Simpson County, Kentucky Property Taxes
The median property tax rate in Simpson is 0.93%, which is slightly below both the national median of 0.99% and the Kentucky state median of 1.02%. With the median home value in Simpson at $130,000, the typical annual property tax bill amounts to $1,117, significantly lower than the national median of $2,690. Property taxes in Simpson are calculated based on the tax assessed value, which often falls below the actual market value due to various property tax exemptions, such as those for primary residences and agricultural properties. Understanding Simpson's specific property tax system, exploring available exemptions, and identifying opportunities for property tax reductions can provide significant annual savings. Whether you live in Franklin or another part of Simpson, gaining a comprehensive knowledge of local property taxes will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Simpson County, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.93%
Estimate Property Tax Bill
$1,209
$1,122
Ownwell’s Simpson County Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner to estimate their annual property taxes in Simpson County with just 2 data points. Enter your property's estimated assessed value, and our calculator applies the median tax rate in Simpson County to estimate your property tax bill. This insight helps you understand potential tax liabilities. If you’d like to see trends on a city level, scroll down to navigate to a more local informational page. Your property assessed value is the value assigned to your property by your county for property tax calculations. Assessed value takes into account any exemptions you may have on your property.
Property Tax Rates Across Simpson County, Kentucky
Property taxes in Simpson County play a crucial role in funding essential local services like public schools, road maintenance, and emergency services. The median tax rate in Simpson County is 0.93%, which is lower than the U.S. national median of 0.99%. Local government entities within Simpson County set these rates annually, and they can vary significantly between different areas within the county. Each year, Simpson County estimates its required budget to maintain services for the upcoming fiscal year and divides this budget by the total value of all taxable property in the jurisdiction, resulting in the property tax rate. Although tax rates and budgets are influenced by laws and voter input, this calculation forms the basic process for setting property tax rates. For comparison, the city of Bowling Green has one of the higher property tax rates in Kentucky at 0.93%, while the city of Adairville boasts one of the lowest at 0.93%. Analyzing how Simpson County's tax rates stack up against these benchmarks can give homeowners a better understanding of the local tax landscape.
Average Simpson County Tax Rate
0.93%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Simpson County, Kentucky
| City | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| Adairville | N/A | N/A | N/A | N/A | N/A |
| Auburn | 0.67% | 0.93% | 0.93% | 0.93% | 0.93% |
| Bowling Green | 0.64% | 0.76% | 0.93% | 0.97% | 1.01% |
| Franklin | 0.60% | 0.93% | 0.93% | 0.93% | 0.93% |
| Woodburn | 0.66% | 0.82% | 0.93% | 0.95% | 0.97% |
Source: Ownwell
Property Tax Assessment Values Across Simpson County, Kentucky
In Simpson County, understanding the difference between "market value" and "assessed value" is key to comprehending property taxes. The market value represents the price a willing buyer would pay to a willing seller in an open, competitive market, considering location, property condition, and current economic trends. For tax purposes, this value is estimated by the Simpson County Appraisal District. The assessed value, however, 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. Assessment notices in Simpson County are typically mailed in the spring, usually by the middle of April. These notices provide homeowners with both the market and assessed values, along with an estimate of the annual property tax bill. By distinguishing between these valuation concepts, property owners can better navigate their tax responsibilities and understand how their property taxes are affected. For instance, Auburn has the highest median tax bill at $1,437, while Bowling Green has the lowest at $947. Being aware of these valuation processes in Simpson County will help you identify opportunities for appealing assessments or applying for exemptions to manage your tax burden more effectively.
Property Tax Assessment Values Across Simpson County, Kentucky
Source: Ownwell
$110,547
$136,274
$162,000
Average Simpson County Assessed Value
$130,000
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Simpson County, Kentucky
| City | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| Adairville | N/A | N/A | N/A | N/A | N/A |
| Auburn | $72,100 | $111,750 | $162,000 | $225,000 | $273,000 |
| Bowling Green | $27,000 | $60,500 | $110,547 | $162,250 | $224,000 |
| Franklin | $40,000 | $81,250 | $130,000 | $193,950 | $270,000 |
| Woodburn | $60,000 | $101,250 | $150,000 | $233,750 | $300,700 |
Source: Ownwell
Property Tax Bills Across Simpson County, Kentucky
Property tax bills in Simpson County, KY, are calculated based on the assessed value of a property, which is determined by the local tax assessor. The county’s median home price is $130,000, and the tax bill can vary significantly depending on various factors. For instance, the 25th percentile tax bill is $656, while the 75th percentile tax bill reaches $1,746. The tax bill at the 90th percentile is $2,466, showcasing a wide range of possible tax expenses for homeowners. Several factors influence the final tax bill, including the assessed value of the property, local tax rates, and any applicable exemptions or deductions. Comparatively, Simpson County's property tax rates can be higher or lower than the national median property tax rate of 0.99%. For instance, in the city of Auburn within Simpson County, the highest median tax bill is $1,437, whereas in Bowling Green, the lowest median tax bill is $947. These differences highlight the impact of location and property value on the overall tax burden for homeowners in the county.
Average Simpson County Tax Bill
$1,117
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Simpson County, Kentucky
| City | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| Adairville | N/A | N/A | N/A | N/A | N/A |
| Auburn | $628 | $921 | $1,437 | $1,905 | $2,542 |
| Bowling Green | $236 | $506 | $947 | $1,372 | $1,749 |
| Franklin | $311 | $652 | $1,117 | $1,722 | $2,436 |
| Woodburn | $457 | $827 | $1,305 | $2,044 | $2,711 |
Source: Ownwell