Columbia, Kentucky Property Taxes
The median property tax rate in Columbia, KY is 1.02%, aligning with the state median but slightly higher than the national median of 0.99%. With the median home value in Columbia at $55,400, the typical annual property tax bill amounts to $402, which is significantly lower than the national median of $2,690. Property taxes in Columbia are calculated based on the tax assessed value, which is often lower than the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Columbia'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 Columbia or another part of Taylor County, comprehending the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Columbia, 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 Columbia Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Columbia with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Columbia 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 Columbia, Kentucky
Property taxes in Columbia, Kentucky, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Columbia is 0.74%, which is lower than both the Kentucky state median of 0.83% and the U.S. national median of 0.99%. Local government entities within Columbia set these rates annually, and they can vary significantly across different neighborhoods. Each year, Columbia 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 Columbia's effective property tax rate to other counties in Kentucky and the national median. For comparison, the 42728 zip code has the highest median property tax rate of 0.74%, while the same zip code also has the lowest median tax rate of 0.74%. Understanding how these cities compare with Columbia provides valuable insights into the varying tax landscape across Adair County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Columbia Tax Rate
1.02%
Average Taylor County Tax Rate
1.02%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Columbia, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42728 | 0.30% | 1.02% | 1.02% | 1.02% | 1.02% |
Source: Ownwell
Property Tax Assessment Values Across Columbia, Kentucky
In Columbia, 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 Taylor 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 Columbia, 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 Columbia helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 42728 has both the highest and lowest median tax bill, standing at $402.
Average Columbia Assessed Value
$55,400
Average Taylor County Assessed Value
$95,000
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Columbia, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42728 | $15,840 | $23,325 | $55,400 | $87,088 | $139,700 |
Source: Ownwell
Property Tax Bills Across Columbia, Kentucky
In Columbia, KY, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. The median home price in Columbia is $55,400. Homeowners pay a tax rate that is applied to this assessed value, and the amount due can vary significantly. For example, the 25th percentile tax bill is $175, while the 75th percentile reaches $813, and the 90th percentile can be as high as $1,321. Factors such as the property's location within Taylor County, improvements made to the property, and current market conditions are considered when determining the assessed value. Compared to the national median property tax rate of 0.99%, Columbia's rates offer a perspective on how local taxes can impact homeowners differently across various regions. Homeowners in Columbia must budget for these annual taxes, which contribute to local services such as schools, infrastructure, and emergency services. Understanding these factors helps homeowners anticipate their financial responsibilities and plan accordingly.
Average Columbia Tax Bill
$402
Average Taylor County Tax Bill
$681
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Columbia, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42728 | $92 | $175 | $402 | $813 | $1,321 |
Source: Ownwell