Bee Spring, Kentucky Property Taxes
The median property tax rate in Bee Spring, KY is 0.91%, which is lower than both the national median of 0.99% and the Kentucky state median of 1.02%. With a median home value of $86,000 in Bee Spring, the typical annual property tax bill amounts to $689, significantly less than the national median of $2,690. Property taxes in Bee Spring are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Bee Spring's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Bee Spring or another part of Edmonson County, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Bee Spring, 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 BEE SPRING Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in BEE SPRING with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in BEE SPRING 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 Bee Spring, Kentucky
Property taxes in Bee Spring, Kentucky, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Bee Spring is 0.66%, which is lower than both the Kentucky state median of 0.83% and the U.S. national median of 0.99%. Local government entities within Bee Spring set these rates annually, and they can vary significantly across different neighborhoods. Each year, Bee Spring 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 Bee Spring's effective property tax rate to other counties in Kentucky and the national median. For comparison, the 42207 zip code has the highest median property tax rate of 0.66%, while the same zip code also has the lowest median tax rate of 0.66%. Understanding how these cities compare with Bee Spring provides valuable insights into the varying tax landscape across Edmonson County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Bee Spring Tax Rate
0.91%
Average Edmonson County Tax Rate
0.91%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Bee Spring, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42207 | 0.30% | 0.89% | 0.91% | 0.94% | 1.00% |
Source: Ownwell
Property Tax Assessment Values Across Bee Spring, Kentucky
In Bee Spring, 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 Edmonson 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 Bee Spring, 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 is $86,000, with tax bills ranging from $298 at the 25th percentile to $2,522 at the 90th percentile. The highest and lowest median tax bill in the area is $689, both found in the zip code 42207. By understanding 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 Bee Spring helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Bee Spring Assessed Value
$86,000
Average Edmonson County Assessed Value
$80,500
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Bee Spring, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42207 | $22,000 | $46,375 | $86,000 | $166,688 | $279,090 |
Source: Ownwell
Property Tax Bills Across Bee Spring, Kentucky
In Bee Spring, located in Edmonson County, KY, property tax bills are calculated based on the assessed value of a home. The local tax rate is then applied to this assessed value to determine the annual tax bill. For instance, with a median home price of $86,000, the tax bill can vary significantly. Homeowners in the 25th percentile can expect a tax bill around $298, while those in the 75th percentile might see bills as high as $1,414. At the 90th percentile, tax bills can reach up to $2,522. Several factors influence these variations, including property size, location, and any applicable exemptions. Compared to the national median property tax rate of 0.99%, Bee Spring's rates reflect the local economic conditions and governance. These property taxes fund essential community services like schools, public safety, and infrastructure, directly impacting homeowners' financial planning and the overall quality of life in the area. Understanding these factors can help homeowners anticipate and manage their property tax liabilities effectively.
Average Bee Spring Tax Bill
$689
Average Edmonson County Tax Bill
$643
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Bee Spring, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42207 | $107 | $298 | $689 | $1,414 | $2,522 |
Source: Ownwell