Smiths Grove, Warren County, Kentucky Property Taxes
The median property tax rate in Smiths Grove, KY is 0.84%, notably lower than both the national median of 0.99% and the Kentucky state median of 1.02%. With the median home value in Smiths Grove, the typical annual property tax bill reaches $851, which is significantly less than the national median of $2,690. Property taxes in Smiths Grove 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 Smiths Grove'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 Smiths Grove or another part of Warren County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Smiths Grove, Warren County, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.84%
Estimate Property Tax Bill
$942
$874
Ownwell’s Smiths Grove Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Smiths Grove with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Smiths Grove 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 Smiths Grove, Warren County, Kentucky
Property taxes in Smiths Grove, Kentucky, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Smiths Grove is 0.84%, which is lower than the U.S. national median of 0.99%. Local government entities within Smiths Grove set these rates annually, and they can vary significantly across different neighborhoods. Each year, Smiths Grove 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 Smiths Grove's effective property tax rate to other areas in Kentucky and the national median. For comparison, the zip code 42171 has the highest median property tax rate of 0.84%, while the same zip code also has the lowest median tax rate of 0.84%. Understanding how these figures compare with Smiths Grove provides valuable insights into the varying tax landscape across Warren County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Smiths Grove Tax Rate
0.84%
Average Warren County Tax Rate
0.80%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Smiths Grove, Warren County, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42171 | 0.57% | 0.81% | 0.84% | 0.86% | 0.90% |
Source: Ownwell
Property Tax Assessment Values Across Smiths Grove, Warren County, Kentucky
In Smiths Grove, 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 Warren 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 Smiths Grove, 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 Smiths Grove helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. For instance, the zip code 42171 has the highest median tax bill at $851.00, while the lowest median tax bill in the same zip code is also $851.00, reflecting a consistent valuation trend within the area.
Property Tax Assessment Values Across Smiths Grove, Warren County, Kentucky
Source: Ownwell
$112,185
$156,093
$200,000
Average Smiths Grove Assessed Value
$112,185
Average Warren County Assessed Value
$150,000
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Smiths Grove, Warren County, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42171 | $30,000 | $69,748 | $112,185 | $165,018 | $240,000 |
Source: Ownwell
Property Tax Bills Across Smiths Grove, Warren County, Kentucky
In Smiths Grove, located in Warren County, KY, property tax bills are calculated based on the assessed value of a home. The assessed value is determined by the local tax assessor and reflects the market value of the property. Homeowners in Smiths Grove typically see tax bills that vary depending on their property's assessed value and the local tax rate. For instance, the median home price in Smiths Grove is $112,185. Property tax bills can range significantly, with the 25th percentile at $520 and the 75th percentile at $1317. The highest median tax bill in the area is $851, which is consistent across the zip code 42171. Compared to the national median property tax rate of 0.99%, Smiths Grove homeowners experience relatively moderate tax rates. These property taxes fund essential local services such as schools, public safety, and infrastructure. Homeowners must budget for these annual expenses, which can vary from year to year based on changes in property values and tax rates set by local authorities.
Average Smiths Grove Tax Bill
$851
Average Warren County Tax Bill
$1,091
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Smiths Grove, Warren County, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42171 | $234 | $520 | $851 | $1,317 | $1,955 |
Source: Ownwell