Nebo, Kentucky Property Taxes
The median property tax rate in Nebo, KY is 1.13%, higher than both the national median of 0.99% and the Kentucky state median of 1.02%. With the median home value in Nebo at $35,700, the typical annual property tax bill reaches $403, which is below the national median of $2,690. Property taxes in Nebo 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 Nebo'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 Nebo 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
Nebo, 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 NEBO Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in NEBO with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in NEBO 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 Nebo, Kentucky
Property taxes in Nebo, Kentucky, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Nebo is 1.13%, significantly higher than both the Kentucky state median and the U.S. national median of 0.99%. Local government entities within Nebo set these rates annually, and they can vary significantly across different neighborhoods. Each year, Nebo 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 Nebo's effective property tax rate to other counties in Kentucky and the national median. For comparison, the zip code 42441 has the highest median property tax rate of 1.13%, while the same zip code also has the lowest median tax rate of 1.13%. Understanding how these cities compare with Nebo provides valuable insights into the varying tax landscape across Webster County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Nebo Tax Rate
1.13%
Average Webster County Tax Rate
1.13%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Nebo, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42441 | 0.82% | 1.13% | 1.13% | 1.13% | 1.13% |
Source: Ownwell
Property Tax Assessment Values Across Nebo, Kentucky
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Nebo, Kentucky. 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 Webster 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 Nebo, 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 Nebo is $35,700, with tax bills ranging from $68 at the 25th percentile to $1,918 at the 90th percentile. The highest and lowest median tax bills are both $403 in the 42441 zip code. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Nebo Assessed Value
$35,700
Average Webster County Assessed Value
$46,000
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Nebo, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42441 | $2,550 | $6,000 | $35,700 | $149,000 | $176,480 |
Source: Ownwell
Property Tax Bills Across Nebo, Kentucky
In Nebo, Kentucky, property tax bills are calculated based on the assessed value of a home and the local tax rate. The median home price in Nebo is $35,700, which plays a crucial role in determining the tax bill. Homeowners in this region typically see a range of property tax bills, with the 25th percentile at $68 and the 75th percentile reaching $1,278. The highest median tax bill in the area is $403, found in the 42441 zip code. Several factors are considered when calculating property tax bills, including the home's assessed value, local tax rates, and any applicable exemptions. These elements combined determine the final amount homeowners are required to pay. While the national median property tax rate stands at 0.99%, Nebo's tax rates may vary, impacting the overall affordability for residents. Understanding these factors is essential for homeowners aiming to manage their expenses and plan their finances effectively.
Average Nebo Tax Bill
$403
Average Webster County Tax Bill
$344
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Nebo, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42441 | $29 | $68 | $403 | $1,278 | $1,918 |
Source: Ownwell