Frankfort, Kentucky Property Taxes
The median property tax rate in Frankfort, KY is 1.07%, slightly above both the national median of 0.99% and the Kentucky state median of 1.02%. With the median home value in Frankfort at $129,000, the typical annual property tax bill is $1,224, which is below the national median of $2,690. Property taxes in Frankfort 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 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
$1,500,000
$3,000,000
Average Tax Rate
1.07%
Estimate Property Tax Bill
$1,380
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 essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Frankfort is 1.07%, which is higher than the U.S. national median of 0.99%. Local government entities within Frankfort set these rates annually, and they can vary significantly 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. The data below compares Frankfort's effective property tax rate to other counties in Kentucky and the national median. For comparison, the zip code 40601 has both the highest and lowest median property tax rate of 1.07%. Understanding how these cities compare with Frankfort provides valuable insights into the varying tax landscape across Woodford County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Frankfort Tax Rate
1.07%
Average Woodford County Tax Rate
1.03%
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 | 0.70% | 0.84% | 1.07% | 1.10% | 1.17% |
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 Woodford 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 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 highest and lowest median tax bills are both $1,224 in the 40601 zip code.
Average Frankfort Assessed Value
$129,000
Average Woodford County Assessed Value
$190,000
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 | $35,000 | $68,000 | $129,000 | $189,750 | $271,830 |
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. The assessed value is a percentage of the market value of the property. Factors such as the home's size, age, location, and any improvements made can influence this assessed value. Homeowners in Frankfort, located in Woodford County, face varying property tax bills depending on their home's value. For instance, the 25th percentile tax bill is $586, while the 75th percentile is $1,821, and the 90th percentile reaches $2,820. The median property tax rate in Frankfort is comparable to the national median rate of 0.99%. For homeowners, these taxes fund essential public services such as schools, roads, and emergency services, directly impacting community quality and property values. Thus, understanding how these bills are calculated helps homeowners anticipate their annual expenses and budget accordingly.
Average Frankfort Tax Bill
$1,224
Average Woodford County Tax Bill
$1,832
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 | $247 | $586 | $1,224 | $1,821 | $2,820 |
Source: Ownwell