Flatgap, Kentucky Property Taxes
The median property tax rate in Flatgap, KY is 1.24%, higher than both the national median of 0.99% and the Kentucky state median of 1.02%. With the median home value in Flatgap at $68,000, the typical annual property tax bill is $845, which is below the national median of $2,690. Property taxes in Flatgap are calculated based on the tax assessed value, often lower than the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Flatgap'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 Flatgap or another part of Morgan County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Flatgap, 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 Flatgap Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Flatgap with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Flatgap 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 Flatgap, Kentucky
Property taxes in Flatgap, Kentucky, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Flatgap is 0.63%, significantly lower than both the Kentucky state median of 0.83% and the U.S. national median of 0.99%. Local government entities within Flatgap set these rates annually, and they can vary significantly across different neighborhoods. Each year, Flatgap 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 Flatgap's effective property tax rate to other counties in Kentucky and the national median. For comparison, the 41219 zip code has both the highest and lowest median property tax rate of 0.63% within the area. Understanding how these cities compare with Flatgap provides valuable insights into the varying tax landscape across Morgan County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Flatgap Tax Rate
1.24%
Average Morgan County Tax Rate
1.24%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Flatgap, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41219 | 1.24% | 1.24% | 1.24% | 1.24% | 1.24% |
Source: Ownwell
Property Tax Assessment Values Across Flatgap, Kentucky
In Flatgap, 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 Morgan 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 Flatgap, 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 Flatgap is $68,000, and homeowners in the 41219 zip code can expect a median tax bill of $845. 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 Flatgap helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Flatgap Assessed Value
$68,000
Average Morgan County Assessed Value
$35,000
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Flatgap, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41219 | $68,000 | $68,000 | $68,000 | $68,000 | $68,000 |
Source: Ownwell
Property Tax Bills Across Flatgap, Kentucky
Property tax bills in Flatgap, located in Morgan County, KY, are calculated based on the assessed value of the property and the local tax rate. The assessed value is determined by the county assessor and reflects the market value of the property. In Flatgap, the median home price stands at $68,000. The property tax rate is applied to this assessed value to determine the annual tax bill. For homeowners in Flatgap, the property tax bill tends to be relatively uniform, with the 25th, 75th, and 90th percentiles all reporting a tax bill of $845. This figure is notably higher than the national median property tax rate of 0.99%. The consistency in tax bills across different percentiles suggests a stable and predictable tax environment for residents. Understanding how these factors interplay can help homeowners anticipate their annual expenses and budget accordingly. The assessed value and local tax rate directly influence the financial responsibility of owning property in this region, making it essential for residents to stay informed about any changes in property valuations or tax rates.
Average Flatgap Tax Bill
$845
Average Morgan County Tax Bill
$263
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Flatgap, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41219 | $845 | $845 | $845 | $845 | $845 |
Source: Ownwell