Belfry, Kentucky Property Taxes
The median property tax rate in Belfry, KY is 0.86%, which is lower than both the national median of 0.99% and Kentucky's state median of 1.02%. With a median home value of $30,150 in Belfry, the typical annual property tax bill is approximately $224, significantly below the national median of $2,690. Property taxes in Belfry are calculated based on the tax assessed value, often lower than the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Belfry'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 Belfry 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
Belfry, 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 Belfry Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Belfry with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Belfry 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 Belfry, Kentucky
Property taxes in Belfry, Kentucky, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Belfry is 0.67%, which is lower than both the Kentucky state median of 0.83% and the U.S. national median of 0.99%. Local government entities within Belfry set these rates annually, and they can vary significantly across different neighborhoods. Each year, Belfry 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 Belfry's effective property tax rate to other counties in Kentucky and the national median. For comparison, the 41514 zip code has the highest median property tax rate of 0.67%, while the same 41514 zip code also has the lowest median tax rate of 0.67%. Understanding how these areas compare with Belfry 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 Belfry Tax Rate
0.86%
Average Martin County Tax Rate
1.41%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Belfry, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41514 | 0.30% | 0.44% | 0.86% | 1.78% | 2.37% |
Source: Ownwell
Property Tax Assessment Values Across Belfry, Kentucky
In Belfry, 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 Belfry, 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 Belfry helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Belfry is found in the 41514 zip code, amounting to $224.00.
Average Belfry Assessed Value
$30,150
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 Belfry, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41514 | $8,000 | $17,250 | $30,150 | $50,375 | $70,550 |
Source: Ownwell
Property Tax Bills Across Belfry, Kentucky
In Belfry, located in Martin County, KY, property tax bills are calculated based on the assessed value of a property. The assessed value is determined by local tax assessors and reflects the market value of the home. For homeowners in Belfry, the median home price stands at $30,150. Property taxes are then calculated by applying the local tax rate to this assessed value. Factors such as property size, location, and condition can influence the assessed value, and consequently, the tax bill. For instance, the tax bill at the 25th percentile is $105, while at the 75th percentile, it rises to $437. At the 90th percentile, homeowners might see tax bills as high as $807. These variations highlight how different factors impact the overall tax obligation. Compared to the national median property tax rate of 0.99%, Belfry's property taxes can be considered relatively modest, providing some financial relief to homeowners in the area. Understanding these components helps homeowners anticipate and manage their property tax liabilities effectively.
Average Belfry Tax Bill
$224
Average Martin County Tax Bill
$308
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Belfry, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41514 | $105 | $105 | $224 | $437 | $807 |
Source: Ownwell