Frankfort, Kentucky Property Taxes
The median property tax rate in Frankfort, KY is 1.21%, notably higher than both the national median of 0.99% and the Kentucky state median of 1.02%. With the median home value in Frankfort at $60,000, the typical annual property tax bill is $551, which is significantly lower than 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 the 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
1.21%
Estimate Property Tax Bill
$726
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, are essential in funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Frankfort is 1.21%, higher than both the Kentucky state median and 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 regions and the national median. For comparison, the zip code 40601 has the highest median property tax rate of 1.21%, while the same zip code also has the lowest median tax rate of 1.21%. Understanding how these figures compare with Frankfort provides valuable insights into the varying tax landscape across Henry County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Frankfort Tax Rate
1.21%
Average Henry County Tax Rate
1.15%
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 | 0.72% | 1.16% | 1.21% | 1.27% | 1.35% |
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 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 Frankfort, 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 highest and lowest median tax bills in Frankfort are both $551.00, found in the 40601 zip code.
Average Frankfort Assessed Value
$60,000
Average Henry County Assessed Value
$127,000
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 | $17,400 | $29,300 | $60,000 | $95,050 | $211,500 |
Source: Ownwell
Property Tax Bills Across Frankfort, Kentucky
In Frankfort, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. Factors such as the property's market value, location, and any improvements or renovations are considered in this assessment. The assessed value is then multiplied by the local property tax rate to determine the annual tax bill. For homeowners in Frankfort, the median home price is $60,000. Property tax bills vary significantly, with the 25th percentile at $328 and the 75th percentile at $862. At the 90th percentile, tax bills can reach up to $2,034. Comparatively, the highest median tax bill in the area is $551, which is also the lowest median tax bill, indicating a uniform tax rate within the 40601 zip code. These property taxes impact homeowners by influencing their annual housing costs and potentially affecting their long-term financial planning. Understanding how these bills are calculated can help homeowners in Frankfort budget more effectively and plan for future expenses.
Average Frankfort Tax Bill
$551
Average Henry County Tax Bill
$1,329
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 | $209 | $328 | $551 | $862 | $2,034 |
Source: Ownwell