Eminence, Shelby County, Kentucky Property Taxes
The median property tax rate in Eminence, KY is 1.17%, which is higher than both the national median of 0.99% and the Kentucky state median of 1.02%. With the median home value in Eminence at $185,000, the typical annual property tax bill amounts to $1,777, falling below the national median of $2,690. Property taxes in Eminence are calculated based on the tax assessed value, which is often lower than the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Eminence'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 Eminence or another part of the city, comprehending the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Eminence, Shelby County, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.17%
Estimate Property Tax Bill
$2,164
$2,009
Ownwell’s Eminence Property Tax Bill Calculator enables homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Eminence with just two data points. By entering your property's estimated assessed value, the calculator uses the median tax rate in Eminence to provide an estimated property tax bill. This valuable tool helps you grasp potential tax liabilities. For those interested in neighborhood-level trends, additional localized information is available below. Your property’s assessed value is determined by the county for property tax calculations, considering any applicable exemptions.
Property Tax Rates Across Eminence, Shelby County, Kentucky
Property taxes in Eminence, Kentucky, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Eminence is 1.17%, significantly higher than the U.S. national median of 0.99%. Local government entities within Eminence set these rates annually, and they can vary across different neighborhoods. Each year, Eminence 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 Eminence's effective property tax rate to other areas in Shelby County and the national median. For comparison, the zip code with the highest median property tax rate in Shelby County is 40019, with a rate of 1.17%, while the zip code with the lowest median tax rate is also 40019, at 1.17%. Understanding how these areas compare with Eminence provides valuable insights into the varying tax landscape across Shelby County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Eminence Tax Rate
1.17%
Average Shelby County Tax Rate
1.15%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Eminence, Shelby County, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40019 | 0.89% | 1.00% | 1.17% | 1.18% | 1.20% |
Source: Ownwell
Property Tax Assessment Values Across Eminence, Shelby County, Kentucky
In Eminence, 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 Shelby 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 Eminence, 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. Eminence’s median home price stands at $185,000, with tax bills ranging significantly. For instance, the 25th percentile tax bill is $854, while the 75th percentile tax bill is $2,752. The highest and lowest median tax bills are both reported at $1,777 in zip code 40019. By understanding 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 Eminence helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Eminence, Shelby County, Kentucky
Source: Ownwell
$50,000
$222,500
$395,000
Average Eminence Assessed Value
$185,000
Average Shelby County Assessed Value
$175,000
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Eminence, Shelby County, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40019 | $32,200 | $97,000 | $185,000 | $235,008 | $298,280 |
Source: Ownwell
Property Tax Bills Across Eminence, Shelby County, Kentucky
In Eminence, located in Shelby County, KY, property tax bills are calculated based on the assessed value of a home. The median home price in this region is $185,000. Property taxes are determined by multiplying the assessed value by the local tax rate. Various factors such as property size, location, and improvements can influence the assessed value. Homeowners in Eminence can expect their tax bills to vary significantly. For example, tax bills in the 25th percentile are around $854, while those in the 75th percentile can reach up to $2,752. The 90th percentile sees even higher tax bills, up to $3,218. Comparatively, the national median property tax rate is 0.99%, providing a benchmark for understanding local tax burdens. The highest median tax bill in Shelby County is $1,777, observed in zip code 40019, indicating that Eminence homeowners might experience varying tax obligations depending on specific property characteristics and local tax rates. This variability in property tax bills can have significant financial implications for homeowners.
Average Eminence Tax Bill
$1,777
Average Shelby County Tax Bill
$1,854
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Eminence, Shelby County, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40019 | $287 | $854 | $1,777 | $2,752 | $3,218 |
Source: Ownwell