Frankfort, Kentucky Property Taxes
The median property tax rate in Frankfort, KY is 1.18%, considerably higher than both the national median of 0.99% and the Kentucky state median of 1.02%. With the median home value in Frankfort at $96,000, the typical annual property tax bill reaches $1,068, exceeding the national median of $2,690. Property taxes in Frankfort are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Frankfort'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 Frankfort or another part of the city, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Frankfort, 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 Frankfort Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Frankfort with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Frankfort 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 Frankfort, Kentucky
Property taxes in Frankfort, Kentucky, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Frankfort is 1.18%, significantly higher than the U.S. national median of 0.99%. Local government entities within Frankfort set these rates annually, and they can vary across different neighborhoods. Each year, Frankfort 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. Understanding how Frankfort's effective property tax rate compares to other areas in Shelby County and the national median provides valuable insights into the varying tax landscape, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Frankfort Tax Rate
1.18%
Average Shelby County Tax Rate
1.15%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Frankfort, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40601 | 0.61% | 1.15% | 1.18% | 1.20% | 1.26% |
Source: Ownwell
Property Tax Assessment Values Across Frankfort, Kentucky
In Frankfort, 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 local 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 Frankfort, 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 Frankfort helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 40601 has the highest and lowest median tax bill, both at $1,068.
Average Frankfort Assessed Value
$96,000
Average Shelby County Assessed Value
$175,000
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Frankfort, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40601 | $24,612 | $57,250 | $96,000 | $168,500 | $236,600 |
Source: Ownwell
Property Tax Bills Across Frankfort, Kentucky
In Frankfort, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. Factors such as the property's size, location, and market conditions are considered during the assessment process. For instance, the median home price in Frankfort is $96,000, and property taxes are applied to this assessed value using the local tax rate. Homeowners in Frankfort can expect their property tax bills to vary significantly. At the 25th percentile, the tax bill is around $508, while at the 75th percentile, it rises to $1,920. For those at the 90th percentile, the tax bill can be as high as $2,660. The highest median tax bill in the area is $1,068, and this uniform figure applies across all zip codes within the city. Compared to the national median property tax rate of 0.99%, Frankfort's property tax rates can have a considerable impact on homeowners, influencing their overall housing costs and financial planning.
Average Frankfort Tax Bill
$1,068
Average Shelby County Tax Bill
$1,854
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Frankfort, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40601 | $238 | $508 | $1,068 | $1,920 | $2,660 |
Source: Ownwell