Burkesville, Kentucky Property Taxes
The median property tax rate in Burkesville, KY is 1.01%, slightly higher than the national median of 0.99% but just below the Kentucky state median of 1.02%. With a median home value of $39,584 in Burkesville, the typical annual property tax bill amounts to $364, which is significantly lower than the national median of $2,690. Property taxes in Burkesville are calculated based on the assessed value, which is often less than the market value due to exemptions such as those for primary residences and agricultural use. Understanding Burkesville'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 Burkesville 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
Burkesville, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.01%
Estimate Property Tax Bill
$400
Ownwell’s Burkesville Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Burkesville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Burkesville 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 Burkesville, Kentucky
Property taxes in Burkesville, Kentucky, are essential for funding crucial local services like public schools, road maintenance, and emergency services. The median tax rate in Burkesville is 0.68%, 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 Burkesville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Burkesville 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 Burkesville's effective property tax rate to other counties in Kentucky and the national median. For comparison, the 42717 zip code has the highest median property tax rate of 0.68%, while the same zip code also has the lowest median tax rate of 0.68%. Understanding how these cities compare with Burkesville 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 Burkesville Tax Rate
1.01%
Average Metcalfe County Tax Rate
1.01%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Burkesville, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42717 | 0.78% | 1.00% | 1.01% | 1.07% | 1.11% |
Source: Ownwell
Property Tax Assessment Values Across Burkesville, Kentucky
In Burkesville, 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 Burkesville, 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. For instance, the median home price in Burkesville is $39,584, with tax bills ranging from $236 at the 25th percentile to $1,138 at the 90th percentile. The highest and lowest median tax bills are both $364, found in the 42717 zip code. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Burkesville Assessed Value
$39,584
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 Burkesville, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42717 | $5,900 | $24,000 | $39,584 | $71,612 | $113,075 |
Source: Ownwell
Property Tax Bills Across Burkesville, Kentucky
In Burkesville, KY, property tax bills are calculated based on the assessed value of a property, which is determined by the local tax assessor. The assessed value is a percentage of the market value of the home. Homeowners in Burkesville can expect their property tax bill to vary significantly depending on the value of their property. The median home price in Burkesville is $39,584, and property tax bills range from the 25th percentile at $236 to the 90th percentile at $1,138. Factors influencing the tax bill include the property's assessed value, local tax rates, and any applicable exemptions. Compared to the national median property tax rate of 0.99%, Burkesville's property taxes are relatively low, making it an attractive option for homeowners. However, the variability in tax bills can impact household budgets, with some homeowners paying as little as $236, while others may face bills as high as $1,138. This range underscores the importance of understanding local tax assessments and potential exemptions.
Average Burkesville Tax Bill
$364
Average Metcalfe County Tax Bill
$452
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Burkesville, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42717 | $99 | $236 | $364 | $696 | $1,138 |
Source: Ownwell