Brooks, Kentucky Property Taxes
The median property tax rate in Brooks, KY is 1.16%, which is notably higher than both the national median of 0.99% and the Kentucky state median of 1.02%. With the median home value in Brooks, the typical annual property tax bill reaches $1,631, falling below the national median of $2,690. Property taxes in Brooks are calculated based on the tax assessed value, which often comes in lower than the market value due to various exemptions, such as those for primary residences and agricultural properties. Understanding Brooks'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 Brooks 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
Brooks, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.16%
Estimate Property Tax Bill
$1,814
Ownwell’s Brooks Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Brooks with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Brooks 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 Brooks, Kentucky
Property taxes in Brooks, Kentucky, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Brooks is 1.16%, higher than the U.S. national median of 0.99%. Local government entities within Brooks set these rates annually, and they can vary significantly across different neighborhoods. Each year, Brooks 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 Brooks' effective property tax rate to other areas in Kentucky and the national median. For comparison, the 40109 zip code has the highest median property tax rate of 1.16%, while the same zip code also has the lowest median tax rate of 1.16%. Understanding how these areas compare with Brooks provides valuable insights into the varying tax landscape across Bullitt County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Brooks Tax Rate
1.16%
Average Bullitt County Tax Rate
1.18%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Brooks, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40109 | 0.82% | 0.97% | 1.16% | 1.17% | 1.20% |
Source: Ownwell
Property Tax Assessment Values Across Brooks, Kentucky
In Brooks, 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 Bullitt 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 Brooks, 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 Brooks helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Brooks is $1,631 in zip code 40109, while the lowest is also $1,631 in the same zip code.
Average Brooks Assessed Value
$156,377
Average Bullitt County Assessed Value
$159,604
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Brooks, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40109 | $20,000 | $75,396 | $156,377 | $224,676 | $277,193 |
Source: Ownwell
Property Tax Bills Across Brooks, Kentucky
In Brooks, Bullitt County, KY, property tax bills are calculated based on the assessed value of a home. The assessed value is determined by local tax assessors who evaluate the property’s market value. This assessed value is then multiplied by the local property tax rate to determine the annual tax bill. For instance, with a median home price of $156,377, homeowners can expect varying tax bills depending on their property’s assessed value and applicable exemptions. Factors such as property improvements, neighborhood changes, and market conditions can influence the assessed value, thereby affecting the tax bill. In Brooks, the 25th percentile tax bill is around $761, while the 75th percentile tax bill can reach up to $2,421, and the 90th percentile tax bill peaks at $3,098. These figures illustrate the range of property tax obligations homeowners might face. Compared to the national median property tax rate of 0.99%, Brooks offers a diverse spectrum of tax liabilities, impacting homeowners differently based on their property valuations and local tax policies.
Average Brooks Tax Bill
$1,631
Average Bullitt County Tax Bill
$1,790
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Brooks, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40109 | $207 | $761 | $1,631 | $2,421 | $3,098 |
Source: Ownwell