Bethelridge, Kentucky Property Taxes
The median property tax rate in Bethelridge, KY is 0.23%, significantly lower than both the national median of 0.99% and the Kentucky state median of 1.02%. With the median home value in Bethelridge at $160,000, the typical annual property tax bill is approximately $362, well below the national median of $2,690. Property taxes in Bethelridge are calculated based on the tax assessed value, which usually falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Bethelridge's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Bethelridge 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
Bethelridge, 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 Bethelridge Property Tax Bill Calculator offers homeowners, real estate investors, and potential buyers an easy way to estimate their annual property taxes in Bethelridge with just two data points. By entering your property's estimated assessed value, the calculator utilizes the median tax rate in Bethelridge to project your potential property tax bill. This valuable tool aids in understanding your possible tax obligations. For those curious about neighborhood-specific trends, you can explore more localized information below. The assessed value of your property is determined by the county for tax purposes and takes into account any applicable exemptions.
Property Tax Rates Across Bethelridge, Kentucky
Property taxes in Bethelridge, Kentucky, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Bethelridge is 0.74%, which is significantly lower than the U.S. national median of 0.99%. Local government entities within Bethelridge set these rates annually, and they can vary across different neighborhoods. Each year, Bethelridge 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 Bethelridge's effective property tax rate to other counties in Kentucky and the national median. For comparison, the highest median property tax rate in Kentucky is found in the 42101 zip code, with a rate of 1.17%, while the lowest is in the 41001 zip code, with a rate of 0.57%. Understanding how these cities compare with Bethelridge provides valuable insights into the varying tax landscape across Pulaski County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Bethelridge Tax Rate
0.23%
Average Pulaski County Tax Rate
0.81%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Bethelridge, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42516 | 0.23% | 0.23% | 0.23% | 0.23% | 0.23% |
Source: Ownwell
Property Tax Assessment Values Across Bethelridge, Kentucky
In Bethelridge, 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 Pulaski 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 Bethelridge, 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. Bethelridge has a median home price of $160,000, and the tax bills range from the 25th percentile at $362 to the 90th percentile at $362. Both the highest and lowest median tax bills are $362 in the 42516 zip code. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Bethelridge Assessed Value
$160,000
Average Pulaski County Assessed Value
$57,500
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Bethelridge, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42516 | $160,000 | $160,000 | $160,000 | $160,000 | $160,000 |
Source: Ownwell
Property Tax Bills Across Bethelridge, Kentucky
In Bethelridge, Pulaski County, KY, property tax bills are calculated based on the assessed value of the property, which is determined by the local tax assessor. The assessed value is then multiplied by the local property tax rate to calculate the annual tax bill. The median home price in Bethelridge is $160,000. Interestingly, the tax bill across various percentiles—25th, 75th, and 90th—remains consistent at $362, which indicates a uniformity in tax rates or assessed values within the region. This uniformity in tax bills can provide a level of predictability for homeowners, making it easier to budget for annual expenses. Compared to the national median property tax rate of 0.99%, the effective tax rate in Bethelridge is relatively low. For homeowners, this means lower annual costs associated with property taxes, which can be a significant financial relief. Understanding how these factors interplay helps homeowners in Bethelridge better plan for their financial future and manage their property investments effectively.
Average Bethelridge Tax Bill
$362
Average Pulaski County Tax Bill
$362
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Bethelridge, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42516 | $362 | $362 | $362 | $362 | $362 |
Source: Ownwell