Simpsonville, Kentucky Property Taxes
The median property tax rate in Simpsonville, KY is 1.16%, considerably higher than both the national median of 0.99% and the Kentucky state median of 1.02%. With the median home value in Simpsonville at $250,000, the typical annual property tax bill reaches $2,794, slightly exceeding the national median of $2,690. Property taxes in Simpsonville 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 Simpsonville'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 Simpsonville 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
Simpsonville, 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 Simpsonville Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Simpsonville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Simpsonville 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 Simpsonville, Kentucky
Property taxes in Simpsonville, Kentucky, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Simpsonville is 1.16%, higher than both the Kentucky state median and the U.S. national median of 0.99%. Local government entities within Simpsonville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Simpsonville 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 Simpsonville's effective property tax rate to other counties in Kentucky and the national median. For comparison, the 40067 zip code has the highest median property tax rate of 1.16%, while the 40067 zip code also has the lowest median tax rate of 1.16%. Understanding how these cities compare with Simpsonville 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 Simpsonville Tax Rate
1.16%
Average Shelby County Tax Rate
1.15%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Simpsonville, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40067 | 0.92% | 1.09% | 1.16% | 1.18% | 1.18% |
Source: Ownwell
Property Tax Assessment Values Across Simpsonville, Kentucky
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Simpsonville, 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 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 Simpsonville, 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 Simpsonville helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest median tax bill is 40067, with a tax bill of $2,794, while the lowest median tax bill is also in the 40067 zip code, amounting to $2,794.
Average Simpsonville Assessed Value
$250,000
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 Simpsonville, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40067 | $92,500 | $160,000 | $250,000 | $405,000 | $595,000 |
Source: Ownwell
Property Tax Bills Across Simpsonville, Kentucky
In Simpsonville, KY, property tax bills are calculated based on the assessed value of a home, which is determined by local government assessors. This assessed value is then multiplied by the local tax rate to determine the annual property tax bill. For instance, with a median home price of $250,000, homeowners in Simpsonville can expect varying tax bills depending on their property's specific assessed value and applicable exemptions. Factors such as property location, improvements, and market conditions influence the assessed value. In Simpsonville, the tax bill at the 25th percentile is $1,758, while at the 75th percentile, it rises to $4,535. For those in the 90th percentile, the tax bill can reach up to $6,836. These figures highlight the range of property tax obligations homeowners may face, impacting their overall financial planning. Compared to the national median property tax rate of 0.99%, Simpsonville's property tax rates reflect the region's unique economic and market conditions.
Average Simpsonville Tax Bill
$2,794
Average Shelby County Tax Bill
$1,854
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Simpsonville, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40067 | $968 | $1,758 | $2,794 | $4,535 | $6,836 |
Source: Ownwell