Breeding, Kentucky Property Taxes
The median property tax rate in Breeding, KY is 1.13%, slightly higher than both the national median of 0.99% and the Kentucky state median of 1.02%. With the median home value in Breeding, the typical annual property tax bill reaches $332, which is significantly lower than the national median of $2,690. Property taxes in Breeding 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 Breeding'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 Breeding 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
Breeding, 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 Breeding Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Breeding with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Breeding 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 Breeding, Kentucky
Property taxes in Breeding, Kentucky, are essential for funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Breeding is 1.13%, higher than the U.S. national median of 0.99%. Local government entities within Breeding set these rates annually, and they can vary significantly across different neighborhoods. Each year, Breeding 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 Breeding's effective property tax rate to other counties in Kentucky and the national median. For comparison, the zip code 42715 has the highest median property tax rate of 1.13%, while the same zip code also represents the lowest median tax rate of 1.13%. Understanding how these cities compare with Breeding provides valuable insights into the varying tax landscape across Adair County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Breeding Tax Rate
1.13%
Average Adair County Tax Rate
1.13%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Breeding, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42715 | 0.27% | 0.54% | 1.13% | 1.24% | 1.76% |
Source: Ownwell
Property Tax Assessment Values Across Breeding, Kentucky
In Breeding, 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 Adair 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 Breeding, 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 Breeding helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the area are both $332.00, found in zip code 42715.
Average Breeding Assessed Value
$50,000
Average Adair County Assessed Value
$50,000
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Breeding, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42715 | $3,820 | $13,625 | $50,000 | $104,000 | $172,000 |
Source: Ownwell
Property Tax Bills Across Breeding, Kentucky
In Breeding, Adair County, KY, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. The median home price in Breeding is approximately $50,000. Property taxes are then levied at a rate that reflects the local tax rate, which can vary within the county. Homeowners in Breeding can expect their tax bills to range significantly depending on the value of their property and the specific tax rate applied. For instance, the 25th percentile tax bill is around $91, while the 75th percentile tax bill reaches $672. At the higher end, the 90th percentile tax bill can be as much as $1,086. These variations highlight how different factors such as property size, improvements, and location within the county can influence the overall tax burden. Compared to the national median property tax rate of 0.99%, Breeding's property taxes can be relatively low, providing some relief to homeowners in the area.
Average Breeding Tax Bill
$332
Average Adair County Tax Bill
$410
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Breeding, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42715 | $40 | $91 | $332 | $672 | $1,086 |
Source: Ownwell