Smithfield, Shelby County, Kentucky Property Taxes
The median property tax rate in Smithfield, KY is 1.17%, considerably higher than both the national median of 0.99% and the Kentucky state median of 1.02%. With the median home value in Smithfield, the typical annual property tax bill reaches $1,556, which is below the national median of $2,690. Property taxes in Smithfield 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 Smithfield'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 Smithfield 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
Smithfield, Shelby County, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.17%
Estimate Property Tax Bill
$1,778
$1,650
Ownwell’s Smithfield Property Tax Bill Calculator is a valuable tool for homeowners, real estate investors, and potential buyers to estimate their annual property taxes with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Smithfield to provide an accurate property tax estimate. This insightful tool helps you understand your potential tax liabilities, aiding in better financial planning. For those interested in more localized trends, additional neighborhood-specific information is available below. Your property’s assessed value is determined by the county for property tax purposes, taking into account any applicable exemptions.
Property Tax Rates Across Smithfield, Shelby County, Kentucky
Property taxes in Smithfield, Kentucky, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Smithfield stands at 1.17%, which is higher than the U.S. national median of 0.99%. Local government entities within Smithfield set these rates annually, and they can vary significantly across different neighborhoods. Each year, Smithfield 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 Smithfield's effective property tax rate to other areas and the national median. For comparison, the zip code 40068 has both the highest and lowest median property tax rate of 1.17%. Understanding how these areas compare with Smithfield 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 Smithfield 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 Smithfield, Shelby County, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40068 | 0.66% | 0.88% | 1.17% | 1.18% | 1.20% |
Source: Ownwell
Property Tax Assessment Values Across Smithfield, Shelby County, Kentucky
In Smithfield, 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 Smithfield, 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 Smithfield helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Smithfield is $151,950. Homeowners in the 25th percentile can expect a tax bill around $948, while those in the 75th percentile might see a bill closer to $2,375. For those in the 90th percentile, the tax bill could be as high as $3,715. The zip code with both the highest and lowest median tax bill is 40068, with a median tax bill of $1,556.
Property Tax Assessment Values Across Smithfield, Shelby County, Kentucky
Source: Ownwell
$50,000
$222,500
$395,000
Average Smithfield Assessed Value
$151,950
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 Smithfield, Shelby County, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40068 | $68,340 | $98,800 | $151,950 | $203,375 | $318,720 |
Source: Ownwell
Property Tax Bills Across Smithfield, Shelby County, Kentucky
In Smithfield, KY, property tax bills are calculated based on the assessed value of a home, which is determined by the local county assessor. The median home price in Smithfield is $151,950, which serves as a benchmark for understanding typical tax bills in the area. Homeowners in Smithfield can expect their tax bills to vary significantly, depending on their property's assessed value and specific tax rate. For instance, the tax bill at the 25th percentile is approximately $948, while at the 75th percentile, it rises to around $2,375. At the higher end, the 90th percentile tax bill can reach up to $3,715. These figures indicate a broad range of tax obligations, influenced by factors such as location, property size, and market conditions. Compared to the national median property tax rate of 0.99%, Smithfield's rates can be considered moderate. Homeowners should be aware of these variations and plan accordingly, as property taxes significantly impact yearly housing costs and overall financial planning.
Average Smithfield Tax Bill
$1,556
Average Shelby County Tax Bill
$1,854
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Smithfield, Shelby County, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40068 | $348 | $948 | $1,556 | $2,375 | $3,715 |
Source: Ownwell