East Bernstadt, Kentucky Property Taxes
The median property tax rate in East Bernstadt, KY is 0.79%, which is notably lower than both the national median of 0.99% and the Kentucky state median of 1.02%. With the median home value in East Bernstadt at $40,000, the typical annual property tax bill amounts to $237, significantly below the national median of $2,690. Property taxes in East Bernstadt are based on the tax assessed value, which often falls below the market value due to exemptions such as those for primary residences and agricultural properties. Understanding East Bernstadt'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 East Bernstadt 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
East Bernstadt, 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 EAST BERNSTADT Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in EAST BERNSTADT with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in EAST BERNSTADT 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 East Bernstadt, Kentucky
Property taxes in East Bernstadt, Kentucky, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in East Bernstadt is 0.79%, lower than both the Kentucky state median and the U.S. national median of 0.99%. Local government entities within East Bernstadt set these rates annually, and they can vary significantly across different neighborhoods. Each year, East Bernstadt 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 East Bernstadt's effective property tax rate to other counties in Kentucky and the national median. For comparison, the 40729 zip code has the highest median property tax rate of 0.79%, while the 40729 zip code also has the lowest median tax rate of 0.79%. Understanding how these cities compare with East Bernstadt provides valuable insights into the varying tax landscape across Laurel County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average East Bernstadt Tax Rate
0.79%
Average Laurel County Tax Rate
0.79%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across East Bernstadt, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40729 | 0.38% | 0.79% | 0.79% | 0.79% | 0.79% |
Source: Ownwell
Property Tax Assessment Values Across East Bernstadt, Kentucky
In East Bernstadt, 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 Laurel 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 East Bernstadt, 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 East Bernstadt helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 40729 in East Bernstadt has the highest and lowest median tax bill at $237.
Average East Bernstadt Assessed Value
$40,000
Average Laurel County Assessed Value
$60,000
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across East Bernstadt, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40729 | $5,000 | $11,000 | $40,000 | $90,000 | $156,340 |
Source: Ownwell
Property Tax Bills Across East Bernstadt, Kentucky
In East Bernstadt, KY, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. The median home price in this area is $40,000. Property tax rates are applied to this assessed value to determine the annual tax bill. Various factors, such as the property's location within Laurel County and any applicable exemptions, influence the final amount. Homeowners in East Bernstadt typically see tax bills ranging from $72 at the 25th percentile to $618 at the 75th percentile, with the 90th percentile reaching up to $1,186. The highest median tax bill recorded in the area is $237.00 in the 40729 zip code. Compared to the national median property tax rate of 0.99%, East Bernstadt’s rates can be considered relatively low, offering some financial relief to homeowners. Understanding these factors can help residents anticipate their property tax obligations and manage their finances more effectively.
Average East Bernstadt Tax Bill
$237
Average Laurel County Tax Bill
$396
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across East Bernstadt, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40729 | $32 | $72 | $237 | $618 | $1,186 |
Source: Ownwell