Brooksville, Kentucky Property Taxes
The median property tax rate in Brooksville, KY is 1.32%, significantly higher than both the national median of 0.99% and the Kentucky state median of 1.02%. With the median home value in Brooksville at $54,100, the typical annual property tax bill reaches $559, which is well below the national median of $2,690. Property taxes in Brooksville are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Brooksville'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 Brooksville 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
Brooksville, 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 Brooksville Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Brooksville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Brooksville to estimate your property tax bill. This insightful tool helps you understand potential tax liabilities. For those 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 Bracken County for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Brooksville, Kentucky
Property taxes in Brooksville, Kentucky, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Brooksville is 1.32%, significantly higher than the U.S. national median of 0.99%. Local government entities within Brooksville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Brooksville 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 Brooksville's effective property tax rate to other counties in Kentucky and the national median. For comparison, the 41004 zip code has both the highest and lowest median property tax rate of 1.32%. Understanding how these cities compare with Brooksville provides valuable insights into the varying tax landscape across Bracken County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Brooksville Tax Rate
1.32%
Average Bracken County Tax Rate
1.32%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Brooksville, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41004 | 0.38% | 1.27% | 1.32% | 1.32% | 1.32% |
Source: Ownwell
Property Tax Assessment Values Across Brooksville, Kentucky
In Brooksville, 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 local 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. 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. Being aware of these valuation processes in Brooksville helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Brooksville is $54,100, with tax bills ranging from $237 at the 25th percentile to $1,708 at the 90th percentile. The highest and lowest median tax bills are both $559, found in the 41004 zip code.
Average Brooksville Assessed Value
$54,100
Average Bracken County Assessed Value
$55,000
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Brooksville, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41004 | $10,000 | $27,538 | $54,100 | $90,000 | $135,000 |
Source: Ownwell
Property Tax Bills Across Brooksville, Kentucky
In Brooksville, located in Bracken County, KY, property tax bills are calculated based on the assessed value of a property, which reflects its market value as determined by local assessors. The median home price in Brooksville is $54,100. Tax rates are applied to this assessed value to determine the final tax bill. For instance, the tax bill at the 25th percentile is $237, while at the 75th percentile, it rises to $1,086. Homeowners at the 90th percentile see a tax bill of $1,708. Several factors influence these calculations, including property size, location, and any applicable exemptions. Compared to the national median property tax rate of 0.99%, Brooksville's tax rates can result in varying bills, impacting homeowners differently. The highest and lowest median tax bills in Brooksville are both $559, highlighting a consistent tax environment within the zip code 41004. Understanding these factors helps homeowners anticipate their financial obligations and manage their budgets effectively.
Average Brooksville Tax Bill
$559
Average Bracken County Tax Bill
$592
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Brooksville, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41004 | $66 | $237 | $559 | $1,086 | $1,708 |
Source: Ownwell