Austin, Kentucky Property Taxes
The median property tax rate in Austin, KY is 1.02%, right on par with the state median but higher than the national median of 0.99%. With a median home value of $80,000 in Austin, the typical annual property tax bill is $589, which is significantly lower than the national median of $2,690. Property taxes in Austin are calculated based on the tax assessed value, which is often lower than the market value due to various exemptions, such as those for primary residences and agricultural properties. Understanding Austin'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 Austin or another part of the city, gaining insights into the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Austin, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.02%
Estimate Property Tax Bill
$816
Ownwell’s Austin Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Austin with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Austin 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 Austin, Kentucky
Property taxes in Austin, Kentucky, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Austin is 1.02%, higher than both the Kentucky state median and the U.S. national median of 0.99%. Local government entities within Austin set these rates annually, and they can vary significantly across different neighborhoods. Each year, Austin 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 Austin's effective property tax rate to other counties in Kentucky and the national median. For comparison, the 42123 zip code has the highest median property tax rate of 1.02%, while the same zip code has the lowest median tax rate of 1.02%. Understanding how these cities compare with Austin provides valuable insights into the varying tax landscape across Barren County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Austin Tax Rate
1.02%
Average Barren County Tax Rate
1.04%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Austin, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42123 | 0.28% | 0.72% | 1.02% | 1.06% | 1.17% |
Source: Ownwell
Property Tax Assessment Values Across Austin, Kentucky
In Austin, 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 Barren 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 Austin, 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 instance, the median home price in Austin is $80,000, with tax bills ranging from $172 at the 25th percentile to $2,383 at the 90th percentile. The highest median tax bill is found in the 42123 zip code, amounting to $589. 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 Austin Assessed Value
$80,000
Average Barren County Assessed Value
$90,000
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Austin, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42123 | $7,500 | $20,000 | $80,000 | $185,875 | $347,500 |
Source: Ownwell
Property Tax Bills Across Austin, Kentucky
In Austin, property tax bills are calculated based on the assessed value of the property, which is determined by the local tax assessor. This assessed value is then multiplied by the property tax rate set by the local government. The median home price in Austin is $80,000, and property taxes can vary significantly depending on the home's value and location within the city. For instance, homeowners in the 25th percentile can expect a tax bill around $172, while those in the 75th percentile may see bills as high as $1,296. At the 90th percentile, property tax bills can reach up to $2,383. These variations can significantly impact homeowners, especially when considering the national median property tax rate of 0.99%. In Austin, the highest and lowest median tax bills are both $589, suggesting a relatively uniform tax rate across different areas. Understanding these factors can help homeowners better anticipate their annual tax obligations and plan their finances accordingly.
Average Austin Tax Bill
$589
Average Barren County Tax Bill
$755
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Austin, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42123 | $76 | $172 | $589 | $1,296 | $2,383 |
Source: Ownwell