Georgetown, Kentucky Property Taxes
The median property tax rate in Georgetown, KY is 0.71%, considerably lower than both the national median of 0.99% and the Kentucky state median of 1.02%. With the median home value in Georgetown, the typical annual property tax bill reaches $1,373, which is significantly below the national median of $2,690. Property taxes in Georgetown are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Georgetown'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 Georgetown 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
Georgetown, Kentucky Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
1.02%
Estimate Property Tax Bill
$2,040
Ownwell’s Georgetown Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Georgetown with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Georgetown 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 Georgetown, Kentucky
Property taxes in Georgetown, Kentucky, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Georgetown is 0.71%, which is lower than the U.S. national median of 0.99%. Local government entities within Georgetown set these rates annually, and they can vary significantly across different neighborhoods. Each year, Georgetown 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 Georgetown's effective property tax rate to other counties in Kentucky and the national median. For comparison, the 40324 zip code has both the highest and lowest median property tax rate of 0.71%. Understanding how these cities compare with Georgetown provides valuable insights into the varying tax landscape across Scott County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Georgetown Tax Rate
0.71%
Average Scott County Tax Rate
0.68%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Georgetown, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40324 | 0.35% | 0.63% | 0.71% | 0.87% | 0.87% |
Source: Ownwell
Property Tax Assessment Values Across Georgetown, Kentucky
In Georgetown, 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 Scott 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 Georgetown, 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 Georgetown helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in the area is $1,373, found in the 40324 zip code, which also has the lowest median tax bill of $1,373.
Average Georgetown Assessed Value
$196,100
Average Scott County Assessed Value
$199,800
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Georgetown, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40324 | $67,140 | $138,200 | $196,100 | $286,950 | $450,000 |
Source: Ownwell
Property Tax Bills Across Georgetown, Kentucky
In Georgetown, KY, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. The median home price in Georgetown is $196,100. The property tax rate in Scott County is applied to this assessed value to determine the annual tax bill. For example, homeowners in the 25th percentile can expect to pay around $922 annually, while those in the 75th percentile may see bills as high as $1,919. At the 90th percentile, tax bills can reach up to $2,775. Several factors influence these tax bills, including property location, home size, and market conditions. Georgetown’s property tax rate is competitive compared to the national median property tax rate of 0.99%. Homeowners in the zip code 40324, which includes Georgetown, face a median tax bill of $1,373. Understanding these factors can help homeowners anticipate their annual property tax obligations and manage their finances more effectively.
Average Georgetown Tax Bill
$1,373
Average Scott County Tax Bill
$1,297
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Georgetown, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40324 | $349 | $922 | $1,373 | $1,919 | $2,775 |
Source: Ownwell