Union Star, Kentucky Property Taxes
The median property tax rate in Union Star, KY is 0.93%, slightly lower than the national median of 0.99% and the Kentucky state median of 1.02%. With a median home value of $74,500 in Union Star, the typical annual property tax bill is $392, significantly below the national median of $2,690. Property taxes in Union Star are calculated based on the assessed value, often lower than market value due to exemptions like primary residence and agricultural exemptions. Understanding Union Star'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 Union Star 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
Union Star, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.93%
Estimate Property Tax Bill
$693
Ownwell’s Union Star Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Union Star with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Union Star 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 Union Star, Kentucky
Property taxes in Union Star, Kentucky, are essential for funding vital local services such as public schools, road maintenance, and emergency services. The median tax rate in Union Star is 0.93%, slightly lower than the U.S. national median of 0.99%. Local government entities within Union Star set these rates annually, and they can vary across different neighborhoods. Each year, Union Star 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 Union Star's effective property tax rate to other areas in Kentucky and the national median. For comparison, the zip code 40171 has the same median property tax rate of 0.93%. Understanding how these areas compare with Union Star provides valuable insights into the varying tax landscape across Breckinridge County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Union Star Tax Rate
0.93%
Average Breckinridge County Tax Rate
0.96%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Union Star, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40171 | 0.25% | 0.40% | 0.92% | 1.14% | 1.73% |
Source: Ownwell
Property Tax Assessment Values Across Union Star, Kentucky
In Union Star, 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 Breckinridge County Property Valuation Administrator 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 in Union Star 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 Union Star helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest and lowest median tax bill is 40171, with a median tax bill of $392.
Average Union Star Assessed Value
$74,500
Average Breckinridge County Assessed Value
$64,000
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Union Star, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40171 | $4,000 | $15,000 | $74,500 | $143,000 | $247,800 |
Source: Ownwell
Property Tax Bills Across Union Star, Kentucky
In Union Star, KY, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. This assessed value is then multiplied by the local tax rate to compute the annual tax bill. The median home price in Union Star is $74,500, and the property tax rate in Breckinridge County is relatively moderate compared to the national median property tax rate of 0.99%. Factors such as the size of the property, location, and any applicable exemptions influence the final tax bill. For example, the 25th percentile tax bill is $143, while the 75th percentile tax bill reaches $892, indicating variability based on property characteristics. Homeowners in Union Star experience a range of tax bills, with the highest median tax bill recorded at $392. These property taxes fund essential public services like schools, infrastructure, and emergency services, directly impacting the quality of life in the community. Understanding these factors helps homeowners anticipate their annual expenses and plan accordingly.
Average Union Star Tax Bill
$392
Average Breckinridge County Tax Bill
$536
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Union Star, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40171 | $85 | $143 | $392 | $892 | $1,292 |
Source: Ownwell