Firebrick, Kentucky Property Taxes
The median property tax rate in Firebrick, KY is 1.11%, higher than both the national median of 0.99% and the Kentucky state median of 1.02%. With a median home value of $39,000 in Firebrick, the typical annual property tax bill reaches $404, which is significantly lower than the national median of $2,690. Property taxes in Firebrick are calculated based on the tax assessed value, often lower than the market value due to various exemptions like primary residence and agricultural exemptions. Understanding Firebrick'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 Firebrick 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
Firebrick, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.11%
Estimate Property Tax Bill
$433
Ownwell’s FIREBRICK Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in FIREBRICK with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in FIREBRICK 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 Firebrick, Kentucky
Property taxes in Firebrick, Kentucky, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Firebrick is 1.11%, higher than both the Kentucky state median and the U.S. national median of 0.99%. Local government entities within Firebrick set these rates annually, and they can vary significantly across different neighborhoods. Each year, Firebrick 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 Firebrick's effective property tax rate to other counties in Kentucky and the national median. For comparison, the 41174 zip code has the highest median property tax rate of 1.11%, while the same zip code also holds the lowest median tax rate of 1.11%. Understanding how these cities compare with Firebrick provides valuable insights into the varying tax landscape across Lewis County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Firebrick Tax Rate
1.11%
Average Lewis County Tax Rate
1.02%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Firebrick, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41174 | 1.05% | 1.11% | 1.11% | 1.11% | 1.11% |
Source: Ownwell
Property Tax Assessment Values Across Firebrick, Kentucky
In Firebrick, 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 Lewis 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 Firebrick, 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. For instance, the median home price in Firebrick is $39,000, with tax bills ranging from $389 at the 25th percentile to $607 at the 90th percentile. The zip code 41174 has the highest and lowest median tax bill, both at $404. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and comprehend how their property taxes are determined. This awareness helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Firebrick Assessed Value
$39,000
Average Lewis County Assessed Value
$28,800
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Firebrick, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41174 | $32,000 | $35,000 | $39,000 | $40,000 | $55,000 |
Source: Ownwell
Property Tax Bills Across Firebrick, Kentucky
In Firebrick, KY, located in Lewis County, property tax bills are calculated based on the assessed value of a property. This value is determined by the local tax assessor and reflects the market value of the property. Homeowners in Firebrick can expect their tax bills to fall within a range, with the 25th percentile at $389 and the 75th percentile at $433. For those at the higher end, the 90th percentile tax bill reaches $607. The median home price in Firebrick is $39,000, significantly lower than the national median. This lower home price contributes to relatively modest property tax bills compared to other regions. However, these taxes still play a crucial role in funding local services such as schools, infrastructure, and emergency services. Homeowners should be aware that even minor changes in the assessed value of their property can impact their annual tax bill, making it essential to stay informed about local property assessments and any available exemptions.
Average Firebrick Tax Bill
$404
Average Lewis County Tax Bill
$218
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Firebrick, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41174 | $356 | $389 | $404 | $433 | $607 |
Source: Ownwell