Buckhorn, Kentucky Property Taxes
The median property tax rate in Buckhorn, KY is 1.04%, slightly higher than both the national median of 0.99% and the Kentucky state median of 1.02%. With the median home value in Buckhorn at $7,250, the typical annual property tax bill reaches $62, which is significantly lower than the national median of $2,690. Property taxes in Buckhorn are calculated based on the tax assessed value, which often falls below the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Buckhorn'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 Buckhorn or another part of Perry County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Buckhorn, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.04%
Estimate Property Tax Bill
$75
Ownwell’s Buckhorn Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Buckhorn with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Buckhorn 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 Perry County for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Buckhorn, Kentucky
Property taxes in Buckhorn, Kentucky, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Buckhorn is 1.04%, higher than both the Kentucky state median and the U.S. national median of 0.99%. Local government entities within Buckhorn set these rates annually, and they can vary significantly across different neighborhoods. Each year, Buckhorn 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 Buckhorn's effective property tax rate to other counties in Kentucky and the national median. For comparison, the 41721 zip code has both the highest and lowest median property tax rate of 1.04%. Understanding how these areas compare with Buckhorn provides valuable insights into the varying tax landscape across Perry County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Buckhorn Tax Rate
1.04%
Average Perry County Tax Rate
1.04%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Buckhorn, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41721 | 1.04% | 1.04% | 1.04% | 1.04% | 1.06% |
Source: Ownwell
Property Tax Assessment Values Across Buckhorn, Kentucky
In Buckhorn, 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 Perry County Property Valuation Administrator 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 Buckhorn, 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 Buckhorn helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Homeowners in the 90th percentile of tax bills pay around $425 annually, while those in the 25th percentile pay approximately $52, significantly lower than the national median property tax rate of 0.99%.
Average Buckhorn Assessed Value
$7,250
Average Perry County Assessed Value
$11,075
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Buckhorn, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41721 | $2,000 | $5,000 | $7,250 | $25,000 | $45,000 |
Source: Ownwell
Property Tax Bills Across Buckhorn, Kentucky
In Buckhorn, located in Perry County, KY, property tax bills are calculated based on the assessed value of a home. The assessed value is determined by the local tax assessor and reflects the market value of the property. Homeowners in Buckhorn can expect their property tax bills to vary significantly. For example, the tax bill at the 25th percentile is $52, while at the 75th percentile, it rises to $208, and at the 90th percentile, it reaches $425. These variations are influenced by factors such as property size, location, and market conditions. The median home price in Buckhorn is $7,250, which is considerably lower than national averages, and this lower home value directly impacts the property tax bills. Compared to the national median property tax rate of 0.99%, Buckhorn's property tax rates are relatively modest, offering some financial relief to homeowners. Understanding how these factors interplay helps homeowners anticipate their annual property tax obligations and plan their finances accordingly.
Average Buckhorn Tax Bill
$62
Average Perry County Tax Bill
$104
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Buckhorn, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41721 | $21 | $52 | $62 | $208 | $425 |
Source: Ownwell