Beauty, Kentucky Property Taxes
The median property tax rate in BEAUTY, KY is 1.48%, significantly higher than both the national median of 0.99% and the Kentucky state median of 1.02%. With the median home value in BEAUTY at $26,000, the typical annual property tax bill is $242, which is well below the national median of $2,690. Property taxes in BEAUTY are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding BEAUTY'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 BEAUTY or another part of Martin County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Beauty, 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 Beauty Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Beauty with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Beauty 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 Beauty, Kentucky
Property taxes in Beauty, Kentucky, are essential for funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Beauty is 1.48%, significantly higher than both the Kentucky state median and the U.S. national median of 0.99%. Local government entities within Beauty set these rates annually, and they can vary significantly across different neighborhoods. Each year, Beauty 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 Beauty's effective property tax rate to other counties in Kentucky and the national median. For comparison, the 41203 ZIP code has the highest median property tax rate of 1.48%, while the same ZIP code also has the lowest median tax rate of 1.48%. Understanding how these cities compare with Beauty provides valuable insights into the varying tax landscape across Martin County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Beauty Tax Rate
1.48%
Average Martin County Tax Rate
1.41%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Beauty, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41203 | 0.33% | 0.47% | 1.48% | 1.83% | 2.41% |
Source: Ownwell
Property Tax Assessment Values Across Beauty, Kentucky
In BEAUTY, 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 Martin 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 BEAUTY, 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 BEAUTY helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price here is $26,000, with tax bills ranging from $105 at the 25th percentile to $772 at the 90th percentile. The zip code with the highest and lowest median tax bill is 41203, with a median tax bill of $242.
Average Beauty Assessed Value
$26,000
Average Martin County Assessed Value
$33,161
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Beauty, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41203 | $6,000 | $13,000 | $26,000 | $47,000 | $69,800 |
Source: Ownwell
Property Tax Bills Across Beauty, Kentucky
In Beauty, located in Martin County, KY, property tax bills are determined based on the assessed value of a property, not its market value. The median home price in the area is $26,000, which serves as a baseline for calculating property taxes. The assessed value is then multiplied by the local property tax rate to determine the annual tax bill. For Beauty, the property tax bills vary significantly, with the 25th percentile at $105 and the 75th percentile at $468. The 90th percentile reaches up to $772, highlighting the range of tax burdens homeowners might face. Several factors influence these tax bills, including property size, location, and any applicable exemptions. For instance, properties in zip code 41203 see a median tax bill of $242, which is consistent across the board. Compared to the national median property tax rate of 0.99%, Beauty's property tax rates can be considered relatively modest. This impacts homeowners by offering potentially lower annual tax obligations, making it an attractive location for those seeking affordability.
Average Beauty Tax Bill
$242
Average Martin County Tax Bill
$308
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Beauty, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41203 | $105 | $105 | $242 | $468 | $772 |
Source: Ownwell