Bourbon County, Kentucky Property Taxes
The median property tax rate in Bourbon County is 0.57%, which is significantly lower than both the national median of 0.99% and the Kentucky state median of 1.02%. With the median home value in Bourbon County, the typical annual property tax bill reaches $936, which is well below the national median of $2,690. Property taxes in Bourbon County are calculated based on the tax assessed value, which generally falls below the actual market value due to various property tax exemptions like the primary residence and agricultural exemptions. Understanding Bourbon County's specific property tax system, exploring available exemptions, and identifying opportunities for property tax reductions can provide significant annual savings. Whether you live in Paris or another part of Bourbon County, gaining a comprehensive knowledge of local property taxes will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Bourbon County, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.57%
Estimate Property Tax Bill
$862
$800
Ownwell’s Bourbon County Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner to estimate their annual property taxes in Bourbon County with just 2 data points. Enter your property's estimated assessed value, and our calculator applies the median tax rate in Bourbon County to estimate your property tax bill. This insight helps you understand potential tax liabilities. If you’d like to see trends on a city level, scroll down to navigate to a more local informational page. Your property assessed value is the value assigned to your property by your county for property tax calculations. Assessed value takes into account any exemptions you may have on your property.
Property Tax Rates Across Bourbon County, Kentucky
Property taxes in Bourbon County play a crucial role in funding essential local services like public schools, road maintenance, and emergency services. The median tax rate in Bourbon County is 0.57%, which is lower than both the Kentucky state median of 0.83% and the U.S. national median of 0.99%. Local government entities within Bourbon County set these rates annually, and they can vary significantly between different areas within the county. Each year, Bourbon County estimates its required budget to maintain services for the upcoming fiscal year and divides this budget by the total value of all taxable property in the jurisdiction, resulting in the property tax rate. Although tax rates and budgets are influenced by laws and voter input, this calculation forms the basic process for setting property tax rates. The following data compares Bourbon County's effective property tax rate with other counties in Kentucky and the national median. For comparison, the city of Millersburg has one of the higher property tax rates in Kentucky at 0.88%, while the city of Sharpsburg boasts one of the lowest at 0.45%. Analyzing how Bourbon County's tax rates stack up against these benchmarks can give homeowners a better understanding of the local tax landscape.
Average Bourbon County Tax Rate
0.57%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Bourbon County, Kentucky
| City | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| Carlisle | 0.22% | 0.38% | 0.67% | 0.88% | 0.88% |
| Cynthiana | 0.29% | 0.39% | 0.54% | 0.73% | 0.88% |
| Georgetown | 0.33% | 0.47% | 0.80% | 0.88% | 0.88% |
| Lexington | 0.41% | 0.58% | 0.78% | 0.88% | 0.88% |
| Millersburg | 0.36% | 0.87% | 0.88% | 0.88% | 0.88% |
| Mount Sterling | N/A | N/A | N/A | N/A | N/A |
| North Middletown | 0.40% | 0.88% | 0.88% | 0.88% | 0.88% |
| Paris | 0.27% | 0.35% | 0.54% | 0.88% | 0.88% |
| Sharpsburg | 0.28% | 0.33% | 0.45% | 0.71% | 0.86% |
Source: Ownwell
Property Tax Assessment Values Across Bourbon County, Kentucky
In Bourbon County, understanding the difference between "market value" and "assessed value" is key to comprehending property taxes. The market value represents the price a willing buyer would pay to a willing seller in an open, competitive market, considering location, property condition, and current economic trends. For tax purposes, this value is estimated by the Bourbon County Appraisal District. The assessed value, however, 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. Assessment notices in Bourbon County are typically mailed in the spring, usually by the middle of April. These notices provide homeowners with both the market and assessed values, along with an estimate of the annual property tax bill. By distinguishing between these valuation concepts, property owners can better navigate their tax responsibilities and understand how their property taxes are affected. For instance, Lexington has the highest median tax bill at $1,544, while North Middletown has the lowest at $464. Being aware of these valuation processes in Bourbon County will help you identify opportunities for appealing assessments or applying for exemptions to manage your tax burden more effectively.
Property Tax Assessment Values Across Bourbon County, Kentucky
Source: Ownwell
$13,000
$260,800
$508,600
Average Bourbon County Assessed Value
$151,200
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Bourbon County, Kentucky
| City | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| Carlisle | $33,040 | $50,500 | $115,300 | $238,300 | $408,440 |
| Cynthiana | $95,000 | $146,025 | $289,900 | $456,925 | $667,798 |
| Georgetown | $40,100 | $67,500 | $115,000 | $335,000 | $652,720 |
| Lexington | $4,700 | $9,900 | $245,500 | $522,300 | $999,230 |
| Millersburg | $8,400 | $34,600 | $61,000 | $93,750 | $130,000 |
| Mount Sterling | N/A | N/A | N/A | N/A | N/A |
| North Middletown | $22,600 | $35,200 | $67,800 | $87,000 | $114,640 |
| Paris | $66,255 | $100,000 | $155,800 | $251,150 | $509,870 |
| Sharpsburg | $91,810 | $100,150 | $185,100 | $412,650 | $738,270 |
Source: Ownwell
Property Tax Bills Across Bourbon County, Kentucky
In Bourbon County, KY, property tax bills are primarily calculated based on the assessed value of a home. The median home price in this county stands at $151,200. Property taxes are determined by multiplying the assessed value by the local tax rate. Factors influencing the assessed value include the property's location, size, and condition. For homeowners in Bourbon County, the tax bill can vary significantly. The 25th percentile tax bill is around $386, while the 75th percentile reaches up to $1,680. At the 90th percentile, homeowners may see tax bills as high as $3,013. Comparatively, Lexington has the highest median tax bill in the region at $1,544, whereas North Middletown has the lowest at $464. These tax bills can impact homeowners by affecting their monthly mortgage payments and the overall affordability of their homes. Understanding how these taxes are calculated can help homeowners plan better and potentially seek exemptions or appeals to lower their tax burden.
Average Bourbon County Tax Bill
$936
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Bourbon County, Kentucky
| City | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| Carlisle | $113 | $313 | $774 | $1,271 | $2,080 |
| Cynthiana | $515 | $854 | $1,464 | $2,154 | $3,665 |
| Georgetown | $211 | $537 | $822 | $1,791 | $3,648 |
| Lexington | $40 | $87 | $1,544 | $3,423 | $5,999 |
| Millersburg | $88 | $265 | $518 | $743 | $1,136 |
| Mount Sterling | N/A | N/A | N/A | N/A | N/A |
| North Middletown | $194 | $248 | $464 | $700 | $1,003 |
| Paris | $228 | $395 | $962 | $1,687 | $2,990 |
| Sharpsburg | $451 | $799 | $870 | $2,782 | $5,392 |
Source: Ownwell