Fredonia, Kentucky Property Taxes
The median property tax rate in Fredonia, KY is 0.72%, which is lower than both the national median of 0.99% and the Kentucky state median of 1.02%. With a median home value of $85,000 in Fredonia, the typical annual property tax bill amounts to $639, significantly less than the national median of $2,690. Property taxes in Fredonia are calculated based on the assessed value, which is often lower than the market value due to various exemptions, such as those for primary residences and agricultural properties. Gaining a deep understanding of Fredonia's property tax system, including available exemptions and potential reductions, can result in substantial annual savings. Whether you're located in the heart of Fredonia or another area within Lyon County, familiarizing yourself with the local property tax structure is advantageous for both homeowners and real estate investors.
Last Updated June 14, 2024
Fredonia, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.72%
Estimate Property Tax Bill
$612
Ownwell’s Fredonia Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Fredonia with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Fredonia 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 Fredonia, Kentucky
Property taxes in Fredonia, Kentucky, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Fredonia is 0.72%, which is lower than both the Kentucky state median and the U.S. national median of 0.99%. Local government entities within Fredonia set these rates annually, and they can vary significantly across different neighborhoods. Each year, Fredonia 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 Fredonia's effective property tax rate to other counties in Kentucky and the national median. For comparison, the 42411 zip code has both the highest and lowest median property tax rate of 0.72%. Understanding how these cities compare with Fredonia provides valuable insights into the varying tax landscape across Lyon County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Fredonia Tax Rate
0.72%
Average Lyon County Tax Rate
0.83%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Fredonia, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42411 | 0.28% | 0.54% | 0.72% | 0.89% | 0.89% |
Source: Ownwell
Property Tax Assessment Values Across Fredonia, Kentucky
In Fredonia, 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 Lyon 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 Fredonia, 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 Fredonia helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Fredonia is $85,000, with the 25th percentile tax bill at $506 and the 75th percentile tax bill at $909. The zip code with the highest median tax bill is 42411, amounting to $639, which is also the lowest median tax bill in the area.
Average Fredonia Assessed Value
$85,000
Average Lyon County Assessed Value
$65,000
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Fredonia, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42411 | $60,975 | $70,532 | $85,000 | $132,500 | $181,040 |
Source: Ownwell
Property Tax Bills Across Fredonia, Kentucky
In Fredonia, located in Lyon County, KY, property tax bills are calculated based on the assessed value of a home. The median home price in this area is $85,000. The local property tax rate is applied to this assessed value to determine the annual tax bill. For homeowners in Fredonia, the 25th percentile tax bill is $506, while the 75th percentile tax bill is $909, and the 90th percentile tax bill reaches $1407. Factors influencing the tax bill include the property's assessed value, local tax rates, and any applicable exemptions or deductions. This system ensures that homeowners contribute to local services such as schools, infrastructure, and emergency services. In comparison to the national median property tax rate of 0.99%, Fredonia's rates can be considered relatively moderate. Understanding these factors helps homeowners anticipate their annual expenses and manage their finances more effectively.
Average Fredonia Tax Bill
$639
Average Lyon County Tax Bill
$445
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Fredonia, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42411 | $202 | $506 | $639 | $909 | $1,407 |
Source: Ownwell