Brookside, Kentucky Property Taxes
The median property tax rate in Brookside, KY is 1.35%, considerably higher than both the national median of 0.99% and the Kentucky state median of 1.02%. With the median home value in Brookside, the typical annual property tax bill reaches $240, which is significantly lower than the national median of $2,690. Property taxes in Brookside are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Brookside'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 Brookside 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
Brookside, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.35%
Estimate Property Tax Bill
$351
Ownwell’s Brookside Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Brookside with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Brookside 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 Brookside, Kentucky
Property taxes in Brookside, Kentucky, are essential in funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Brookside is 1.35%, which is significantly higher than both the Kentucky state median and the U.S. national median of 0.99%. Local government entities within Brookside set these rates annually, and they can vary significantly across different neighborhoods. Each year, Brookside 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 Brookside's effective property tax rate to other counties in Kentucky and the national median. For comparison, the 40801 zip code has the highest median property tax rate of 1.35%, while the 40801 zip code also has the lowest median tax rate of 1.35%. Understanding how these cities compare with Brookside provides valuable insights into the varying tax landscape across Harlan County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Brookside Tax Rate
1.35%
Average Harlan County Tax Rate
1.35%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Brookside, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40801 | 1.35% | 1.35% | 1.35% | 1.35% | 1.35% |
Source: Ownwell
Property Tax Assessment Values Across Brookside, Kentucky
In Brookside, 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 Harlan 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 Brookside, 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 Brookside helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Brookside are both $240, found in zip code 40801.
Average Brookside Assessed Value
$26,000
Average Harlan County Assessed Value
$35,000
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Brookside, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40801 | $6,000 | $19,250 | $26,000 | $39,300 | $39,300 |
Source: Ownwell
Property Tax Bills Across Brookside, Kentucky
In Brookside, located in Harlan County, KY, property tax bills are determined based on the assessed value of a home. The assessed value is typically a percentage of the market value, and the local tax rate is applied to this assessed value to calculate the annual tax bill. Various factors, such as property condition, location, and market trends, influence the assessed value. For homeowners in Brookside, the tax bills can vary significantly. The 25th percentile tax bill is around $143, while the 75th percentile reaches approximately $336. The 90th percentile tax bill is about $394, indicating a range in tax burdens among residents. Comparatively, the highest and lowest median tax bills in the county are both $240, demonstrating some consistency within certain areas. These property taxes are crucial for funding local services such as schools, public safety, and infrastructure. For homeowners, understanding how these taxes are calculated and the factors that influence them can help in better financial planning and potentially appealing high assessments.
Average Brookside Tax Bill
$240
Average Harlan County Tax Bill
$386
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Brookside, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40801 | $86 | $143 | $240 | $336 | $394 |
Source: Ownwell