Fairdale, Kentucky Property Taxes
The median property tax rate in Fairdale, KY is 1.10%, which is higher than both the national median of 0.99% and the Kentucky state median of 1.02%. With a median home value of $113,325 in Fairdale, the typical annual property tax bill amounts to $1,116, which is below the national median of $2,690. Property taxes in Fairdale are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Fairdale'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 Fairdale 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
Fairdale, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.1%
Estimate Property Tax Bill
$1,247
Ownwell’s Fairdale Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Fairdale with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Fairdale 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 Fairdale, Kentucky
Property taxes in Fairdale, Kentucky, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Fairdale is 1.10%, which is higher than both the Kentucky state median and the U.S. national median of 0.99%. Local government entities within Fairdale set these rates annually, and they can vary significantly across different neighborhoods. Each year, Fairdale 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 Fairdale's effective property tax rate to other areas in Kentucky and the national median. For comparison, the 40118 zip code has the highest median property tax rate of 1.10%, while the same zip code also has the lowest median tax rate of 1.10%. Understanding how these areas compare with Fairdale 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 Fairdale Tax Rate
1.10%
Average Jefferson County Tax Rate
1.17%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Fairdale, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40118 | 0.66% | 1.10% | 1.10% | 1.10% | 1.10% |
Source: Ownwell
Property Tax Assessment Values Across Fairdale, Kentucky
In Fairdale, 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 Jefferson 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. In Fairdale, 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 Fairdale helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Fairdale is $113,325, with tax bills ranging from $649 at the 25th percentile to $2,157 at the 90th percentile. The zip code with the highest and lowest median tax bill is 40118, both valued at $1,116.
Average Fairdale Assessed Value
$113,325
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 Fairdale, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40118 | $10,760 | $78,338 | $113,325 | $153,835 | $204,775 |
Source: Ownwell
Property Tax Bills Across Fairdale, Kentucky
In Fairdale, located in Jefferson County, KY, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. The median home price in Fairdale is $113,325, and the property tax rate is applied to this assessed value to determine the tax bill. Homeowners in Fairdale experience tax bills that vary widely, with the 25th percentile paying around $649 and the 75th percentile paying up to $1,612. The top 10% of tax bills can reach as high as $2,157. Several factors influence the final property tax bill, including the home's assessed value, local tax rates, and any applicable exemptions or deductions. These taxes are crucial for funding community services such as schools, public safety, and infrastructure. Compared to the national median property tax rate of 0.99%, Fairdale's property taxes can be considered moderate. Homeowners must budget for these annual expenses, as they directly impact their financial planning and overall cost of homeownership.
Average Fairdale Tax Bill
$1,116
Average Jefferson County Tax Bill
$2,069
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Fairdale, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40118 | $123 | $649 | $1,116 | $1,612 | $2,157 |
Source: Ownwell