Beaumont, Kentucky Property Taxes
The median property tax rate in Beaumont, KY is 1.03%, slightly above both the national median of 0.99% and the Kentucky state median of 1.02%. With the median home value in Beaumont at $53,000, the typical annual property tax bill is around $523, which is significantly lower than the national median of $2,690. Property taxes in Beaumont 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 Beaumont'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 Beaumont 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
Beaumont, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.03%
Estimate Property Tax Bill
$546
Ownwell’s Beaumont Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Beaumont with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Beaumont 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 Beaumont, Kentucky
Property taxes in Beaumont, Kentucky, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Beaumont is 1.03%, higher than both the Kentucky state median and the U.S. national median of 0.99%. Local government entities within Beaumont set these rates annually, and they can vary significantly across different neighborhoods. Each year, Beaumont 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 Beaumont's effective property tax rate to other counties in Kentucky and the national median. For comparison, the 42124 zip code has the highest median property tax rate of 1.03%, while the 42124 zip code also has the lowest median tax rate of 1.03%. Understanding how these cities compare with Beaumont provides valuable insights into the varying tax landscape across Metcalfe County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Beaumont Tax Rate
1.03%
Average Metcalfe County Tax Rate
1.01%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Beaumont, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42124 | 0.59% | 1.00% | 1.03% | 1.08% | 1.18% |
Source: Ownwell
Property Tax Assessment Values Across Beaumont, Kentucky
In Beaumont, 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 Metcalfe 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 Beaumont, 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 Beaumont helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Beaumont is $523 in zip code 42124, while the lowest median tax bill is also $523 in the same zip code.
Average Beaumont Assessed Value
$53,000
Average Metcalfe County Assessed Value
$50,550
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Beaumont, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42124 | $9,100 | $31,250 | $53,000 | $94,250 | $124,365 |
Source: Ownwell
Property Tax Bills Across Beaumont, Kentucky
In Beaumont, KY, property tax bills are calculated based on the assessed value of a home. The median home price in Beaumont is $53,000, and the property tax rate is applied to this value to determine the annual tax bill. Several factors influence the final tax bill, including the assessed value of the property and the local tax rate set by the county. Homeowners in Beaumont can expect their tax bills to vary significantly. For instance, the 25th percentile tax bill is $236, while the 75th percentile tax bill rises to $937. At the higher end, the 90th percentile tax bill reaches $1,298. These variations highlight how different property values and assessment practices can impact the amount homeowners are required to pay. Compared to the national median property tax rate of 0.99%, Beaumont's tax bills reflect the local economic conditions and property values. This system ensures that property taxes are proportionate to the value of the home, helping to fund essential public services while distributing the tax burden fairly among homeowners.
Average Beaumont Tax Bill
$523
Average Metcalfe County Tax Bill
$452
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Beaumont, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42124 | $92 | $236 | $523 | $937 | $1,298 |
Source: Ownwell