Augusta, Kentucky Property Taxes
The median property tax rate in Augusta, KY is 1.07%, slightly higher than both the national median of 0.99% and the Kentucky state median of 1.02%. With the median home value in Augusta at $85,000, the typical annual property tax bill reaches $830, which is below the national median of $2,690. Property taxes in Augusta are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Augusta'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 Augusta 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
Augusta, 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 Augusta Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Augusta with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Augusta 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 Augusta, Kentucky
Property taxes in Augusta, Kentucky, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Augusta is 0.72%, significantly lower than both the Kentucky state median of 0.83% and the U.S. national median of 0.99%. Local government entities within Augusta set these rates annually, and they can vary significantly across different neighborhoods. Each year, Augusta 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 Augusta's effective property tax rate to other counties in Kentucky and the national median. For comparison, the 41002 zip code has the highest median property tax rate of 0.72%, while the same zip code also has the lowest median tax rate of 0.72%. Understanding how these cities compare with Augusta provides valuable insights into the varying tax landscape across Bracken County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Augusta Tax Rate
1.07%
Average Mason County Tax Rate
1.07%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Augusta, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41002 | 0.42% | 0.60% | 1.07% | 1.07% | 1.07% |
Source: Ownwell
Property Tax Assessment Values Across Augusta, Kentucky
In Augusta, 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 Mason 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 Augusta, 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 Augusta helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Augusta is $85,000, with tax bills ranging from $315 at the 25th percentile to $1,550 at the 90th percentile. The highest and lowest median tax bills are both $830, found in the 41002 zip code.
Average Augusta Assessed Value
$85,000
Average Mason County Assessed Value
$70,000
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Augusta, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41002 | $13,000 | $36,000 | $85,000 | $213,600 | $301,000 |
Source: Ownwell
Property Tax Bills Across Augusta, Kentucky
In Augusta, Mason County, KY, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. The assessed value is then multiplied by the local property tax rate to determine the tax bill. For instance, with a median home price of $85,000, the tax bill can vary significantly. Homeowners in the 25th percentile pay around $315, while those in the 75th percentile can see bills as high as $1,196. At the 90th percentile, tax bills can reach up to $1,550. These variations are influenced by factors such as property improvements, neighborhood developments, and changes in local tax rates. For comparison, the national median property tax rate is 0.99%, which helps put Augusta's rates into perspective. Understanding these factors is crucial for homeowners as they directly impact annual financial planning and long-term property investment.
Average Augusta Tax Bill
$830
Average Mason County Tax Bill
$649
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Augusta, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41002 | $94 | $315 | $830 | $1,196 | $1,550 |
Source: Ownwell