Warbranch, Kentucky Property Taxes
The median property tax rate in Warbranch, 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 Warbranch, the typical annual property tax bill reaches $211, which is significantly lower than the national median of $2,690. Property taxes in Warbranch 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 Warbranch'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 Warbranch 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
Warbranch, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.4%
Estimate Property Tax Bill
$280
Ownwell’s Warbranch Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Warbranch with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Warbranch 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 Warbranch, Kentucky
Property taxes in Warbranch, Kentucky, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Warbranch is 1.40%, significantly higher than both the Kentucky state median and the U.S. national median of 0.99%. Local government entities within Warbranch set these rates annually, and they can vary significantly across different neighborhoods. Each year, Warbranch 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 Warbranch's effective property tax rate to other counties in Kentucky and the national median. For comparison, the 40874 zip code has the highest median property tax rate of 1.40%, while the 40874 zip code also has the lowest median tax rate of 1.40%. Understanding how these cities compare with Warbranch 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 Warbranch 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 Warbranch, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40874 | 0.40% | 1.40% | 1.40% | 1.40% | 1.40% |
Source: Ownwell
Property Tax Assessment Values Across Warbranch, Kentucky
In Warbranch, 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. Assessment notices in Warbranch 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 Warbranch helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the highest and lowest median tax bills in Warbranch are both $211.00, found in zip code 40874.
Average Warbranch Assessed Value
$20,000
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 Warbranch, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40874 | $3,080 | $7,200 | $20,000 | $41,500 | $56,000 |
Source: Ownwell
Property Tax Bills Across Warbranch, Kentucky
In Warbranch, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. With a median home price of $20,000, the assessed value determines the amount homeowners owe in taxes. Various factors influence the tax bill, including local tax rates and any applicable exemptions or deductions. The tax bill in Warbranch can vary significantly. For instance, homeowners at the 25th percentile pay around $81, while those at the 75th percentile see bills close to $442. At the 90th percentile, the tax bill can reach up to $671. These variations reflect differences in property values and possibly the application of different exemptions or deductions. Compared to the national median property tax rate of 0.99%, the tax rates in Warbranch can be considered relatively low. This lower tax burden can be beneficial for homeowners, making housing more affordable and potentially increasing disposable income. However, it's essential for property owners to stay informed about changes in property assessments and tax rates to manage their financial planning effectively.
Average Warbranch 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 Warbranch, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40874 | $44 | $81 | $211 | $442 | $671 |
Source: Ownwell