Busy, Kentucky Property Taxes
The median property tax rate in BUSY, 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 BUSY, the typical annual property tax bill reaches $211, which is significantly lower than the national median of $2,690. Property taxes in BUSY 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 BUSY'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 BUSY 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
Busy, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.4%
Estimate Property Tax Bill
$384
Ownwell’s BUSY Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in BUSY with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in BUSY 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 Busy, Kentucky
Property taxes in Busy, Kentucky, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Busy is 1.40%, significantly higher than both the Kentucky state median and the U.S. national median of 0.99%. Local government entities within Busy set these rates annually, and they can vary significantly across different neighborhoods. Each year, Busy 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 Busy's effective property tax rate to other counties in Kentucky and the national median. For comparison, the 41723 zip code has the highest median property tax rate of 1.40%, while the same zip code also has the lowest median tax rate of 1.40%. Understanding how these cities compare with Busy 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 Busy 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 Busy, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41723 | 0.14% | 0.96% | 1.40% | 1.40% | 1.40% |
Source: Ownwell
Property Tax Assessment Values Across Busy, Kentucky
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Busy, Kentucky. 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 Busy, 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. For example, the highest median tax bill in Busy is $211.00 in the zip code 41723, which is also the lowest median tax bill. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Busy Assessed Value
$27,400
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 Busy, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41723 | $3,405 | $10,625 | $27,400 | $37,750 | $66,225 |
Source: Ownwell
Property Tax Bills Across Busy, Kentucky
In BUSY, property tax bills are calculated based on the assessed value of the property, which is determined by the local assessor's office in Leslie County. The assessed value is a percentage of the market value of the home, and this figure is then multiplied by the local tax rate to determine the annual tax bill. For homeowners in BUSY, the median home price is $27,400, which can lead to varying tax bills depending on the precise assessed value and applicable exemptions. Several factors influence the tax bill, including the property's location, size, and any improvements made. Homeowners in BUSY can expect tax bills to range significantly, with the 25th percentile at $63 and the 90th percentile reaching up to $692. This variation highlights the impact of property characteristics and local tax rates on the final amount. Compared to the national median property tax rate of 0.99%, BUSY's tax rates can be relatively modest, providing some financial relief to homeowners in the area.
Average Busy Tax Bill
$211
Average Leslie County Tax Bill
$267
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Busy, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41723 | $11 | $63 | $211 | $443 | $692 |
Source: Ownwell