Burlington, Kentucky Property Taxes
The median property tax rate in Burlington, KY is 1.14%, notably higher than both the national median of 0.99% and the Kentucky state median of 1.02%. With the median home value in Burlington, the typical annual property tax bill reaches $2,187, which is below the national median of $2,690. Property taxes in Burlington are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Burlington'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 Burlington 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
Burlington, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.14%
Estimate Property Tax Bill
$2,280
Ownwell’s Burlington Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Burlington with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Burlington 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 Burlington, Kentucky
Property taxes in Burlington, Kentucky, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Burlington is 1.14%, higher than the U.S. national median of 0.99%. Local government entities within Burlington set these rates annually, and they can vary significantly across different neighborhoods. Each year, Burlington 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 Burlington's effective property tax rate to other counties in Kentucky and the national median. For comparison, the 41005 zip code has the highest median property tax rate of 1.14%, while the 41005 zip code also has the lowest median tax rate of 1.14%. Understanding how these cities compare with Burlington provides valuable insights into the varying tax landscape across Boone County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Burlington Tax Rate
1.14%
Average Boone County Tax Rate
1.12%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Burlington, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41005 | 0.87% | 1.01% | 1.14% | 1.15% | 1.17% |
Source: Ownwell
Property Tax Assessment Values Across Burlington, Kentucky
In Burlington, 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 Boone 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 Burlington, 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. For instance, the median home price in Burlington is $200,000, with tax bills ranging from $1,618 at the 25th percentile to $3,342 at the 90th percentile. The zip code 41005 has both the highest and lowest median tax bill at $2,187. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Burlington Assessed Value
$200,000
Average Boone County Assessed Value
$200,000
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Burlington, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41005 | $101,000 | $151,400 | $200,000 | $248,500 | $304,260 |
Source: Ownwell
Property Tax Bills Across Burlington, Kentucky
In Burlington, 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 $200,000. Once the assessed value is established, the local tax rate is applied to calculate the annual tax bill. For homeowners in Burlington, the tax bills can vary significantly. The 25th percentile tax bill is $1,618, while the 75th percentile reaches $2,728, and the 90th percentile can go up to $3,342. These tax bills are influenced by several factors, including the home's market value, any applicable exemptions, and the specific tax rate set by Boone County. Homeowners in Burlington should be aware that their property tax bills may differ from the national median property tax rate of 0.99%. Understanding these factors is crucial for homeowners as it directly affects their annual financial planning and the overall affordability of their property.
Average Burlington Tax Bill
$2,187
Average Boone County Tax Bill
$2,154
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Burlington, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41005 | $1,021 | $1,618 | $2,187 | $2,728 | $3,342 |
Source: Ownwell