Flatwoods, Kentucky Property Taxes
The median property tax rate in Flatwoods, KY is 1.58%, considerably higher than both the national median of 0.99% and the Kentucky state median of 1.02%. With the median home value in Flatwoods at $68,000, the typical annual property tax bill reaches $928, which is significantly lower than the national median of $2,690. Property taxes in Flatwoods are calculated based on the tax assessed value, typically lower than the market value due to various exemptions, such as those for primary residences and agricultural properties. Understanding Flatwoods' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Flatwoods or another part of Greenup County, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Flatwoods, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.58%
Estimate Property Tax Bill
$1,074
Ownwell’s Flatwoods Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Flatwoods with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Flatwoods 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 Greenup County for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Flatwoods, Kentucky
Property taxes in Flatwoods, Kentucky, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Flatwoods is 1.58%, significantly higher than the U.S. national median of 0.99%. Local government entities within Flatwoods set these rates annually, and they can vary significantly across different neighborhoods. Each year, Flatwoods 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 Flatwoods' effective property tax rate to other areas and the national median. For comparison, the ZIP code 41139 has the highest median property tax rate of 1.58%, while the same ZIP code also has the lowest median tax rate of 1.58%. Understanding how these cities compare with Flatwoods provides valuable insights into the varying tax landscape across Greenup County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Flatwoods Tax Rate
1.58%
Average Greenup County Tax Rate
1.58%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Flatwoods, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41139 | 0.45% | 1.02% | 1.58% | 1.58% | 1.58% |
Source: Ownwell
Property Tax Assessment Values Across Flatwoods, Kentucky
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Flatwoods, Kentucky. 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 Greenup 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. In Flatwoods, 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. For example, the zip code 41139 has the highest median tax bill at $928, while the lowest is also $928. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Flatwoods Assessed Value
$68,000
Average Greenup County Assessed Value
$65,000
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Flatwoods, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41139 | $21,028 | $44,000 | $68,000 | $110,000 | $169,750 |
Source: Ownwell
Property Tax Bills Across Flatwoods, Kentucky
In Flatwoods, KY, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. The assessed value is then multiplied by the local tax rate to determine the annual property tax bill. For instance, with a median home price of $68,000, homeowners in Flatwoods can expect varying tax bills. The 25th percentile tax bill is around $446, while the 75th percentile tax bill reaches up to $1,598, and the 90th percentile can be as high as $2,502. Factors such as property location within Greenup County, home improvements, and market conditions influence the assessed value. Compared to the national median property tax rate of 0.99%, residents in Flatwoods may find their tax rates competitive, although individual circumstances may vary. These property taxes fund essential public services like schools, emergency services, and infrastructure, directly impacting the quality of life for homeowners in the area.
Average Flatwoods Tax Bill
$928
Average Greenup County Tax Bill
$857
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Flatwoods, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41139 | $143 | $446 | $928 | $1,598 | $2,502 |
Source: Ownwell