Boons Camp, Kentucky Property Taxes
The median property tax rate in Boons Camp, KY is 1.01%, slightly higher than the national median of 0.99% but just below the Kentucky state median of 1.02%. With a median home value of $39,000 in Boons Camp, the typical annual property tax bill is around $190, significantly lower than the national median of $2,690. Property taxes in Boons Camp are calculated based on the tax assessed value, which is often lower than the market value due to exemptions like primary residence and agricultural exemptions. Understanding Boons Camp'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 Boons Camp or another part of Johnson County, being well-versed in the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Boons Camp, Kentucky Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
1.02%
Estimate Property Tax Bill
$2,040
Ownwell’s Boons Camp Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Boons Camp with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Boons Camp 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 Boons Camp, Kentucky
Property taxes in Boons Camp, Kentucky, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Boons Camp is 1.01%, slightly higher than the U.S. national median of 0.99%. Local government entities within Boons Camp set these rates annually, and they can vary significantly across different neighborhoods. Each year, Boons Camp 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 Boons Camp's effective property tax rate to other areas in Kentucky and the national median. For comparison, the 41204 zip code has the highest median property tax rate of 1.01%, while the same zip code also has the lowest median tax rate of 1.01%. Understanding how these areas compare with Boons Camp provides valuable insights into the varying tax landscape across Johnson County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Boons Camp Tax Rate
1.01%
Average Johnson County Tax Rate
1.01%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Boons Camp, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41204 | 0.12% | 0.40% | 1.01% | 1.08% | 1.39% |
Source: Ownwell
Property Tax Assessment Values Across Boons Camp, Kentucky
In Boons Camp, 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 Johnson 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 Boons Camp, 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 Boons Camp helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Boons Camp is $39,000, with the highest median tax bill recorded at $190 in zip code 41204.
Average Boons Camp Assessed Value
$39,000
Average Johnson County Assessed Value
$56,700
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Boons Camp, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41204 | $4,000 | $15,500 | $39,000 | $64,250 | $105,000 |
Source: Ownwell
Property Tax Bills Across Boons Camp, Kentucky
In Boons Camp, property tax bills are calculated based on the assessed value of a home, not its market value. The median home price in this area is $39,000. Property tax rates are applied to this assessed value to determine the annual tax bill. Factors such as local tax rates and any applicable exemptions play a significant role in the final amount homeowners owe. For example, the 25th percentile tax bill is $73, while the 75th percentile tax bill is $458, and the 90th percentile tax bill can reach up to $740. These figures illustrate the range of property tax liabilities faced by homeowners. The median tax bill, both highest and lowest, stands at $190 in the zip code 41204, which is relatively low compared to the national median property tax rate of 0.99%. This means that homeowners in Boons Camp generally experience lower property tax burdens, making it a more affordable area in terms of property taxes.
Average Boons Camp Tax Bill
$190
Average Johnson County Tax Bill
$379
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Boons Camp, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41204 | $31 | $73 | $190 | $458 | $740 |
Source: Ownwell