Fountain Run, Kentucky Property Taxes
The median property tax rate in Fountain Run, KY is 0.92%, which is lower than both the national median of 0.99% and the Kentucky state median of 1.02%. With a median home value of $28,850 in Fountain Run, the typical annual property tax bill is $210, significantly below the national median of $2,690. Property taxes in Fountain Run are calculated based on the tax assessed value, often lower than the market value due to exemptions like primary residence and agricultural exemptions. Understanding Fountain Run'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 Fountain Run or another part of Monroe County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Fountain Run, 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 Fountain Run Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Fountain Run with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Fountain Run 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 Fountain Run, Kentucky
Property taxes in Fountain Run, Kentucky, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Fountain Run is 0.92%, which is lower than the U.S. national median of 0.99%. Local government entities within Fountain Run set these rates annually, and they can vary significantly across different neighborhoods. Each year, Fountain Run 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 Fountain Run's effective property tax rate to other counties in Kentucky and the national median. For comparison, the 42133 zip code has the highest median property tax rate of 0.92%, while the same zip code also represents the lowest median tax rate of 0.92%. Understanding how these areas compare with Fountain Run provides valuable insights into the varying tax landscape across Monroe County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Fountain Run Tax Rate
0.92%
Average Monroe County Tax Rate
0.92%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Fountain Run, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42133 | 0.42% | 0.92% | 0.92% | 0.92% | 0.92% |
Source: Ownwell
Property Tax Assessment Values Across Fountain Run, Kentucky
In Fountain Run, 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 Monroe 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 Fountain Run, 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 Fountain Run is $28,850, with the 25th percentile tax bill at $69 and the 75th percentile tax bill at $500. By understanding the distinction between these valuation concepts, property owners can better navigate their tax responsibilities and comprehend how their property taxes are determined. The highest and lowest median tax bills are both $210 in zip code 42133. Being aware of these valuation processes in Fountain Run helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Fountain Run Assessed Value
$28,850
Average Monroe County Assessed Value
$42,000
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Fountain Run, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42133 | $3,000 | $8,500 | $28,850 | $64,000 | $97,800 |
Source: Ownwell
Property Tax Bills Across Fountain Run, Kentucky
In Fountain Run, Monroe County, KY, property tax bills are calculated based on the assessed value of a home. This assessed value is determined by the local tax assessor and reflects the market value of the property. The tax rate is then applied to this assessed value to calculate the annual tax bill. For homeowners in Fountain Run, the median home price is $28,850. Tax bills can vary significantly, with the 25th percentile at $69 and the 75th percentile reaching $500, while the 90th percentile can be as high as $840. These property taxes fund essential community services such as schools, public safety, and infrastructure. Homeowners in Fountain Run experience relatively low property tax rates compared to the national median of 0.99%. The highest and lowest median tax bills in the area are both $210, reflecting a degree of uniformity in tax assessments within the 42133 zip code. This system ensures that property taxes are proportionate to property values, providing a fair contribution from each homeowner based on their property's worth.
Average Fountain Run Tax Bill
$210
Average Monroe County Tax Bill
$328
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Fountain Run, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42133 | $28 | $69 | $210 | $500 | $840 |
Source: Ownwell