Middleburg, Kentucky Property Taxes
The median property tax rate in Middleburg, KY is 0.96%, slightly below both the national median of 0.99% and the Kentucky state median of 1.02%. With the median home value in Middleburg at $40,000, the typical annual property tax bill amounts to $240, which is significantly lower than the national median of $2,690. Property taxes in Middleburg 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 Middleburg'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 Middleburg or another part of Casey County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Middleburg, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.96%
Estimate Property Tax Bill
$384
Ownwell’s Middleburg Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Middleburg with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Middleburg 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 Middleburg, Kentucky
Property taxes in Middleburg, Kentucky, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Middleburg is 0.96%, slightly below the U.S. national median of 0.99%. Local government entities within Middleburg set these rates annually, and they can vary significantly across different neighborhoods. Each year, Middleburg 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 Middleburg's effective property tax rate to other areas in Casey County and the national median. For comparison, the 42541 zip code has the highest median property tax rate of 0.96%, while the same zip code also has the lowest median tax rate of 0.96%. Understanding how these areas compare with Middleburg provides valuable insights into the varying tax landscape across Casey County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Middleburg Tax Rate
0.96%
Average Casey County Tax Rate
0.96%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Middleburg, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42541 | 0.37% | 0.96% | 0.96% | 0.96% | 0.96% |
Source: Ownwell
Property Tax Assessment Values Across Middleburg, Kentucky
In Middleburg, 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 Casey 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 Middleburg, 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 Middleburg 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 both stand at $240.00 in zip code 42541.
Average Middleburg Assessed Value
$40,000
Average Casey County Assessed Value
$43,000
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Middleburg, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42541 | $3,700 | $11,000 | $40,000 | $80,000 | $156,000 |
Source: Ownwell
Property Tax Bills Across Middleburg, Kentucky
In MIDDLEBURG, Casey County, KY, property tax bills are calculated based on the assessed value of the property. The assessed value is determined by the local tax assessor and is a percentage of the property's market value. Homeowners in MIDDLEBURG can expect their tax bills to vary significantly depending on their property's assessed value. For example, the 25th percentile tax bill is around $81, while the 75th percentile tax bill reaches $643, and those in the 90th percentile can see bills as high as $1,410. Factors such as property size, location, and any improvements made to the property can influence its assessed value. Compared to the national median property tax rate of 0.99%, MIDDLEBURG's rates can result in relatively lower tax bills due to generally lower property values. The highest median tax bill in the area is $240, found in zip code 42541. These property taxes impact homeowners by contributing to local services such as schools, infrastructure, and emergency services, making it crucial for homeowners to understand how their tax bills are determined.
Average Middleburg Tax Bill
$240
Average Casey County Tax Bill
$324
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Middleburg, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42541 | $29 | $81 | $240 | $643 | $1,410 |
Source: Ownwell