Rockfield, Kentucky Property Taxes
The median property tax rate in Rockfield, KY is 0.89%, which is lower than both the national median of 0.99% and the Kentucky state median of 1.02%. With a median home value of $188,500 in Rockfield, the typical annual property tax bill amounts to $1,473, significantly below the national median of $2,690. Property taxes in Rockfield are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as those for primary residences and agricultural properties. Understanding Rockfield's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Rockfield 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
Rockfield, Kentucky Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
1.02%
Estimate Property Tax Bill
$2,040
Ownwell’s Rockfield Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Rockfield with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Rockfield 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 Rockfield, Kentucky
Property taxes in Rockfield, Kentucky, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Rockfield is 0.89%, which is lower than the U.S. national median of 0.99%. Local government entities within Rockfield set these rates annually, and they can vary significantly across different neighborhoods. Each year, Rockfield 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 Rockfield's effective property tax rate to other areas in Logan County and the national median. For comparison, the zip code 42274 has both the highest and lowest median property tax rate of 0.89%. Understanding how these areas compare with Rockfield provides valuable insights into the varying tax landscape across Logan County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Rockfield Tax Rate
0.89%
Average Logan County Tax Rate
0.89%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Rockfield, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42274 | 0.25% | 0.65% | 0.89% | 0.89% | 0.89% |
Source: Ownwell
Property Tax Assessment Values Across Rockfield, Kentucky
In Rockfield, 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 Logan 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 Rockfield, 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. The median home price in Rockfield is $188,500, with tax bills ranging from $866 at the 25th percentile to $2,664 at the 90th percentile. The zip code with the highest median tax bill is 42274, amounting to $1,473. 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 Rockfield helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Rockfield Assessed Value
$188,500
Average Logan County Assessed Value
$85,000
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Rockfield, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42274 | $51,200 | $134,900 | $188,500 | $289,000 | $444,800 |
Source: Ownwell
Property Tax Bills Across Rockfield, Kentucky
Property tax bills in Rockfield, KY, are calculated based on the assessed value of a property, which is determined by the local tax assessor. The assessed value is typically a percentage of the property's market value. For example, with a median home price of $188,500, homeowners can expect their property tax bill to vary significantly. Factors such as property size, location, and improvements can influence the assessed value. In Rockfield, the tax bills range widely. At the 25th percentile, homeowners might pay around $866, while those at the 75th percentile could see bills as high as $1,815. For the top 10% of properties, tax bills can reach up to $2,664. The highest and lowest median tax bills are both $1,473, highlighting some uniformity within certain areas. Compared to the national median property tax rate of 0.99%, Rockfield's property taxes can be relatively moderate, but they still represent a significant expense for homeowners. Understanding these factors can help residents better anticipate their annual financial obligations.
Average Rockfield Tax Bill
$1,473
Average Logan County Tax Bill
$685
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Rockfield, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42274 | $389 | $866 | $1,473 | $1,815 | $2,664 |
Source: Ownwell