Somerset, Pulaski County, Kentucky Property Taxes

Name: Property Tax Bills Across Somerset, Pulaski County, Kentucky
Creator: Ownwell
License: https://creativecommons.org/licenses/by-nc/4.0/

Median Somerset, KY effective property tax rate: 0.81%, significantly lower than the national median of 1.02%, but lower than the Kentucky state median of 1.02%. Median Somerset, KY home value: $76,000. Median annual Somerset, KY tax bill: $523, $1,877 lower than the national median property tax bill of $2,400. How are property taxes in Pulaski calculated? Property taxes in Somerset, 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 Somerset’s property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in Somerset, knowing local tax details benefits homeowners and investors.

Last Updated March 1, 2025

Somerset, Pulaski County, Kentucky Property Tax Bill Calculator

Property Assessed Value

$100,000

$1,500,000

$3,000,000

Median Effective Tax Rate

0.81%

Estimate Property Tax Bill

$616

$571

Ownwell’s Somerset Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Somerset with just two data points. By entering your property's estimated assessed value, our calculator applies Somerset’s median effective tax rate to accurately estimate your property tax bill. Note that your property's assessed value — determined by your county — reflects any exemptions you may have, ensuring a precise calculation for your property tax obligations. This insightful tool helps you understand potential tax liabilities and highlights how Ownwell can assist in reducing property taxes in Pulaski County. For those interested in more localized information, please scroll down to explore city-level trends!

Property Tax Rates Across Somerset, Pulaski County, Kentucky

Local government entities determine tax rates, which can vary significantly across Kentucky. Annually, each county estimates its budgetary needs to provide essential services and divides this by the total value of all taxable property within its jurisdiction. This calculation determines the property tax rate. While setting tax rates and budgets involves votes and legislation, this is the simplified annual process.

Somerset in Pulaski County has an effective property tax rate of 0.81%. This rate is notably lower than the national median property tax rate of 1.02%. The median property tax rate in Kentucky also stands at 0.81%, which is below the national average.

By understanding how these rates are set and how they compare to state and national medians, property owners in Somerset can make informed decisions about their property tax obligations. This knowledge is key to optimizing tax savings and ensuring compliance with local regulations.

Property Tax Rates Across Somerset, Pulaski County, Kentucky

Source: Ownwell

0.80%

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 Somerset Tax Rate

0.81%

Median Effective Pulaski County Tax Rate

0.81%

Median Effective Kentucky Tax Rate

1.02%

Median Effective United States Tax Rate

1.02%

Property Tax Rates Across Somerset, Pulaski County, Kentucky

Zip	10th Percentile	25th Percentile	Median Tax Rate	75th Percentile	90th Percentile
42501	0.35%	0.63%	0.80%	0.81%	1.19%
42503	0.48%	0.67%	0.80%	0.80%	0.81%
42502	N/A	N/A	N/A	N/A	N/A

Source: Ownwell

Property Tax Assessment Values Across Somerset, Pulaski County, Kentucky

When examining property taxes in Somerset, KY, understanding the distinction between "market value" and "assessed value" is crucial. The market value is what a willing buyer would pay in an open and competitive market, often influenced by location, property condition, and economic trends. The Pulaski 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 Pulaski County, assessment notices are sent in the spring each year, typically reaching your mailbox by the middle of March. Each property owner receives an assessment notice that contains both the market value and assessed value, along with an estimate of your property tax bill. For example, the median home price in Somerset is $76,000, with tax bills ranging significantly across the county. The 42503 zip code has the highest median home price at $105,000.

Property Tax Assessment Values Across Somerset, Pulaski County, Kentucky

Source: Ownwell

$9,000

$57,000

$105,000

Median Somerset Market Value

$76,000

Median Pulaski County Market Value

$57,500

Median Kentucky Market Value

$110,000

Median United States Market Value

$235,294

Property Tax Assessment Values Across Somerset, Pulaski County, Kentucky

Zip	10th Percentile	25th Percentile	Median Home Price	75th Percentile	90th Percentile
42501	$2,000	$8,000	$58,000	$115,000	$180,000
42503	$7,500	$20,000	$105,000	$180,000	$280,000
42502	N/A	N/A	N/A	N/A	N/A

Source: Ownwell

Property Tax Bills Across Somerset, Pulaski County, Kentucky

In Somerset, Pulaski County, 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 the area is $76,000, and property tax bills can vary significantly. For example, the 25th percentile tax bill is $97, while the 75th percentile reaches $1,127, and the 90th percentile is $1,783. These numbers reflect the variability in property taxes homeowners may face, depending on their property's assessed value and the local tax rate. The highest median tax bill in Somerset is $720, found in the 42503 zip code, whereas the lowest is $358 in the 42501 zip code. Compared to the national median property tax rate of 1.02%, Somerset's property tax bills can be relatively lower, providing some relief to homeowners. Ownwell offers valuable assistance by helping homeowners navigate the property tax appeal process, potentially lowering their tax bills and ensuring they only pay their fair share.

Property Tax Bills Across Somerset, Pulaski County, Kentucky

Source: Ownwell

$60

$390

$720

Median Somerset Tax Bill

$523

Median Pulaski County Tax Bill

$362

Median Kentucky Tax Bill

$1,031

Median United States Tax Bill

$2,400

Property Tax Bills Across Somerset, Pulaski County, Kentucky

Zip	10th Percentile	25th Percentile	Median Tax Bill	75th Percentile	90th Percentile
42501	$16	$60	$358	$837	$1,409
42503	$52	$123	$720	$1,288	$2,012
42502	N/A	N/A	N/A	N/A	N/A

Source: Ownwell