Freeburn, Kentucky Property Taxes
The median property tax rate in Freeburn, KY, is 1.37%, significantly higher than both the national median of 0.99% and the Kentucky state median of 1.02%. With the median home value in Freeburn, the typical annual property tax bill reaches $113, which is considerably lower than the national median of $2,690. Property taxes in Freeburn are calculated based on the tax assessed value, which usually falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Freeburn'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 Freeburn or another part of Pike County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Freeburn, 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 Freeburn Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Freeburn with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Freeburn 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 Freeburn, Kentucky
Property taxes in Freeburn, Kentucky, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Freeburn is 1.37%, significantly higher than both the Kentucky state median and the U.S. national median of 0.99%. Local government entities within Freeburn set these rates annually, and they can vary significantly across different neighborhoods. Each year, Freeburn 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 Freeburn's effective property tax rate to other counties in Kentucky and the national median. For comparison, the zip code 41528 has both the highest and lowest median property tax rate of 1.37%. Understanding how these cities compare with Freeburn provides valuable insights into the varying tax landscape across Pike County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Freeburn Tax Rate
1.37%
Average Pike County Tax Rate
1.37%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Freeburn, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41528 | 0.14% | 0.31% | 1.37% | 1.51% | 1.86% |
Source: Ownwell
Property Tax Assessment Values Across Freeburn, Kentucky
In Freeburn, 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 Pike 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 Freeburn, 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 Freeburn helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest and lowest median tax bill in the area is 41528, both at $113.
Average Freeburn Assessed Value
$23,550
Average Pike County Assessed Value
$25,000
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Freeburn, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41528 | $1,450 | $5,000 | $23,550 | $39,000 | $56,190 |
Source: Ownwell
Property Tax Bills Across Freeburn, Kentucky
In Freeburn, located in Pike County, KY, property tax bills are calculated based on the assessed value of the property and the local tax rate. The median home price in Freeburn is $23,550, which is significantly lower than the national median. The tax bill is determined by multiplying the assessed value by the local tax rate, which varies within the region. For instance, tax bills can range from the 25th percentile at $48 to the 75th percentile at $400, with the 90th percentile reaching up to $698. Several factors influence the tax bill, including property size, location, and improvements made to the property. Homeowners in Freeburn benefit from relatively low property taxes compared to the national median property tax rate of 0.99%. This lower tax burden can make homeownership more affordable, but it also means that local services funded by property taxes may receive less revenue. Understanding these factors helps homeowners anticipate their tax obligations and manage their finances more effectively.
Average Freeburn Tax Bill
$113
Average Pike County Tax Bill
$205
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Freeburn, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41528 | $48 | $48 | $113 | $400 | $698 |
Source: Ownwell