Brooks, Kentucky Property Taxes
The median property tax rate in Brooks, KY is 0.84%, which is notably lower 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 comes to $1,283, significantly below the national median of $2,690. Property taxes in Brooks are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as the primary residence and agricultural exemptions. 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
0.84%
Estimate Property Tax Bill
$1,292
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 0.84%, which is below 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 counties in Kentucky and the national median. For comparison, the zip code 40109 has both the highest and lowest median property tax rate of 0.84%, identical to Brooks. Understanding how these cities compare with Brooks provides valuable insights into the varying tax landscape across Jefferson County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Brooks Tax Rate
0.84%
Average Jefferson County Tax Rate
1.17%
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 | 0.64% | 0.73% | 0.84% | 1.10% | 1.10% |
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 local 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. Notably, the highest median tax bill in the area is $1,283 in the 40109 zip code, which is also where the lowest median tax bill is recorded.
Average Brooks Assessed Value
$153,845
Average Jefferson County Assessed Value
$181,690
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 | $104,570 | $125,502 | $153,845 | $195,885 | $214,745 |
Source: Ownwell
Property Tax Bills Across Brooks, Kentucky
In Brooks, KY, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is determined by the county assessor and reflects the market value of the property. For homeowners in Brooks, the median home price stands at $153,845. The property tax rate applied to this value will determine the annual tax bill. Several factors influence the tax bill, including property size, location, and any improvements or renovations made. In Brooks, the tax bill varies significantly, with the 25th percentile at $1,016 and the 75th percentile reaching $1,713. Homeowners in the 90th percentile can expect to pay around $1,954 annually. The highest median tax bill recorded in the area is $1,283, which is consistent across the 40109 zip code. These property taxes fund essential local services such as schools, public safety, and infrastructure maintenance, directly impacting the quality of life for residents. Understanding how these factors interact helps homeowners anticipate their financial responsibilities and plan accordingly.
Average Brooks Tax Bill
$1,283
Average Jefferson County Tax Bill
$2,069
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 | $716 | $1,016 | $1,283 | $1,713 | $1,954 |
Source: Ownwell