill
$116
Average Russell County Tax Bill
$357
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Nancy, Russell County, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42544 | $19 | $39 | $116 | $368 | $784 |
Source: Ownwell