Tompkinsville, Monroe County, Kentucky Property Taxes
Median Tompkinsville, KY effective property tax rate: 0.92%, significantly lower than the national median of 1.02%, but lower than the Kentucky state median of 1.02%.
Median Tompkinsville, KY home value: $50,000
Median annual Tompkinsville, KY tax bill: $397, $2,003 lower than the national median property tax bill of $2,400.
How are property taxes in Monroe County calculated?
Property taxes in Tompkinsville, KY are calculated based on the tax assessed value, which is often lower than the actual market value due to property tax exemptions such as the homestead or senior exemption.
Understanding Tompkinsville’s property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in Tompkinsville, knowing local tax details benefits homeowners and investors.
Last Updated March 1, 2025
Tompkinsville, Monroe County, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Median Effective Tax Rate
0.92%
Estimate Property Tax Bill
$460
$427
Property Tax Rates Across Tompkinsville, Monroe County, Kentucky
Local government entities determine property tax rates, and these can differ significantly within a state. This variation occurs because each county annually calculates its budgetary needs to provide essential services and then divides that by the total assessed value of all taxable properties within its jurisdiction. This process results in the property tax rate. While votes and legislative measures play a role in setting these rates and budgets, this is essentially the annual procedure.
In Tompkinsville, located in Monroe County, the effective property tax rate is 0.92%. This is slightly below the national median property tax rate of 1.02%. Interestingly, Tompkinsville's rate is the same as both the highest and lowest median tax rates in the region, making it unique in its uniformity. Compared to other cities in Kentucky, Tompkinsville's property tax rate offers a competitive advantage for property owners, as it is lower than the national average. This can be an appealing factor for potential homeowners and investors considering properties in this area.
Our median effective property tax rate (tax bill ÷ assessor's market value) accounts for exemptions and deductions, making it more accurate than the general median tax rate, which is the midpoint of statutory rates before adjustments.
Median Effective Tompkinsville Tax Rate
0.92%
Our median effective property tax rate (tax bill ÷ assessor's market value) accounts for exemptions and deductions, making it more accurate than the general median tax rate, which is the midpoint of statutory rates before adjustments.
Median Effective Monroe County Tax Rate
0.92%
Median Effective Kentucky Tax Rate
1.02%
Median Effective United States Tax Rate
1.02%
Property Tax Rates Across Tompkinsville, Monroe County, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42167 | 0.47% | 0.92% | 0.92% | 0.92% | 0.92% |
Source: Ownwell
Property Tax Assessment Values Across Tompkinsville, Monroe County, Kentucky
When examining property taxes in Tompkinsville, Kentucky, understanding the distinction between "market value" and "assessed value" is crucial. The market value is what a willing buyer would pay to a willing seller in an open and competitive market, often influenced by location, property condition, and economic market trends. The Monroe County appraisal district estimates the market value for tax purposes. The assessed value is the market value minus any applicable exemptions or limits determined by local laws and offerings. The tax assessed value is the figure used to calculate your property taxes or the amount multiplied by your tax rate to get your tax bill.
In Monroe County, assessment notices are sent in the spring each year. They’ll typically reach your mailbox by the middle of April. Each property owner receives an assessment notice containing both the market value and assessed value, along with an estimate of your property tax bill. By providing insights into how assessed and market values are determined, this section helps property owners navigate their tax responsibilities and understand the valuation processes affecting their property taxes in Tompkinsville. For example, the median home price in Tompkinsville is $50,000, with tax bills ranging significantly across the county. Zip code 42167 has the highest median home price at $50,000.
Property Tax Assessment Values Across Tompkinsville, Monroe County, Kentucky
Source: Ownwell
$28,850
$44,425
$60,000
Median Tompkinsville Market Value
$50,000
Median Monroe County Market Value
$42,000
Median Kentucky Market Value
$110,000
Median United States Market Value
$235,294
Property Tax Assessment Values Across Tompkinsville, Monroe County, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42167 | $5,600 | $17,000 | $50,000 | $91,500 | $148,500 |
Source: Ownwell
Property Tax Bills Across Tompkinsville, Monroe County, Kentucky
Median Tompkinsville Tax Bill
$397
Median Monroe County Tax Bill
$328
Median Kentucky Tax Bill
$1,031
Median United States Tax Bill
$2,400
Property Tax Bills Across Tompkinsville, Monroe County, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42167 | $46 | $139 | $397 | $782 | $1,294 |
Source: Ownwell