Berry, Kentucky Property Taxes
The median property tax rate in Berry, KY is 1.12%, higher than both the national median of 0.99% and the Kentucky state median of 1.02%. With the median home value in Berry at $89,800, the typical annual property tax bill reaches $934, which is lower than the national median of $2,690. Property taxes in Berry 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 Berry'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 Berry 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
Berry, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.12%
Estimate Property Tax Bill
$1,006
Ownwell’s Berry Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Berry with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Berry 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 Berry, Kentucky
Property taxes in Berry, Kentucky, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Berry is 1.12%, higher than both the Kentucky state median and the U.S. national median of 0.99%. Local government entities within Berry set these rates annually, and they can vary significantly across different neighborhoods. Each year, Berry 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 Berry's effective property tax rate to other counties in Kentucky and the national median. For comparison, the 41003 zip code has the highest median property tax rate of 1.12%, while the 41003 zip code has the lowest median tax rate of 1.12%. Understanding how these cities compare with Berry provides valuable insights into the varying tax landscape across Grant County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Berry Tax Rate
1.12%
Average Grant County Tax Rate
1.12%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Berry, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41003 | 0.50% | 0.79% | 1.12% | 1.21% | 1.29% |
Source: Ownwell
Property Tax Assessment Values Across Berry, Kentucky
In Berry, 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 local 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 Berry, 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 Berry helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 41003 in Berry has both the highest and lowest median tax bill, amounting to $934.
Average Berry Assessed Value
$89,800
Average Grant County Assessed Value
$114,000
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Berry, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41003 | $40,500 | $64,625 | $89,800 | $139,525 | $179,680 |
Source: Ownwell
Property Tax Bills Across Berry, Kentucky
In Berry, KY, located in Grant County, property tax bills are calculated based on the assessed value of a property, which is often a percentage of the market value. The median home price in Berry is $89,800, and the property tax rate is applied to this assessed value to determine the annual tax bill. Various factors influence the tax bill, including the property's location, improvements, and any applicable exemptions or deductions. Homeowners in Berry can expect their tax bills to vary significantly. For example, the tax bill at the 25th percentile is $526, while at the 75th percentile, it rises to $1410. At the 90th percentile, some homeowners may pay up to $1925. The highest median tax bill in the area is $934, consistent across the zip code 41003. These property taxes fund local services such as schools, infrastructure, and emergency services, directly impacting the community's quality of life. Compared to the national median property tax rate of 0.99%, Berry's property tax landscape provides a unique perspective for homeowners.
Average Berry Tax Bill
$934
Average Grant County Tax Bill
$1,162
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Berry, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41003 | $268 | $526 | $934 | $1,410 | $1,925 |
Source: Ownwell