Frakes, Kentucky Property Taxes
The median property tax rate in Frakes, KY is 0.75%, 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 $12,750 in Frakes, the typical annual property tax bill amounts to just $113, significantly below the national median of $2,690. Property taxes in Frakes are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Frakes' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Frakes 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
Frakes, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.75%
Estimate Property Tax Bill
$96
Ownwell’s Frakes Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Frakes with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Frakes 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 Frakes, Kentucky
Property taxes in Frakes, Kentucky, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Frakes is 0.75%, which is lower than the U.S. national median of 0.99%. Local government entities within Frakes set these rates annually, and they can vary significantly across different neighborhoods. Each year, Frakes 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 Frakes' effective property tax rate to other counties in Kentucky and the national median. For comparison, the 40940 zip code has the highest median property tax rate of 0.75%, while the 40940 zip code also has the lowest median tax rate of 0.75%. Understanding how these cities compare with Frakes provides valuable insights into the varying tax landscape across Whitley County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Frakes Tax Rate
0.75%
Average Whitley County Tax Rate
0.75%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Frakes, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40940 | 0.75% | 0.75% | 0.75% | 0.75% | 0.76% |
Source: Ownwell
Property Tax Assessment Values Across Frakes, Kentucky
In Frakes, 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 Whitley 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 Frakes, 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 Frakes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 40940 has both the highest and lowest median tax bills, each at $113.
Average Frakes Assessed Value
$12,750
Average Whitley County Assessed Value
$32,500
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Frakes, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40940 | $1,100 | $2,300 | $12,750 | $32,125 | $62,775 |
Source: Ownwell
Property Tax Bills Across Frakes, Kentucky
In Frakes, located in Whitley County, KY, property tax bills are calculated based on the assessed value of a property. The local tax assessor determines this value, which is then multiplied by the local tax rate to calculate the annual tax bill. Factors such as property size, location, and improvements can influence the assessed value. For homeowners in Frakes, the median home price is $12,750. The tax bill can vary significantly, with the 25th percentile paying around $30, while those in the 75th percentile pay approximately $241. At the 90th percentile, the tax bill can reach up to $448. The highest and lowest median tax bills in the area are both $113, as seen in zip code 40940. Compared to the national median property tax rate of 0.99%, Frakes' property tax rates are relatively low, offering some financial relief to homeowners. However, the variability in tax bills means that homeowners should be aware of how changes in their property's assessed value can impact their annual obligations.
Average Frakes Tax Bill
$113
Average Whitley County Tax Bill
$170
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Frakes, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40940 | $15 | $30 | $113 | $241 | $448 |
Source: Ownwell