Falls Of Rough, Kentucky Property Taxes
The median property tax rate in Falls of Rough, KY, is 0.96%, slightly below both the national median of 0.99% and the Kentucky state median of 1.02%. With a median home value of $19,500 in Falls of Rough, the typical annual property tax bill amounts to $181, significantly lower than the national median of $2,690. Property taxes in Falls of Rough are calculated based on the tax assessed value, which is often lower than the market value due to various exemptions, including primary residence and agricultural exemptions. By understanding Falls of Rough's property tax system, exploring available exemptions, and identifying opportunities for reductions, homeowners can achieve substantial annual savings. Whether you reside in Falls of Rough or another part of Ohio County, gaining insight into the local property tax system can benefit both homeowners and real estate investors alike.
Last Updated June 14, 2024
Falls Of Rough, 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 Falls of Rough Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Falls of Rough with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Falls of Rough 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 Falls Of Rough, Kentucky
Property taxes in Falls of Rough, Kentucky, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Falls of Rough is 0.66%, lower than both the Kentucky state median of 0.83% and the U.S. national median of 0.99%. Local government entities within Falls of Rough set these rates annually, and they can vary significantly across different neighborhoods. Each year, Falls of Rough 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 Falls of Rough's effective property tax rate to other counties in Kentucky and the national median. For comparison, the 40119 zip code has the highest median property tax rate of 0.96%, while the same zip code also has the lowest median tax rate of 0.96%. Understanding how these areas compare with Falls of Rough provides valuable insights into the varying tax landscape across Ohio County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Falls Of Rough Tax Rate
0.96%
Average Ohio County Tax Rate
0.96%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Falls Of Rough, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40119 | 0.39% | 0.83% | 0.96% | 0.96% | 0.96% |
Source: Ownwell
Property Tax Assessment Values Across Falls Of Rough, Kentucky
In Falls of Rough, 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 Ohio 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 Falls of Rough, 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. The highest and lowest median tax bills in the area are both $181 in zip code 40119. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Falls Of Rough Assessed Value
$19,500
Average Ohio County Assessed Value
$23,500
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Falls Of Rough, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40119 | $1,350 | $3,500 | $19,500 | $57,500 | $114,480 |
Source: Ownwell
Property Tax Bills Across Falls Of Rough, Kentucky
In Falls of Rough, property tax bills are determined by assessing the market value of a home and applying the local tax rate to this value. The median home price in the area is $19,500, which is significantly lower than the national median. This affects the overall tax bills, making them relatively modest. For instance, the tax bill at the 25th percentile is just $18, while at the 75th percentile, it rises to $215. At the higher end, the 90th percentile sees tax bills around $850. Factors considered in determining the tax bill include the assessed value of the property and the applicable tax rate. With the highest and lowest median tax bills both pegged at $181 in the 40119 zip code, homeowners in Falls of Rough benefit from a more predictable and manageable tax burden compared to other regions. This relatively low tax rate can make homeownership more affordable and appealing in this part of Ohio County, Kentucky.
Average Falls Of Rough Tax Bill
$181
Average Ohio County Tax Bill
$192
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Falls Of Rough, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40119 | $12 | $18 | $181 | $215 | $850 |
Source: Ownwell