Bloomfield, Kentucky Property Taxes
The median property tax rate in Bloomfield, KY is 1.02%, aligning with the Kentucky state median but slightly above the national median of 0.99%. With a median home value of $99,500 in Bloomfield, the typical annual property tax bill is $1,035, which is lower than the national median of $2,690. Property taxes in Bloomfield are determined based on the tax assessed value, often lower than the market value due to exemptions such as those for primary residences and agricultural properties. Gaining a thorough understanding of Bloomfield's property tax system, exploring available exemptions, and identifying opportunities for reductions can result in substantial annual savings. Whether you're residing in Bloomfield or investing in its real estate, a keen awareness of the local property tax landscape will be beneficial.
Last Updated June 14, 2024
Bloomfield, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.02%
Estimate Property Tax Bill
$1,015
Ownwell’s Bloomfield Property Tax Bill Calculator is a valuable tool for homeowners, real estate investors, and potential buyers looking to estimate their annual property taxes in Bloomfield. By simply entering your property's estimated assessed value, the calculator uses the median tax rate in Bloomfield to provide an accurate estimate of your property tax bill. This user-friendly tool offers a clear understanding of your potential tax liabilities, helping you make informed financial decisions. For those interested in more detailed insights, scroll down to explore neighborhood-level trends. Your property’s assessed value, determined by the county, is crucial for these calculations and includes any applicable exemptions.
Property Tax Rates Across Bloomfield, Kentucky
Property taxes in Bloomfield, Kentucky, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Bloomfield is 1.02%, higher than both the Kentucky state median and the U.S. national median of 0.99%. Local government entities within Bloomfield set these rates annually, and they can vary significantly across different neighborhoods. Each year, Bloomfield 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 Bloomfield's effective property tax rate to other counties in Kentucky and the national median. For comparison, the 40008 zip code has the highest median property tax rate of 1.02%, while the 40008 zip code also has the lowest median tax rate of 1.02%. Understanding how these cities compare with Bloomfield provides valuable insights into the varying tax landscape across Washington County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Bloomfield Tax Rate
1.02%
Average Washington County Tax Rate
0.86%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Bloomfield, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40008 | 0.87% | 0.93% | 1.02% | 1.03% | 1.04% |
Source: Ownwell
Property Tax Assessment Values Across Bloomfield, Kentucky
In Bloomfield, 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 Washington 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 Bloomfield, 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. Bloomfield’s median home price stands at $99,500, with tax bills ranging from $888 at the 25th percentile to $1,517 at the 90th percentile. The zip code with both the highest and lowest median tax bills is 40008, with a median of $1,035. Being aware of these valuation processes in Bloomfield helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Bloomfield Assessed Value
$99,500
Average Washington County Assessed Value
$130,000
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Bloomfield, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40008 | $91,500 | $94,500 | $99,500 | $129,750 | $147,900 |
Source: Ownwell
Property Tax Bills Across Bloomfield, Kentucky
In Bloomfield, Washington County, KY, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. The median home price in Bloomfield is $99,500. Homeowners in this area experience property tax bills that vary significantly. For example, the 25th percentile tax bill is $888, while the 75th percentile reaches $1,336, and the 90th percentile goes up to $1,517. These figures are reflective of the assessed values and the local tax rates applied. Several factors influence the final tax bill, including property size, location, and any applicable exemptions. The tax rate in Bloomfield is relatively comparable to the national median property tax rate of 0.99%. For homeowners, understanding these factors is crucial as they directly affect annual financial obligations. The highest and lowest median tax bills in the area are both recorded at $1,035 in the 40008 zip code, indicating a level of uniformity in tax assessments within that region.
Average Bloomfield Tax Bill
$1,035
Average Washington County Tax Bill
$877
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Bloomfield, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40008 | $800 | $888 | $1,035 | $1,336 | $1,517 |
Source: Ownwell