Booneville, Kentucky Property Taxes
The median property tax rate in Booneville, KY is 1.37%, which is considerably higher than both the national median of 0.99% and the Kentucky state median of 1.02%. With the median home value in Booneville at $20,000, the typical annual property tax bill reaches $138, significantly lower than the national median of $2,690. Property taxes in Booneville are calculated based on the assessed value, which often falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Booneville'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 Booneville or another part of the city, comprehending the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Booneville, 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 Booneville Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Booneville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Booneville 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 Booneville, Kentucky
Property taxes in Booneville, Kentucky, are essential in funding vital local services such as public schools, road maintenance, and emergency services. The median tax rate in Booneville is 0.74%, significantly lower than both the Kentucky state median of 0.83% and the U.S. national median of 0.99%. Local government entities within Booneville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Booneville 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 Booneville's effective property tax rate to other counties in Kentucky and the national median. For comparison, the 41314 zip code in Breathitt County has the highest median property tax rate of 0.74%, while the lowest median tax rate is also 0.74% in the same zip code. Understanding how these cities compare with Booneville provides valuable insights into the varying tax landscape across Owsley County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Booneville Tax Rate
1.37%
Average Breathitt County Tax Rate
1.37%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Booneville, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41314 | 0.34% | 1.37% | 1.37% | 1.37% | 1.38% |
Source: Ownwell
Property Tax Assessment Values Across Booneville, Kentucky
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Booneville, Kentucky. 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 Breathitt 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 Booneville, 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. The median home price in Booneville is $20,000, with tax bills ranging from $69 at the 25th percentile to $867 at the 90th percentile. The highest and lowest median tax bills are both $138 in the 41314 zip code. 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 Booneville Assessed Value
$20,000
Average Breathitt County Assessed Value
$25,538
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Booneville, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41314 | $3,000 | $5,560 | $20,000 | $42,144 | $66,239 |
Source: Ownwell
Property Tax Bills Across Booneville, Kentucky
In Booneville, located in Breathitt County, KY, property tax bills are calculated based on the assessed value of a home. The assessed value is determined by the local tax assessor and reflects the market value of the property. Homeowners in Booneville experience a range of property tax bills, with the 25th percentile paying around $69 annually, while the 75th percentile faces a tax bill of approximately $465. For those in the 90th percentile, the tax bill can reach as high as $867 per year. The median home price in Booneville is $20,000, which significantly influences the overall tax bill. Compared to the national median property tax rate of 0.99%, Booneville's property tax rates are relatively low, offering some financial relief to homeowners. The highest and lowest median tax bills in the area are both $138, located in the 41314 zip code. These factors combine to create a property tax environment that affects homeowners differently based on their property's assessed value.
Average Booneville Tax Bill
$138
Average Breathitt County Tax Bill
$188
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Booneville, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41314 | $21 | $69 | $138 | $465 | $867 |
Source: Ownwell