Liberty, Kentucky Property Taxes
The median property tax rate in Liberty, KY is 0.34%, considerably lower than both the national median of 0.99% and the Kentucky state median of 1.02%. With the median home value in Liberty at $80,000, the typical annual property tax bill reaches $266, significantly below the national median of $2,690. Property taxes in Liberty 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 Liberty'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 Liberty 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
Liberty, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.34%
Estimate Property Tax Bill
$272
Ownwell’s Liberty Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Liberty with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Liberty 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 Liberty, Kentucky
Property taxes in Liberty, Kentucky, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Liberty is 0.34%, significantly lower than both the Kentucky state median and the U.S. national median of 0.99%. Local government entities within Liberty set these rates annually, and they can vary across different neighborhoods. Each year, Liberty 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 Liberty'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 Jefferson County at 1.24%, while the lowest is in Robertson County at 0.48%. Understanding how these counties compare with Liberty provides valuable insights into the varying tax landscape across Adair County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Liberty Tax Rate
0.34%
Average Adair County Tax Rate
1.13%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Liberty, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42539 | 0.13% | 0.19% | 0.34% | 1.02% | 1.78% |
Source: Ownwell
Property Tax Assessment Values Across Liberty, Kentucky
In Liberty, 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 Adair 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 Liberty, 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. For instance, the highest median tax bill in Liberty is $266 in the 42539 zip code, whereas the lowest median tax bill is also $266 in the same 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 Liberty Assessed Value
$80,000
Average Adair County Assessed Value
$50,000
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Liberty, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42539 | $4,000 | $46,500 | $80,000 | $121,750 | $220,000 |
Source: Ownwell
Property Tax Bills Across Liberty, Kentucky
In Liberty, KY, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor's office. This assessed value is then multiplied by the property tax rate to determine the annual tax bill. For homeowners in Liberty, the median home price is $80,000. The tax bill can vary significantly, with the 25th percentile at $67, the 75th percentile at $487, and the 90th percentile reaching $754. These variations are influenced by factors such as property size, location, and any applicable exemptions. Compared to the national median property tax rate of 0.99%, the tax rates in Liberty are relatively low, providing some financial relief to homeowners. However, even within Liberty, the tax burden can differ, as evidenced by the highest and lowest median tax bills both being $266 in the zip code 42539. Understanding these factors helps homeowners anticipate their tax obligations and manage their finances more effectively.
Average Liberty Tax Bill
$266
Average Adair County Tax Bill
$410
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Liberty, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42539 | $66 | $67 | $266 | $487 | $754 |
Source: Ownwell