Frankfort, Kentucky Property Taxes
The median property tax rate in Frankfort, KY is 1.20%, higher than both the national median of 0.99% and Kentucky's state median of 1.02%. With the median home value in Frankfort at $129,000, the typical annual property tax bill amounts to $1,314, surpassing the national median of $2,690. Property taxes in Frankfort are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like primary residence and agricultural exemptions. Understanding Frankfort'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 Frankfort 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
Frankfort, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.2%
Estimate Property Tax Bill
$1,548
Ownwell’s Frankfort Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Frankfort with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Frankfort 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 Frankfort, Kentucky
Property taxes in Frankfort, Kentucky, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Frankfort is 1.20%, significantly higher than the U.S. national median of 0.99%. Local government entities within Frankfort set these rates annually, and they can vary significantly across different neighborhoods. Each year, Frankfort 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 Frankfort's effective property tax rate to other counties in Kentucky and the national median. For comparison, the zip code 40601 has both the highest and lowest median property tax rate of 1.20%. Understanding how these cities compare with Frankfort provides valuable insights into the varying tax landscape across Franklin County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Frankfort Tax Rate
1.20%
Average Franklin County Tax Rate
1.20%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Frankfort, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40601 | 0.47% | 0.83% | 1.20% | 1.20% | 1.20% |
Source: Ownwell
Property Tax Assessment Values Across Frankfort, Kentucky
In Frankfort, 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 Franklin 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. 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 Frankfort helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Frankfort is $129,000, with tax bills ranging from $796 at the 25th percentile to $2,868 at the 90th percentile. The zip code 40601 has the highest and lowest median tax bill at $1,314.
Average Frankfort Assessed Value
$129,000
Average Franklin County Assessed Value
$129,000
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Frankfort, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40601 | $55,812 | $93,000 | $129,000 | $177,000 | $255,000 |
Source: Ownwell
Property Tax Bills Across Frankfort, Kentucky
In Frankfort, KY, within Franklin County, property tax bills are calculated based on the assessed value of a home, which is determined by local tax assessors. The assessed value is then multiplied by the local property tax rate to determine the annual tax bill. For example, with a median home price of $129,000, homeowners can expect a range of tax bills. At the 25th percentile, the tax bill is around $796, while at the 75th percentile, it rises to approximately $1,914. For those at the 90th percentile, the tax bill can reach as high as $2,868. This variability in tax bills reflects differences in property values and the specific tax rates applied. The highest and lowest median tax bills in the area are both $1,314, indicating a consistent tax rate across different properties. Compared to the national median property tax rate of 0.99%, Frankfort's rates can have a significant impact on homeowners, influencing their annual financial planning and overall cost of homeownership.
Average Frankfort Tax Bill
$1,314
Average Franklin County Tax Bill
$1,314
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Frankfort, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40601 | $362 | $796 | $1,314 | $1,914 | $2,868 |
Source: Ownwell