Buckner, Kentucky Property Taxes
The median property tax rate in Buckner, KY is 1.25%, considerably higher than both the national median of 0.99% and the Kentucky state median of 1.02%. With the median home value in Buckner, the typical annual property tax bill reaches $3,742, exceeding the national median of $2,690. Property taxes in Buckner 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 Buckner'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 Buckner 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
Buckner, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.25%
Estimate Property Tax Bill
$3,750
Ownwell’s Buckner Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Buckner with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Buckner 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 Buckner, Kentucky
Property taxes in Buckner, Kentucky, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Buckner is 1.25%, significantly higher than the U.S. national median of 0.99%. Local government entities within Buckner set these rates annually, and they can vary significantly across different neighborhoods. Each year, Buckner 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 Buckner's effective property tax rate to other areas and the national median. For comparison, the 40010 zip code has the highest median property tax rate of 1.25%, while the 40010 zip code also has the lowest median tax rate of 1.25%. Understanding how these areas compare with Buckner provides valuable insights into the varying tax landscape across Oldham County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Buckner Tax Rate
1.25%
Average Oldham County Tax Rate
1.24%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Buckner, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40010 | 1.07% | 1.24% | 1.25% | 1.25% | 1.25% |
Source: Ownwell
Property Tax Assessment Values Across Buckner, Kentucky
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Buckner, Kentucky. 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 Oldham 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 Buckner, 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. For example, the median home price is $300,000, with tax bills ranging from $3,118 at the 25th percentile to $5,050 at the 90th percentile. The zip code 40010 has both the highest and lowest median tax bill, which is $3,742. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Buckner Assessed Value
$300,000
Average Oldham County Assessed Value
$277,000
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Buckner, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40010 | $230,000 | $270,000 | $300,000 | $357,500 | $409,000 |
Source: Ownwell
Property Tax Bills Across Buckner, Kentucky
In Buckner, located in Oldham County, KY, property tax bills are calculated based on the assessed value of a home, which is typically a percentage of its market value. For instance, with a median home price of $300,000, the tax bill can vary significantly. At the 25th percentile, homeowners might pay around $3,118, while those at the 75th percentile could see bills as high as $4,378. The top 10% of property tax bills in the area can reach up to $5,050. Several factors influence these tax bills, including the property's assessed value, local tax rates, and any applicable exemptions. These variations in tax bills can have substantial implications for homeowners, affecting their annual budgets and long-term financial planning. Compared to the national median property tax rate of 0.99%, it's evident that Buckner's property taxes can be notably higher, underscoring the importance for homeowners to understand their tax liabilities and seek potential savings where possible.
Average Buckner Tax Bill
$3,742
Average Oldham County Tax Bill
$3,306
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Buckner, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40010 | $2,500 | $3,118 | $3,742 | $4,378 | $5,050 |
Source: Ownwell