Flemingsburg, Kentucky Property Taxes
The median property tax rate in Flemingsburg, KY is 1.00%, slightly higher than the national median of 0.99% but lower than the Kentucky state median of 1.02%. With a median home value of $76,250, the typical annual property tax bill in Flemingsburg amounts to $638, which is significantly below the national median of $2,690. Property taxes in Flemingsburg 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 Flemingsburg'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 Flemingsburg 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
Flemingsburg, 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 Flemingsburg Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Flemingsburg with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Flemingsburg 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 Flemingsburg, Kentucky
Property taxes in Flemingsburg, Kentucky, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Flemingsburg is 0.67%, significantly lower than both the Kentucky state median of 0.83% and the U.S. national median of 0.99%. Local government entities within Flemingsburg set these rates annually, and they can vary significantly across different neighborhoods. Each year, Flemingsburg 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 Flemingsburg's effective property tax rate to other counties in Kentucky and the national median. For comparison, the highest median property tax rate in the county is 0.67%, while the lowest median tax rate is also 0.67%. Understanding how these cities compare with Flemingsburg provides valuable insights into the varying tax landscape across Fleming County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Flemingsburg Tax Rate
1.00%
Average Fleming County Tax Rate
1.00%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Flemingsburg, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41041 | 0.32% | 0.57% | 1.00% | 1.00% | 1.00% |
Source: Ownwell
Property Tax Assessment Values Across Flemingsburg, Kentucky
In Flemingsburg, 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 Fleming 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 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 Flemingsburg helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest median tax bill is 41041, with a value of $638.00.
Average Flemingsburg Assessed Value
$76,250
Average Fleming County Assessed Value
$78,000
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Flemingsburg, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41041 | $20,000 | $40,100 | $76,250 | $150,000 | $250,000 |
Source: Ownwell
Property Tax Bills Across Flemingsburg, Kentucky
In Flemingsburg, KY, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor's office. This assessed value is then multiplied by the local tax rate to determine the annual tax bill. Factors such as property size, location, and improvements can influence the assessed value. For homeowners in Flemingsburg, the median home price is $76,250. Property tax bills can vary significantly, with the 25th percentile at $301 and the 75th percentile at $1,186, indicating a range of tax burdens across different properties. The highest median tax bill in the area is $638, which is below the national median property tax rate of 0.99%. Understanding these factors helps homeowners anticipate their tax obligations and budget accordingly. Lower tax bills can make homeownership more affordable, while higher bills may impact monthly expenses and long-term financial planning.
Average Flemingsburg Tax Bill
$638
Average Fleming County Tax Bill
$620
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Flemingsburg, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41041 | $137 | $301 | $638 | $1,186 | $1,840 |
Source: Ownwell