Millersburg, Kentucky Property Taxes
The median property tax rate in Millersburg, KY is 0.88%, which is lower than both the national median of 0.99% and the Kentucky state median of 1.02%. With a median home value of $61,000 in Millersburg, the typical annual property tax bill is around $518, significantly less than the national median of $2,690. Property taxes in Millersburg are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Millersburg'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 Millersburg or another part of Bourbon County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Millersburg, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.88%
Estimate Property Tax Bill
$537
Ownwell’s Millersburg Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Millersburg with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Millersburg to provide an estimate of your property tax bill. This valuable tool helps you understand potential tax liabilities. If you're interested in observing 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, considering any applicable exemptions.
Property Tax Rates Across Millersburg, Kentucky
Property taxes in Millersburg, Kentucky, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Millersburg is 0.88%, which is lower than the U.S. national median of 0.99%. Local government entities within Millersburg set these rates annually, and they can vary significantly across different neighborhoods. Each year, Millersburg 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 Millersburg's effective property tax rate to other counties in Kentucky and the national median. For comparison, the 40348 zip code has both the highest and lowest median property tax rate of 0.88%. Understanding how these cities compare with Millersburg provides valuable insights into the varying tax landscape across Bourbon County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Millersburg Tax Rate
0.88%
Average Bourbon County Tax Rate
0.57%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Millersburg, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40348 | 0.36% | 0.87% | 0.88% | 0.88% | 0.88% |
Source: Ownwell
Property Tax Assessment Values Across Millersburg, Kentucky
In Millersburg, 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 Bourbon 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 Millersburg, 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. For instance, the median home price in Millersburg is $61,000, with tax bills ranging from $265 at the 25th percentile to $1,136 at the 90th percentile. 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 Millersburg helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Millersburg Assessed Value
$61,000
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 Millersburg, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40348 | $8,400 | $34,600 | $61,000 | $93,750 | $130,000 |
Source: Ownwell
Property Tax Bills Across Millersburg, Kentucky
In Millersburg, located in Bourbon County, KY, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. The median home price in Millersburg stands at $61,000. Homeowners' tax bills can vary widely; for instance, the tax bill at the 25th percentile is $265, while at the 75th percentile, it rises to $743. At the 90th percentile, homeowners might see a tax bill as high as $1,136. Several factors influence these variations, including the property's assessed value, local tax rates, and any applicable exemptions or deductions. This system ensures that property taxes are proportionate to the value of the home, impacting homeowners differently based on their property's worth. Compared to the national median property tax rate of 0.99%, Millersburg's tax rates reflect the local economic conditions and property values, providing a tailored approach to funding community services and infrastructure.
Average Millersburg Tax Bill
$518
Average Bourbon County Tax Bill
$936
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Millersburg, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40348 | $88 | $265 | $518 | $743 | $1,136 |
Source: Ownwell