Shelbyville, Kentucky Property Taxes
The median property tax rate in Shelbyville, KY is 0.98%, slightly lower than both the national median of 0.99% and the Kentucky state median of 1.02%. With a median home value of $150,500 in Shelbyville, the typical annual property tax bill amounts to $1,208, which is below the national median of $2,690. Property taxes in Shelbyville are calculated based on the tax assessed value, often lower than the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Shelbyville'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 Shelbyville 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
Shelbyville, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.98%
Estimate Property Tax Bill
$1,475
Ownwell’s Shelbyville Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Shelbyville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Shelbyville 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 Shelbyville, Kentucky
Property taxes in Shelbyville, Kentucky, are essential for funding vital local services such as public schools, road maintenance, and emergency services. The median tax rate in Shelbyville is 0.98%, slightly lower than the U.S. national median of 0.99%. Local government entities within Shelbyville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Shelbyville 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 Shelbyville's effective property tax rate to other counties in Kentucky and the national median. For comparison, the 40065 zip code has both the highest and lowest median property tax rate of 0.98%. Understanding how these cities compare with Shelbyville 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 Shelbyville 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 Shelbyville, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40065 | 0.76% | 0.84% | 0.98% | 0.98% | 0.98% |
Source: Ownwell
Property Tax Assessment Values Across Shelbyville, Kentucky
In Shelbyville, 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 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 Shelbyville, 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. For example, the median home price in Shelbyville is $150,500, with tax bills ranging from $864 at the 25th percentile to $1,418 at the 90th percentile. 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 Shelbyville helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Shelbyville Assessed Value
$150,500
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 Shelbyville, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40065 | $72,660 | $101,850 | $150,500 | $160,250 | $166,100 |
Source: Ownwell
Property Tax Bills Across Shelbyville, Kentucky
In Shelbyville, property tax bills are calculated based on the assessed value of your home and the local tax rate. The median home price in Shelbyville is $150,500. To determine the tax bill, the assessed value of the property is multiplied by the local tax rate. Various factors influence the assessed value, including market conditions, property size, and improvements made to the home. For homeowners in Shelbyville, tax bills can vary significantly. The 25th percentile tax bill is $864, while the 75th percentile tax bill is $1,339, and the 90th percentile tax bill reaches $1,418. These figures highlight the range of property tax obligations within the city. Compared to the national median property tax rate of 0.99%, Shelbyville's tax rates can lead to diverse financial impacts on homeowners. Understanding how property taxes are calculated can help homeowners anticipate their annual expenses and plan their finances accordingly.
Average Shelbyville Tax Bill
$1,208
Average Spencer County Tax Bill
$1,958
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Shelbyville, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40065 | $657 | $864 | $1,208 | $1,339 | $1,418 |
Source: Ownwell