Fulton, Kentucky Property Taxes
The median property tax rate in Fulton, KY is 0.55%, significantly lower than both the national median of 0.99% and the Kentucky state median of 1.02%. With the median home value in Fulton at $85,000, the typical annual property tax bill is $432, well below the national median of $2,690. Property taxes in Fulton are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions, such as those for primary residences and agricultural properties. Understanding Fulton'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 Fulton 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
Fulton, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.55%
Estimate Property Tax Bill
$468
Ownwell’s Fulton Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Fulton with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Fulton 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 Fulton, Kentucky
Property taxes in Fulton, Kentucky, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Fulton is 0.55%, which is lower than the U.S. national median of 0.99%. Local government entities within Fulton set these rates annually, and they can vary significantly across different neighborhoods. Each year, Fulton 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 Fulton's effective property tax rate to other counties in Kentucky and the national median. For comparison, the zip code 42041 has the highest median property tax rate of 0.55%, while the same zip code also has the lowest median tax rate of 0.55%. Understanding how these cities compare with Fulton provides valuable insights into the varying tax landscape across Graves County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Fulton Tax Rate
0.55%
Average Graves County Tax Rate
0.67%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Fulton, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42041 | 0.14% | 0.24% | 0.55% | 0.84% | 0.93% |
Source: Ownwell
Property Tax Assessment Values Across Fulton, Kentucky
In Fulton, 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 local 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 Fulton, 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 Fulton helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the area are both $432.00, all within the zip code 42041.
Average Fulton Assessed Value
$85,000
Average Graves County Assessed Value
$80,000
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Fulton, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42041 | $6,250 | $25,000 | $85,000 | $215,000 | $420,000 |
Source: Ownwell
Property Tax Bills Across Fulton, Kentucky
In Fulton, Kentucky, property tax bills are calculated based on the assessed value of a home. The local tax rate is applied to this assessed value to determine the amount owed. For example, with a median home price of $85,000, homeowners can expect their property tax bills to vary significantly. The tax bill at the 25th percentile is $151, while at the 75th percentile, it rises to $745. For those at the 90th percentile, the tax bill can be as high as $1,340. This variability is influenced by factors such as property location, home size, and local tax rates. These property taxes play a crucial role in funding community services like public schools, infrastructure, and emergency services. For homeowners, understanding how these taxes are calculated is essential for financial planning and budgeting. Compared to the national median property tax rate of 0.99%, Fulton offers a relatively affordable property tax environment, making it an attractive option for potential homeowners.
Average Fulton Tax Bill
$432
Average Graves County Tax Bill
$394
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Fulton, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42041 | $40 | $151 | $432 | $745 | $1,340 |
Source: Ownwell