Belfry, Kentucky Property Taxes
The median property tax rate in Belfry, KY is 1.37%, higher than both the national median of 0.99% and Kentucky's state median of 1.02%. With a median home value of $31,150 in Belfry, the typical annual property tax bill is $273, which is significantly lower than the national median of $2,690. Property taxes in Belfry are calculated based on the tax assessed value, which usually falls below the market value due to various exemptions, such as primary residence and agricultural exemptions. Understanding Belfry'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 Belfry or another part of Pike County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Belfry, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.37%
Estimate Property Tax Bill
$427
Ownwell’s Belfry Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Belfry with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Belfry 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 Belfry, Kentucky
Property taxes in Belfry, Kentucky, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Belfry is 1.37%, significantly higher than the U.S. national median of 0.99%. Local government entities within Belfry set these rates annually, and they can vary significantly across different neighborhoods. Each year, Belfry 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 Belfry's effective property tax rate to other areas within Pike County and the national median. For comparison, the zip code 41514 has both the highest and lowest median property tax rate of 1.37%. Understanding how these areas compare with Belfry provides valuable insights into the varying tax landscape across Pike County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Belfry Tax Rate
1.37%
Average Pike County Tax Rate
1.37%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Belfry, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41514 | 0.16% | 0.51% | 1.37% | 1.51% | 2.01% |
Source: Ownwell
Property Tax Assessment Values Across Belfry, Kentucky
In Belfry, 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 Pike 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 Belfry, 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 Belfry helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the area are both $273.00, found in zip code 41514.
Average Belfry Assessed Value
$31,150
Average Pike County Assessed Value
$25,000
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Belfry, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41514 | $3,000 | $10,000 | $31,150 | $60,000 | $94,500 |
Source: Ownwell
Property Tax Bills Across Belfry, Kentucky
In Belfry, Kentucky, property tax bills are calculated based on the assessed value of a property, which is determined by the local assessor's office. The assessed value is a percentage of the market value of the property. For example, with a median home price of $31,150, the tax bill can vary significantly depending on the specific assessment and applicable tax rates. The tax bill is influenced by multiple factors, including the property's assessed value, local tax rates, and any applicable exemptions. In Pike County, where Belfry is located, property tax bills show a wide range, with the 25th percentile at $48 and the 75th percentile at $704. The 90th percentile tax bill can go up to $1,337, indicating considerable variation based on property characteristics and exemptions. For homeowners, this means that property taxes can be a manageable expense or a significant financial burden, depending on the property's assessed value and the local tax rate. Given that the national median property tax rate is 0.99%, Belfry's property taxes are relatively low, which can be advantageous for homeowners.
Average Belfry Tax Bill
$273
Average Pike County Tax Bill
$205
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Belfry, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41514 | $48 | $48 | $273 | $704 | $1,337 |
Source: Ownwell