Burna, Kentucky Property Taxes
The median property tax rate in Burna, KY is 0.93%, slightly lower than both the national median of 0.99% and the Kentucky state median of 1.02%. With the median home value in Burna at $40,000, the typical annual property tax bill is $240, significantly below the national median of $2,690. Property taxes in Burna are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Burna'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 Burna or another part of Livingston County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Burna, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.93%
Estimate Property Tax Bill
$372
Ownwell’s BURNA Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in BURNA with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in BURNA 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 Burna, Kentucky
Property taxes in Burna, Kentucky, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Burna is 0.93%, which is slightly below the U.S. national median of 0.99%. Local government entities within Burna set these rates annually, and they can vary significantly across different neighborhoods. Each year, Burna 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 Burna's effective property tax rate to other counties in Kentucky and the national median. For comparison, the zip code 42028 has the highest median property tax rate of 0.93%, while the same zip code also has the lowest median tax rate of 0.93%. Understanding how these cities compare with Burna provides valuable insights into the varying tax landscape across Livingston County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Burna Tax Rate
0.93%
Average Livingston County Tax Rate
0.92%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Burna, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42028 | 0.25% | 0.73% | 0.93% | 0.93% | 0.93% |
Source: Ownwell
Property Tax Assessment Values Across Burna, Kentucky
In Burna, 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 Livingston 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 Burna, 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 Burna helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest median tax bill is 42028 at $240, while the lowest median tax bill is also in zip code 42028 at $240.
Average Burna Assessed Value
$40,000
Average Livingston County Assessed Value
$67,000
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Burna, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42028 | $3,500 | $12,000 | $40,000 | $81,500 | $156,200 |
Source: Ownwell
Property Tax Bills Across Burna, Kentucky
In BURNA, KY, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. This assessed value is then multiplied by the local property tax rate to determine the annual tax bill. For instance, with a median home price of $40,000, homeowners can expect varying tax bills. The 25th percentile tax bill is around $93, while the 75th percentile tax bill reaches approximately $567. At the 90th percentile, the tax bill can be as high as $1,131. Several factors influence the assessed value, including the property's market value, location, and any improvements or modifications made to the home. These property taxes are crucial for funding local services such as schools, public safety, and infrastructure. Homeowners in BURNA, KY, should be aware of these factors as they can significantly impact their annual financial obligations. Compared to the national median property tax rate of 0.99%, BURNA offers relatively affordable property tax bills, making it an attractive option for homeowners.
Average Burna Tax Bill
$240
Average Livingston County Tax Bill
$417
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Burna, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42028 | $33 | $93 | $240 | $567 | $1,131 |
Source: Ownwell