Bear Branch, Kentucky Property Taxes
The median property tax rate in Bear Branch, KY is 1.40%, considerably higher than both the national median of 0.99% and the Kentucky state median of 1.02%. With the median home value in Bear Branch at $20,500, the typical annual property tax bill reaches $225, which is significantly lower than the national median of $2,690. Property taxes in Bear Branch 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 Bear Branch'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 Bear Branch 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
Bear Branch, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.4%
Estimate Property Tax Bill
$287
Ownwell’s Bear Branch Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Bear Branch with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Bear Branch 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 Bear Branch, Kentucky
Property taxes in Bear Branch, Kentucky, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Bear Branch is 1.40%, significantly higher than the U.S. national median of 0.99%. Local government entities within Bear Branch set these rates annually, and they can vary significantly across different neighborhoods. Each year, Bear Branch 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 Bear Branch's effective property tax rate to other counties in Kentucky and the national median. For comparison, the 41714 zip code has the highest median property tax rate of 1.40%, while the 41714 zip code also has the lowest median tax rate of 1.40%. Understanding how these cities compare with Bear Branch provides valuable insights into the varying tax landscape across Leslie County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Bear Branch Tax Rate
1.40%
Average Leslie County Tax Rate
1.40%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Bear Branch, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41714 | 0.82% | 1.40% | 1.40% | 1.40% | 1.40% |
Source: Ownwell
Property Tax Assessment Values Across Bear Branch, Kentucky
In Bear Branch, 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 Leslie 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 Bear Branch, 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 Bear Branch helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Bear Branch is $225.00, found in zip code 41714, which is also the lowest median tax bill.
Average Bear Branch Assessed Value
$20,500
Average Leslie County Assessed Value
$28,300
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Bear Branch, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41714 | $1,010 | $5,100 | $20,500 | $38,500 | $52,400 |
Source: Ownwell
Property Tax Bills Across Bear Branch, Kentucky
In Bear Branch, Kentucky, property tax bills are calculated based on the assessed value of the property, which is determined by the local tax assessor. The assessed value is then multiplied by the local tax rate to determine the tax bill. Factors such as property size, location, and market conditions play a significant role in determining the assessed value. For homeowners in Bear Branch, the median home price is $20,500. The tax bill can vary widely, with the 25th percentile tax bill at $70 and the 75th percentile reaching $536. The highest median tax bill in Leslie County, where Bear Branch is located, stands at $225. This variation means that while some homeowners may face relatively low property tax bills, others could see significantly higher amounts. Compared to the national median property tax rate of 0.99%, Bear Branch's tax rates can be seen as more favorable for many homeowners, potentially making it a more attractive location for property investment.
Average Bear Branch Tax Bill
$225
Average Leslie County Tax Bill
$267
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Bear Branch, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41714 | $25 | $70 | $225 | $536 | $670 |
Source: Ownwell