Auburn, Kentucky Property Taxes
The median property tax rate in Auburn, KY is 0.93%, which is lower than both the national median of 0.99% and the Kentucky state median of 1.02%. With the median home value in Auburn at $162,000, the typical annual property tax bill amounts to $1,437, falling below the national median of $2,690. Property taxes in Auburn are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Auburn'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 Auburn 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
Auburn, 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 Auburn Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Auburn with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Auburn 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 Auburn, Kentucky
Property taxes in Auburn, Kentucky, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Auburn is 0.93%, which is lower than the U.S. national median of 0.99%. Local government entities within Auburn set these rates annually, and they can vary significantly across different neighborhoods. Each year, Auburn 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 Auburn's effective property tax rate to other regions in Kentucky and the national median. For comparison, the zip code 42206 has both the highest and lowest median property tax rate of 0.93%. Understanding how these cities compare with Auburn provides valuable insights into the varying tax landscape across Simpson County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Auburn Tax Rate
0.93%
Average Simpson County Tax Rate
0.93%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Auburn, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42206 | 0.67% | 0.93% | 0.93% | 0.93% | 0.93% |
Source: Ownwell
Property Tax Assessment Values Across Auburn, Kentucky
In Auburn, 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 Auburn, 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 Auburn 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 $1,437, found in the 42206 zip code.
Average Auburn Assessed Value
$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 Auburn, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42206 | $72,100 | $111,750 | $162,000 | $225,000 | $273,000 |
Source: Ownwell
Property Tax Bills Across Auburn, Kentucky
In Auburn, located in Simpson County, KY, property tax bills are calculated based on the assessed value of a home. The assessed value is determined by local tax assessors and reflects the market value of the property. Homeowners in Auburn can expect to pay a property tax rate that is in line with the national median rate of 0.99%. For a home with a median price of $162,000, this translates to an annual tax bill that typically falls between $921 at the 25th percentile and $2542 at the 90th percentile. Several factors influence the final tax bill, including the property's location, size, and improvements. The highest median tax bill in Auburn's zip code 42206 is $1437, which is consistent across the region. These property taxes fund essential local services such as schools, public safety, and infrastructure maintenance. Understanding how property taxes are determined helps homeowners budget effectively and anticipate their annual expenses, ensuring they stay financially prepared.
Average Auburn Tax Bill
$1,437
Average Simpson County Tax Bill
$1,117
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Auburn, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42206 | $628 | $921 | $1,437 | $1,905 | $2,542 |
Source: Ownwell