Farmington, Kentucky Property Taxes
The median property tax rate in Farmington, KY is 0.80%, which is lower than both the national median of 0.99% and the Kentucky state median of 1.02%. With the median home value in Farmington, the typical annual property tax bill is $449, significantly below the national median of $2,690. Property taxes in Farmington are calculated based on the tax assessed value, often lower than the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Farmington'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 Farmington 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
Farmington, 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 Farmington Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Farmington with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Farmington 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 Farmington, Kentucky
Property taxes in Farmington, Kentucky, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Farmington is 0.80%, which is lower than the U.S. national median of 0.99%. Local government entities within Farmington set these rates annually, and they can vary significantly across different neighborhoods. Each year, Farmington 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 Farmington's effective property tax rate to other counties in Kentucky and the national median. For comparison, the zip code 42040 has the highest median property tax rate of 0.80%, while the same zip code also has the lowest median tax rate of 0.80%. Understanding how these cities compare with Farmington provides valuable insights into the varying tax landscape across Graves County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Farmington Tax Rate
0.80%
Average Graves County Tax Rate
0.67%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Farmington, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42040 | 0.16% | 0.37% | 0.80% | 0.85% | 0.96% |
Source: Ownwell
Property Tax Assessment Values Across Farmington, Kentucky
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Farmington, Kentucky. 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 Graves 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. Assessment notices in Farmington 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. For example, the median home price in Farmington is $80,000, with tax bills ranging from $161 at the 25th percentile to $1,681 at the 90th percentile. The zip code 42040 has the highest and lowest median tax bill at $449. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Farmington Assessed Value
$80,000
Average Graves County Assessed Value
$80,000
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Farmington, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42040 | $6,000 | $25,000 | $80,000 | $200,000 | $483,000 |
Source: Ownwell
Property Tax Bills Across Farmington, Kentucky
In Farmington, Graves County, KY, property tax bills are calculated based on the assessed value of the home and the local tax rate. The assessed value is determined by the county assessor and reflects the property's market value. Homeowners in Farmington typically see a range of property tax bills, with the 25th percentile paying around $161 and the 75th percentile paying approximately $1,046. At the higher end, the 90th percentile tax bill reaches up to $1,681. Several factors influence the final tax bill, including the property's location, size, and condition. Additionally, local government budgets and funding needs can impact the tax rate. Compared to the national median property tax rate of 0.99%, Farmington homeowners generally benefit from lower property tax rates, which can ease the financial burden of owning a home. Understanding these factors can help homeowners anticipate their annual property tax expenses and plan their finances accordingly.
Average Farmington Tax Bill
$449
Average Graves County Tax Bill
$394
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Farmington, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42040 | $40 | $161 | $449 | $1,046 | $1,681 |
Source: Ownwell