Garfield, Kentucky Property Taxes
The median property tax rate in Garfield, KY is 0.96%, slightly lower than the national median of 0.99% and the Kentucky state median of 1.02%. With the median home value in Garfield at $65,500, the typical annual property tax bill amounts to $456, which is significantly below the national median of $2,690. Property taxes in Garfield are calculated based on the tax assessed value, which is often lower than the market value due to various exemptions like primary residence and agricultural exemptions. Understanding Garfield's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Garfield 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
Garfield, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.96%
Estimate Property Tax Bill
$629
Ownwell’s Garfield Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Garfield with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Garfield 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 Garfield, Kentucky
Property taxes in Garfield, Kentucky, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Garfield is 0.96%, slightly lower than the U.S. national median of 0.99%. Local government entities within Garfield set these rates annually, and they can vary significantly across different neighborhoods. Each year, Garfield 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 Garfield's effective property tax rate to other counties in Kentucky and the national median. For comparison, the 40140 zip code has both the highest and lowest median property tax rate in the county at 0.96%. Understanding how these cities compare with Garfield provides valuable insights into the varying tax landscape across Breckinridge County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Garfield Tax Rate
0.96%
Average Breckinridge County Tax Rate
0.96%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Garfield, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40140 | 0.30% | 0.57% | 0.96% | 1.13% | 1.43% |
Source: Ownwell
Property Tax Assessment Values Across Garfield, Kentucky
In Garfield, 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 Breckinridge 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 Garfield, 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 Garfield helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Garfield is $456.00 in the 40140 zip code, while the lowest median tax bill is also $456.00 in the same zip code.
Average Garfield Assessed Value
$65,500
Average Breckinridge County Assessed Value
$64,000
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Garfield, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40140 | $8,000 | $20,000 | $65,500 | $136,850 | $219,600 |
Source: Ownwell
Property Tax Bills Across Garfield, Kentucky
In Garfield, located in Breckinridge County, KY, property tax bills are calculated based on the assessed value of a home. The median home price in this area is $65,500. Homeowners’ tax bills are determined by applying the local tax rate to the assessed value of their property. Several factors influence the tax bill, including property size, location, and improvements made to the property. For a clearer picture, the 25th percentile tax bill in Garfield is $188, while the 75th percentile tax bill is $843. At the 90th percentile, homeowners might see tax bills as high as $1,448. The highest and lowest median tax bills in the area both stand at $456, found in the zip code 40140. This variability highlights the importance of the assessed value and local tax rates. With the national median property tax rate at 0.99%, homeowners in Garfield may find their tax bills relatively manageable, influencing their overall cost of living and financial planning.
Average Garfield Tax Bill
$456
Average Breckinridge County Tax Bill
$536
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Garfield, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40140 | $106 | $188 | $456 | $843 | $1,448 |
Source: Ownwell