Finchville, Kentucky Property Taxes
The median property tax rate in Finchville, KY is 1.17%, higher than both the national median of 0.99% and Kentucky's state median of 1.02%. With the median home value in Finchville at $230,000, the typical annual property tax bill is $2,579, slightly below the national median of $2,690. Property taxes in Finchville are calculated based on the tax assessed value, which often falls below the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Finchville'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 Finchville or another part of Shelby County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Finchville, 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 Finchville Property Tax Bill Calculator aids homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Finchville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Finchville 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 Shelby County for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Finchville, Kentucky
Property taxes in Finchville, Kentucky, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Finchville is 1.17%, higher than both the Kentucky state median and the U.S. national median of 0.99%. Local government entities within Finchville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Finchville 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 Finchville's effective property tax rate to other counties in Kentucky and the national median. For comparison, the 40022 zip code has the highest median property tax rate of 1.17%, while the same zip code also has the lowest median tax rate of 1.17%. Understanding how these cities compare with Finchville 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 Finchville 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 Finchville, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40022 | 0.94% | 1.15% | 1.17% | 1.18% | 1.19% |
Source: Ownwell
Property Tax Assessment Values Across Finchville, Kentucky
In Finchville, 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 Finchville, 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. The median home price in Finchville is $230,000, with tax bills ranging from $1,630 at the 25th percentile to $5,958 at the 90th percentile. The zip code 40022 has the highest median tax bill of $2,579. 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 Finchville helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Finchville Assessed Value
$230,000
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 Finchville, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40022 | $61,760 | $154,500 | $230,000 | $350,000 | $526,000 |
Source: Ownwell
Property Tax Bills Across Finchville, Kentucky
In Finchville, located in Shelby County, KY, property tax bills are determined based on the assessed value of a home. The local tax rate is applied to this assessed value to calculate the annual tax bill. For instance, with a median home price of $230,000, homeowners can expect their tax bills to vary significantly. The tax bill at the 25th percentile is $1,630, while at the 75th percentile, it reaches $3,887. At the 90th percentile, the tax bill can be as high as $5,958. Factors influencing the tax bill include the home's assessed value, local tax rates, and any applicable exemptions. These taxes fund essential public services such as schools, infrastructure, and emergency services. Homeowners in Finchville need to budget for these costs, which can impact their overall financial planning. Compared to the national median property tax rate of 0.99%, Finchville's property tax rates reflect the local economic conditions and funding needs.
Average Finchville Tax Bill
$2,579
Average Shelby County Tax Bill
$1,854
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Finchville, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40022 | $648 | $1,630 | $2,579 | $3,887 | $5,958 |
Source: Ownwell