Berea, Kentucky Property Taxes
The median property tax rate in Berea, KY is 0.97%, slightly lower than the national median of 0.99% and the Kentucky state median of 1.02%. With a median home value of $133,000 in Berea, the typical annual property tax bill amounts to $1,250, which is below the national median of $2,690. Property taxes in Berea are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Berea'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 Berea 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
Berea, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.97%
Estimate Property Tax Bill
$1,290
Ownwell’s Berea Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Berea with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Berea 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 Berea, Kentucky
Property taxes in Berea, Kentucky, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Berea is 0.97%, slightly below the U.S. national median of 0.99%. Local government entities within Berea set these rates annually, and they can vary significantly across different neighborhoods. Each year, Berea 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 Berea's effective property tax rate to other areas in Madison County and the national median. For comparison, the 40403 zip code has the highest median property tax rate of 0.97%, while the same zip code also has the lowest median tax rate of 0.97%. Understanding how these areas compare with Berea provides valuable insights into the varying tax landscape across Madison County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Berea Tax Rate
0.97%
Average Madison County Tax Rate
0.97%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Berea, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40403 | 0.69% | 0.97% | 0.97% | 0.97% | 1.27% |
Source: Ownwell
Property Tax Assessment Values Across Berea, Kentucky
In Berea, 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 Madison 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 Berea, 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 Berea is $133,000, with tax bills ranging from $632 at the 25th percentile to $2,233 at the 90th percentile. The highest and lowest median tax bills are both $1,250, occurring in the 40403 zip code. 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 Berea helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Berea Assessed Value
$133,000
Average Madison County Assessed Value
$149,000
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Berea, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40403 | $24,000 | $73,200 | $133,000 | $176,475 | $230,000 |
Source: Ownwell
Property Tax Bills Across Berea, Kentucky
In Berea, located in Madison County, KY, property tax bills are calculated based on the assessed value of a home. The assessed value is determined by the local tax assessor and is a percentage of the market value of the property. Homeowners in Berea face property tax bills that vary widely depending on the value of their homes. For instance, the tax bill at the 25th percentile is approximately $632, while at the 75th percentile, it rises to about $1,703. The 90th percentile tax bill can reach up to $2,233. Factors such as property improvements, market trends, and local tax rates all influence the final tax bill. Compared to the national median property tax rate of 0.99%, Berea's property taxes are relatively moderate. However, the impact on homeowners can still be significant, as higher property taxes can affect monthly budgets and long-term financial planning. Understanding how these taxes are calculated can help homeowners better prepare for and manage their annual tax obligations.
Average Berea Tax Bill
$1,250
Average Madison County Tax Bill
$1,352
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Berea, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40403 | $195 | $632 | $1,250 | $1,703 | $2,233 |
Source: Ownwell