Mount Eden, Shelby County, Kentucky Property Taxes
The median property tax rate in Mount Eden, KY is 1.15%, higher than both the national median of 0.99% and Kentucky's state median of 1.02%. With a median home value of $106,000, the typical annual property tax bill in Mount Eden reaches $1,110, which is below the national median of $2,690. Property taxes here are calculated based on the tax assessed value, often lower than the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Mount Eden'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 Mount Eden 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
Mount Eden, Shelby County, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.15%
Estimate Property Tax Bill
$1,219
$1,131
Ownwell’s Mount Eden Property Tax Bill Calculator is an essential tool for homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Mount Eden with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Mount Eden 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 Mount Eden, Shelby County, Kentucky
Property taxes in Mount Eden, Kentucky, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Mount Eden is 1.15%, higher than the U.S. national median of 0.99%. Local government entities within Mount Eden set these rates annually, and they can vary significantly across different neighborhoods. Each year, Mount Eden 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 Mount Eden's effective property tax rate to other counties in Kentucky and the national median. For comparison, the 40046 zip code has the highest median property tax rate of 1.15%, while the same zip code also has the lowest median tax rate of 1.15%. Understanding how these cities compare with Mount Eden 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 Mount Eden Tax Rate
1.15%
Average Shelby County Tax Rate
1.15%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Mount Eden, Shelby County, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40046 | 0.84% | 1.13% | 1.15% | 1.18% | 1.24% |
Source: Ownwell
Property Tax Assessment Values Across Mount Eden, Shelby County, Kentucky
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Mount Eden, 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 local 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 Mount Eden, 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 Mount Eden helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the zip code 40046 sees the highest and lowest median tax bills at $1,110.
Property Tax Assessment Values Across Mount Eden, Shelby County, Kentucky
Source: Ownwell
$50,000
$222,500
$395,000
Average Mount Eden Assessed Value
$106,000
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 Mount Eden, Shelby County, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40046 | $24,500 | $49,775 | $106,000 | $208,975 | $270,500 |
Source: Ownwell
Property Tax Bills Across Mount Eden, Shelby County, Kentucky
In Mount Eden, 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 this area is $106,000. Property tax rates are applied to this assessed value to determine the annual tax bill. For instance, the 25th percentile of tax bills stands at $484, while the 75th percentile reaches $2,379, and the 90th percentile can go up to $2,935. Several factors influence the final tax bill, including the property's assessed value, local tax rates, and any applicable exemptions or deductions. Homeowners in Mount Eden, located in Shelby County, experience varying tax burdens. For example, the highest median tax bill in the area is $1,110, which coincidentally is also the lowest. These property taxes contribute to local services such as schools, infrastructure, and public safety, directly impacting the quality of life for residents. Understanding these factors can help homeowners better anticipate their annual financial obligations.
Average Mount Eden Tax Bill
$1,110
Average Shelby County Tax Bill
$1,854
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Mount Eden, Shelby County, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40046 | $106 | $484 | $1,110 | $2,379 | $2,935 |
Source: Ownwell