Eighty Eight, Kentucky Property Taxes
The median property tax rate in EIGHTY EIGHT, KY is 1.02%, aligning with the state median but slightly above the national median of 0.99%. With a median home value of $90,800 in EIGHTY EIGHT, the typical annual property tax bill reaches $611, which is significantly lower than the national median of $2,690. Property taxes in EIGHTY EIGHT 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 EIGHTY EIGHT'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 EIGHTY EIGHT or another part of the county, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Eighty Eight, 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 EIGHTY EIGHT Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in EIGHTY EIGHT with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in EIGHTY EIGHT 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 Eighty Eight, Kentucky
Property taxes in Eighty Eight, Kentucky, are essential for funding local services such as public schools, road maintenance, and emergency services. The median tax rate in Eighty Eight is 1.02%, higher than both the Kentucky state median and the U.S. national median of 0.99%. Local government entities within Eighty Eight set these rates annually, and they can vary significantly across different neighborhoods. Each year, Eighty Eight 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 Eighty Eight's effective property tax rate to other regions in Kentucky and the national median. For comparison, the zip code 42130 has the highest median property tax rate of 1.02%, while the same zip code also has the lowest median tax rate of 1.02%. Understanding how these areas compare with Eighty Eight provides valuable insights into the varying tax landscape across Barren County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Eighty Eight Tax Rate
1.02%
Average Barren County Tax Rate
1.04%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Eighty Eight, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42130 | 0.18% | 0.54% | 1.02% | 1.07% | 1.28% |
Source: Ownwell
Property Tax Assessment Values Across Eighty Eight, Kentucky
In Eighty Eight, 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 Barren 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 Eighty Eight, 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 Eighty Eight helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in this area is $90,800, with tax bills ranging from $197 at the 25th percentile to $1,583 at the 90th percentile. The highest and lowest median tax bill both stand at $611 in the 42130 zip code.
Average Eighty Eight Assessed Value
$90,800
Average Barren County Assessed Value
$90,000
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Eighty Eight, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42130 | $13,500 | $49,075 | $90,800 | $146,250 | $202,150 |
Source: Ownwell
Property Tax Bills Across Eighty Eight, Kentucky
In the city of Eighty Eight, located in Barren County, KY, property tax bills are calculated based on the assessed value of a home. The assessed value is determined by the local tax assessor and reflects the market value of the property. For example, the median home price in Eighty Eight is $90,800. Property tax rates are then applied to this assessed value to calculate the tax bill. Several factors influence the final tax bill, including the local tax rate and any exemptions or deductions for which the homeowner may qualify. In Eighty Eight, property tax bills can vary significantly. For example, the 25th percentile tax bill is $197, while the 75th percentile tax bill reaches $1,198, and the 90th percentile tax bill is as high as $1,583. These property taxes are crucial for funding local services such as schools, public safety, and infrastructure. Homeowners in Eighty Eight should be aware of how these variables impact their annual tax obligations, as they can significantly affect the cost of owning property in the area.
Average Eighty Eight Tax Bill
$611
Average Barren County Tax Bill
$755
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Eighty Eight, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42130 | $86 | $197 | $611 | $1,198 | $1,583 |
Source: Ownwell