Mount Eden, Spencer County, Kentucky Property Taxes
The median property tax rate in Mount Eden, KY is 0.98%, slightly below both the national median of 0.99% and the Kentucky state median of 1.02%. With a median home value of $110,000, the typical annual property tax bill in Mount Eden is $989, which is significantly lower than the national median of $2,690. Property taxes in Mount Eden 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 Mount Eden'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 Mount Eden or another part of Spencer County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Mount Eden, Spencer County, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.98%
Estimate Property Tax Bill
$1,078
$1,000
Ownwell’s Mount Eden Property Tax Bill Calculator enables homeowners, real estate investors, and prospective buyers to estimate their annual property taxes in Mount Eden with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Mount Eden to give you an accurate estimate of your property tax bill. This insightful tool helps you understand potential tax liabilities. For those interested in more detailed trends at the neighborhood level, additional localized information is available further down the page. Your property’s assessed value is the value assigned by the county for property tax calculations, accounting for any applicable exemptions.
Property Tax Rates Across Mount Eden, Spencer County, Kentucky
Property taxes in Mount Eden, Kentucky, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Mount Eden is 0.98%, slightly lower than the U.S. national median of 0.99%. Local government entities within Mount Eden set these rates annually, and they can vary significantly across different neighborhoods. Each year, Mount Eden 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 Mount Eden's effective property tax rate to other counties in Kentucky and the national median. For comparison, the 40046 zip code has both the highest and lowest median property tax rate of 0.98%. Understanding how these cities compare with Mount Eden provides valuable insights into the varying tax landscape across Spencer County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Mount Eden Tax Rate
0.98%
Average Spencer County Tax Rate
0.98%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Mount Eden, Spencer County, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40046 | 0.66% | 0.98% | 0.98% | 0.98% | 0.98% |
Source: Ownwell
Property Tax Assessment Values Across Mount Eden, Spencer County, Kentucky
In Mount Eden, 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 Spencer County Property Valuation Administrator 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 Mount Eden, 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 Mount Eden helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Mount Eden is $110,000, with the 25th percentile tax bill at $393 and the 75th percentile tax bill at $1,628. The highest and lowest median tax bills are both $989 in the 40046 zip code.
Property Tax Assessment Values Across Mount Eden, Spencer County, Kentucky
Source: Ownwell
$76,750
$184,375
$292,000
Average Mount Eden Assessed Value
$110,000
Average Spencer County Assessed Value
$210,000
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Mount Eden, Spencer County, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40046 | $16,586 | $45,000 | $110,000 | $181,225 | $231,650 |
Source: Ownwell
Property Tax Bills Across Mount Eden, Spencer County, Kentucky
In Mount Eden, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is determined by local tax assessors and is often a percentage of the property's market value. For instance, with a median home price of $110,000, homeowners can expect their tax bills to vary significantly. The 25th percentile tax bill is around $393, while those in the 75th percentile see bills closer to $1,628. At the 90th percentile, tax bills can reach up to $2,164. Several factors influence these amounts, including property size, location, and any applicable exemptions. Compared to the national median property tax rate of 0.99%, Mount Eden's tax bills reflect a range that can either be more affordable or significantly higher depending on the property's assessed value. These taxes fund essential local services such as schools, public safety, and infrastructure, impacting homeowners through both their financial obligations and the quality of community services.
Average Mount Eden Tax Bill
$989
Average Spencer County Tax Bill
$1,958
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Mount Eden, Spencer County, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40046 | $147 | $393 | $989 | $1,628 | $2,164 |
Source: Ownwell