Brodhead, Kentucky Property Taxes
The median property tax rate in Brodhead, KY is 0.83%, which is notably lower than both the national median of 0.99% and the Kentucky state median of 1.02%. With a median home value of $55,000 in Brodhead, the typical annual property tax bill is around $331, significantly less than the national median of $2,690. Property taxes in Brodhead are calculated based on the tax assessed value, which is often lower than the market value due to various exemptions such as those for primary residences and agricultural properties. By understanding Brodhead's property tax system, exploring available exemptions, and identifying opportunities for reductions, residents can achieve substantial annual savings. Whether you're in the heart of Brodhead or another part of Rockcastle County, gaining a comprehensive understanding of the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Brodhead, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.83%
Estimate Property Tax Bill
$457
Ownwell’s Brodhead Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Brodhead with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Brodhead 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 Brodhead, Kentucky
Property taxes in Brodhead, Kentucky, are essential in funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Brodhead is 0.83%, lower than both the Kentucky state median and the U.S. national median of 0.99%. Local government entities within Brodhead set these rates annually, and they can vary significantly across different neighborhoods. Each year, Brodhead 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 Brodhead's effective property tax rate to other counties in Kentucky and the national median. For comparison, the 40409 zip code has the highest median property tax rate of 0.83%, while it also has the lowest median tax rate of 0.83%. Understanding how these cities compare with Brodhead provides valuable insights into the varying tax landscape across Rockcastle County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Brodhead Tax Rate
0.83%
Average Rockcastle County Tax Rate
0.83%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Brodhead, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40409 | 0.37% | 0.83% | 0.83% | 0.83% | 0.83% |
Source: Ownwell
Property Tax Assessment Values Across Brodhead, Kentucky
In Brodhead, 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 Rockcastle 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 Brodhead, 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 Brodhead helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with both the highest and lowest median tax bills is 40409, with a median bill of $331.
Average Brodhead Assessed Value
$55,000
Average Rockcastle County Assessed Value
$48,500
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Brodhead, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40409 | $5,000 | $16,000 | $55,000 | $97,925 | $150,000 |
Source: Ownwell
Property Tax Bills Across Brodhead, Kentucky
In Brodhead, located in Rockcastle County, KY, property tax bills are calculated based on the assessed value of a home. The median home price in Brodhead is $55,000, which serves as a basis for determining the tax bill. The tax rate is applied to this assessed value to calculate the annual property tax bill. Various factors, such as property size, location, and improvements, are considered during the assessment process. Homeowners in Brodhead experience a range of property tax bills. For instance, the 25th percentile tax bill is $108, while the 75th percentile reaches $695, and the 90th percentile goes up to $1,158. The highest and lowest median tax bills in the area are both $331, found in the 40409 zip code. Compared to the national median property tax rate of 0.99%, Brodhead's property taxes can significantly affect homeowners, particularly those with higher assessed values. Understanding these factors can help homeowners anticipate their annual tax obligations and plan accordingly.
Average Brodhead Tax Bill
$331
Average Rockcastle County Tax Bill
$286
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Brodhead, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40409 | $38 | $108 | $331 | $695 | $1,158 |
Source: Ownwell