Fancy Farm, Kentucky Property Taxes
The median property tax rate in Fancy Farm, KY is 1.04%, slightly higher than both the national median of 0.99% and Kentucky's state median of 1.02%. With a median home value of $64,000 in Fancy Farm, the typical annual property tax bill amounts to $577, which is significantly lower than the national median of $2,690. Property taxes in Fancy Farm are calculated based on the assessed value, which often falls below the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Fancy Farm'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 Fancy Farm 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
Fancy Farm, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.04%
Estimate Property Tax Bill
$666
Ownwell’s Fancy Farm Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Fancy Farm with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Fancy Farm 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 Fancy Farm, Kentucky
Property taxes in Fancy Farm, Kentucky, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Fancy Farm is 1.04%, higher than the U.S. national median of 0.99%. Local government entities within Fancy Farm set these rates annually, and they can vary significantly across different neighborhoods. Each year, Fancy Farm 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 Fancy Farm's effective property tax rate to other counties in Kentucky and the national median. For comparison, the 42039 zip code has both the highest and lowest median property tax rate of 1.04%. Understanding how these cities compare with Fancy Farm provides valuable insights into the varying tax landscape across Hickman County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Fancy Farm Tax Rate
1.04%
Average Hickman County Tax Rate
1.04%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Fancy Farm, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42039 | 0.48% | 0.93% | 1.04% | 1.15% | 1.45% |
Source: Ownwell
Property Tax Assessment Values Across Fancy Farm, Kentucky
In Fancy Farm, 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 Fancy Farm, 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 Fancy Farm helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Fancy Farm is $64,000, with median tax bills ranging from $269 at the 25th percentile to $1,938 at the 90th percentile.
Average Fancy Farm Assessed Value
$64,000
Average Hickman County Assessed Value
$50,000
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Fancy Farm, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42039 | $11,000 | $28,500 | $64,000 | $116,500 | $190,000 |
Source: Ownwell
Property Tax Bills Across Fancy Farm, Kentucky
In Fancy Farm, Kentucky, property tax bills are calculated based on the assessed value of a home, which is determined by the local county assessor. The assessed value is a percentage of the market value, reflecting the property's worth in the current real estate market. Homeowners in Fancy Farm can expect varying tax bills, with the 25th percentile at $269 and the 75th percentile reaching $1,140. At the 90th percentile, tax bills can go up to $1,938. Several factors influence these tax bills, including property size, location, and any improvements made to the home. The local tax rate is applied to the assessed value, resulting in the final tax bill. For comparison, the national median property tax rate is 0.99%, making it essential for homeowners to understand their specific rates and how they stack up against national figures. Higher tax bills can affect homeowners by increasing their annual expenses, while lower bills can offer some financial relief.
Average Fancy Farm Tax Bill
$577
Average Hickman County Tax Bill
$412
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Fancy Farm, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42039 | $135 | $269 | $577 | $1,140 | $1,938 |
Source: Ownwell