Taylorsville, Shelby County, Kentucky Property Taxes
The median property tax rate in Taylorsville, KY is 1.16%, which is higher than both the national median of 0.99% and the Kentucky state median of 1.02%. With a median home value of $146,000 in Taylorsville, the typical annual property tax bill reaches $1,309, still below the national median of $2,690. Property taxes in Taylorsville are calculated based on the assessed value, which often falls below the market value due to exemptions such as those for primary residences and agricultural properties. Understanding Taylorsville'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 Taylorsville 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
Taylorsville, Shelby County, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.16%
Estimate Property Tax Bill
$1,694
$1,572
Ownwell’s Taylorsville Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Taylorsville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Taylorsville 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 Taylorsville, Shelby County, Kentucky
Property taxes in Taylorsville, Kentucky, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Taylorsville is 1.16%, which is higher than the U.S. national median of 0.99%. Local government entities within Taylorsville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Taylorsville 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 Taylorsville's effective property tax rate to other counties in Kentucky and the national median. For comparison, the 40071 zip code has both the highest and lowest median property tax rate of 1.16%. Understanding how these areas compare with Taylorsville 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 Taylorsville 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 Taylorsville, Shelby County, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40071 | 0.77% | 0.84% | 1.16% | 1.18% | 1.19% |
Source: Ownwell
Property Tax Assessment Values Across Taylorsville, Shelby County, Kentucky
In Taylorsville, 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 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 Taylorsville, 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 Taylorsville helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the area are both $1309, found in the 40071 zip code.
Property Tax Assessment Values Across Taylorsville, Shelby County, Kentucky
Source: Ownwell
$50,000
$222,500
$395,000
Average Taylorsville Assessed Value
$146,000
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 Taylorsville, Shelby County, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40071 | $69,600 | $105,917 | $146,000 | $215,750 | $349,000 |
Source: Ownwell
Property Tax Bills Across Taylorsville, Shelby County, Kentucky
In Taylorsville, KY, property tax bills are calculated based on the assessed value of a property, which is determined by local government assessors. This assessed value is then multiplied by the local tax rate to determine the annual tax bill. For instance, with a median home price of $146,000, the tax bill can vary significantly depending on the assessed value and applicable tax rates. Factors such as property location, size, and improvements can influence the assessed value. In Shelby County, the tax bill at the 25th percentile is $981, while at the 75th percentile, it rises to $2,346. For higher-end properties, the tax bill can reach up to $4,063 at the 90th percentile. These tax bills can have a significant impact on homeowners, influencing their overall housing costs and financial planning. Comparing this to the national median property tax rate of 0.99%, Taylorsville's tax rates can be seen as relatively moderate, offering a balanced approach for property owners in the region.
Average Taylorsville Tax Bill
$1,309
Average Shelby County Tax Bill
$1,854
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Taylorsville, Shelby County, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40071 | $662 | $981 | $1,309 | $2,346 | $4,063 |
Source: Ownwell