Fountain Run, Barren County, Kentucky Property Taxes
The median property tax rate in Fountain Run, KY, is 1.02%, which aligns with the state median but is slightly higher than the national median of 0.99%. With the median home value in Fountain Run at $15,000, the typical annual property tax bill is $135, significantly lower than the national median of $2,690. Property taxes in Fountain Run are calculated based on the tax assessed value, often reduced by various exemptions such as primary residence and agricultural exemptions. Understanding Fountain Run'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 Fountain Run 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
Fountain Run, Barren County, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.02%
Estimate Property Tax Bill
$153
$142
Ownwell’s Fountain Run Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Fountain Run with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Fountain Run 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 Fountain Run, Barren County, Kentucky
Property taxes in Fountain Run, Kentucky, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Fountain Run is 1.02%, which is higher than both the Kentucky state median and the U.S. national median of 0.99%. Local government entities within Fountain Run set these rates annually, and they can vary significantly across different neighborhoods. Each year, Fountain Run 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 Fountain Run's effective property tax rate to other counties in Kentucky and the national median. For comparison, the zip code 42133 has both the highest and lowest median property tax rate in the area, standing at 1.02%. Understanding how these areas compare with Fountain Run provides valuable insights into the varying tax landscape across Barren County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Fountain Run Tax Rate
1.02%
Average Barren County Tax Rate
1.04%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Fountain Run, Barren County, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42133 | 0.29% | 0.82% | 1.01% | 1.04% | 1.17% |
Source: Ownwell
Property Tax Assessment Values Across Fountain Run, Barren County, Kentucky
In Fountain Run, 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 Barren 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 Fountain Run, 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 Fountain Run helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest and lowest median tax bill is 42133, with a tax bill of $135.
Property Tax Assessment Values Across Fountain Run, Barren County, Kentucky
Source: Ownwell
$15,000
$74,750
$134,500
Average Fountain Run Assessed Value
$15,000
Average Barren County Assessed Value
$90,000
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Fountain Run, Barren County, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42133 | $2,180 | $4,000 | $15,000 | $100,000 | $229,400 |
Source: Ownwell
Property Tax Bills Across Fountain Run, Barren County, Kentucky
In Fountain Run, located in Barren County, KY, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is determined by the county assessor, who evaluates the property's market value. This value is then multiplied by the local property tax rate to determine the annual tax bill. For homeowners in Fountain Run, the median home price is $15,000. Property tax bills can vary significantly, with the 25th percentile at $46 and the 75th percentile reaching $625. At the 90th percentile, some homeowners may see tax bills as high as $1,476. The highest and lowest median tax bills in the area are both $135, indicating a relatively consistent tax rate within the zip code 42133. These property taxes fund essential local services such as schools, public safety, and infrastructure. Understanding how property taxes are calculated helps homeowners anticipate their annual expenses and plan accordingly.
Average Fountain Run Tax Bill
$135
Average Barren County Tax Bill
$755
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Fountain Run, Barren County, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42133 | $24 | $46 | $135 | $625 | $1,476 |
Source: Ownwell