Taylorsville, Kentucky Property Taxes
The median property tax rate in Taylorsville, 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 $212,500 in Taylorsville, the typical annual property tax bill amounts to $1,978, which is lower than the national median of $2,690. Property taxes in Taylorsville are calculated based on the tax assessed value, often lower than the market value due to exemptions like the primary residence and agricultural exemptions. 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 Spencer County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Taylorsville, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.98%
Estimate Property Tax Bill
$2,083
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, 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 0.98%, which is slightly lower 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 areas in Kentucky and the national median. For comparison, the zip code 40071 has both the highest and lowest median property tax rate of 0.98%. Understanding how these areas compare with Taylorsville 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 Taylorsville 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 Taylorsville, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40071 | 0.77% | 0.98% | 0.98% | 0.98% | 0.99% |
Source: Ownwell
Property Tax Assessment Values Across Taylorsville, 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 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 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 median tax bill in the area is $1,978 in the 40071 zip code, while the lowest median tax bill is also $1,978 in the same zip code.
Average Taylorsville Assessed Value
$212,500
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 Taylorsville, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40071 | $30,000 | $111,225 | $212,500 | $289,900 | $360,000 |
Source: Ownwell
Property Tax Bills Across Taylorsville, Kentucky
In Taylorsville, KY, property tax bills are calculated based on the assessed value of the home, which is determined by the local tax assessor. This assessed value is then multiplied by the local property tax rate to determine the annual tax bill. For instance, with a median home price of $212,500, homeowners can expect varying tax bills depending on their property's assessed value and specific circumstances. Factors such as property size, location, and improvements can influence the assessment. The 25th percentile tax bill in Taylorsville is around $998, while the 75th percentile tax bill reaches $2,736. The 90th percentile tax bill can go up to $3,462, reflecting the range of property values and assessments within the area. Compared to the national median property tax rate of 0.99%, Taylorsville's property taxes can significantly impact homeowners, particularly those with higher-value properties. Understanding these factors can help homeowners anticipate their tax obligations and plan accordingly.
Average Taylorsville Tax Bill
$1,978
Average Spencer County Tax Bill
$1,958
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Taylorsville, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40071 | $278 | $998 | $1,978 | $2,736 | $3,462 |
Source: Ownwell