Flemingsburg, Kentucky Property Taxes
The median property tax rate in Flemingsburg, KY is 1.11%, which is notably higher than both the national median of 0.99% and the Kentucky state median of 1.02%. With a median home value of $176,250, the typical annual property tax bill in Flemingsburg reaches $1,958, still below the national median of $2,690. Property taxes in Flemingsburg are calculated based on the tax assessed value, often lower than the market value due to various exemptions such as those for primary residences and agricultural properties. Understanding Flemingsburg'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 Flemingsburg or another part of the city, being well-versed in the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Flemingsburg, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.11%
Estimate Property Tax Bill
$1,956
Ownwell’s Flemingsburg Property Tax Bill Calculator offers homeowners, real estate investors, and potential buyers a simple way to estimate their annual property taxes in Flemingsburg with just two data points. By entering your property's estimated assessed value, the calculator uses the median tax rate in Flemingsburg to provide an estimated property tax bill. This valuable tool helps you understand your potential tax liabilities. For those interested in more detailed trends at the neighborhood level, additional localized information is available below. Your property’s assessed value is the value assigned by the county for property tax calculations, taking into account any applicable exemptions.
Property Tax Rates Across Flemingsburg, Kentucky
Property taxes in Flemingsburg, Kentucky, are essential for funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Flemingsburg is 0.73%, which is lower than both the Kentucky state median of 0.82% and the U.S. national median of 0.99%. Local government entities within Flemingsburg set these rates annually, and they can vary significantly across different neighborhoods. Each year, Flemingsburg 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 Flemingsburg's effective property tax rate to other counties in Kentucky and the national median. For comparison, the 41041 zip code has the highest median property tax rate of 0.73%, while the same zip code also has the lowest median tax rate of 0.73%. Understanding how these cities compare with Flemingsburg 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 Flemingsburg 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 Flemingsburg, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41041 | 1.11% | 1.11% | 1.11% | 1.11% | 1.11% |
Source: Ownwell
Property Tax Assessment Values Across Flemingsburg, Kentucky
In Flemingsburg, 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 Flemingsburg, 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 Flemingsburg helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Flemingsburg is $176,250, with annual tax bills ranging from $957 at the 25th percentile to $2,937 at the 90th percentile. The highest and lowest median tax bill is $1,958, both found in the 41041 zip code.
Average Flemingsburg Assessed Value
$176,250
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 Flemingsburg, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41041 | $28,550 | $86,125 | $176,250 | $210,425 | $264,350 |
Source: Ownwell
Property Tax Bills Across Flemingsburg, Kentucky
In Flemingsburg, located in Lewis County, KY, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. This assessed value is then multiplied by the local tax rate to determine the annual property tax bill. For example, with a median home price of $176,250, homeowners can expect varying tax bills. The tax bill at the 25th percentile is around $957, while at the 75th percentile, it rises to approximately $2,338. The highest median tax bill in the area is $1,958, which is consistent across the zip code 41041. These tax bills can significantly impact homeowners, influencing their overall cost of living and potentially their decision to buy or sell property. Compared to the national median property tax rate of 0.99%, homeowners in Flemingsburg may find their tax obligations vary widely based on their property's assessed value and the local tax rate. Understanding these factors is crucial for financial planning and property investment decisions.
Average Flemingsburg Tax Bill
$1,958
Average Lewis County Tax Bill
$218
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Flemingsburg, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41041 | $317 | $957 | $1,958 | $2,338 | $2,937 |
Source: Ownwell