Foster, Kentucky Property Taxes
The median property tax rate in Foster, KY is 1.32%, considerably higher than both the national median of 0.99% and the Kentucky state median of 1.02%. With the median home value in Foster, the typical annual property tax bill reaches $625, which is significantly lower than the national median of $2,690. Property taxes in Foster 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 Foster'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 Foster 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
Foster, 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 Foster Property Tax Bill Calculator is an essential tool for homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Foster with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Foster 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 Foster, Kentucky
Property taxes in Foster, Kentucky, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Foster is 1.32%, significantly higher than the U.S. national median of 0.99%. Local government entities within Foster set these rates annually, and they can vary significantly across different neighborhoods. Each year, Foster 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 Foster's effective property tax rate to other counties in Kentucky and the national median. For comparison, the 41043 zip code has the highest median property tax rate of 1.32%, while the same zip code also has the lowest median tax rate of 1.32%. Understanding how these cities compare with Foster provides valuable insights into the varying tax landscape across Bracken County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Foster Tax Rate
1.32%
Average Bracken County Tax Rate
1.32%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Foster, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41043 | 0.42% | 1.08% | 1.32% | 1.32% | 1.32% |
Source: Ownwell
Property Tax Assessment Values Across Foster, Kentucky
In Foster, 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 Bracken County Property Valuation Administrator 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 Foster, 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 Foster helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Foster is $60,000, with the 25th percentile tax bill at $257 and the 75th percentile tax bill at $1,184. The highest and lowest median tax bills are both $625 in the 41043 zip code.
Average Foster Assessed Value
$60,000
Average Bracken County Assessed Value
$55,000
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Foster, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41043 | $10,000 | $27,500 | $60,000 | $95,000 | $160,000 |
Source: Ownwell
Property Tax Bills Across Foster, Kentucky
In Foster, 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 Foster is $60,000, and the property tax rate is applied to this assessed value to determine the tax bill. For homeowners in Foster, the tax bill can vary significantly. For example, those in the 25th percentile pay around $257 annually, while those in the 75th percentile see bills around $1,184. At the 90th percentile, the tax bill can be as high as $2,033. Several factors influence these variations, including property size, location, and any applicable exemptions or deductions. These property taxes fund essential local services such as schools, public safety, and infrastructure. Compared to the national median property tax rate of 0.99%, Foster’s property tax rates result in relatively modest tax bills due to the lower median home prices. Understanding these factors helps homeowners anticipate their annual tax responsibilities and plan their finances accordingly.
Average Foster Tax Bill
$625
Average Bracken County Tax Bill
$592
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Foster, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41043 | $81 | $257 | $625 | $1,184 | $2,033 |
Source: Ownwell