Bracken County, Kentucky Property Taxes
The median property tax rate in Bracken County is 1.32%, which is significantly higher than both the national median of 0.99% and the Kentucky state median of 1.02%. With the median home value in Bracken County, the typical annual property tax bill reaches $592, which is substantially lower than the national median of $2,690. Property taxes in Bracken 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 Bracken 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 Augusta or another part of Bracken County, gaining a comprehensive knowledge of local property taxes will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Bracken County, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.32%
Estimate Property Tax Bill
$726
$674
Ownwell’s Bracken County Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner to estimate their annual property taxes in Bracken County with just 2 data points. Enter your property's estimated assessed value, and our calculator applies the median tax rate in Bracken 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 Bracken County, Kentucky
Property taxes in Bracken County play a crucial role in funding essential local services like public schools, road maintenance, and emergency services. The median tax rate in Bracken County is 1.32%, which is higher than the U.S. national median of 0.99%. Local government entities within Bracken County set these rates annually, and they can vary significantly between different areas within the county. Each year, Bracken 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 Bracken County's effective property tax rate with other counties in Kentucky and the national median. For comparison, the city of Augusta has one of the higher property tax rates in Kentucky at 1.32%. Analyzing how Bracken County's tax rates stack up against these benchmarks can give homeowners a better understanding of the local tax landscape.
Average Bracken County Tax Rate
1.32%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Bracken County, Kentucky
| City | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| Augusta | 0.45% | 1.30% | 1.32% | 1.64% | 1.64% |
| Brooksville | 0.38% | 1.27% | 1.32% | 1.32% | 1.32% |
| Dover | N/A | N/A | N/A | N/A | N/A |
| Falmouth | 0.55% | 1.32% | 1.32% | 1.32% | 1.32% |
| Foster | 0.42% | 1.08% | 1.32% | 1.32% | 1.32% |
| Germantown | 0.41% | 1.32% | 1.32% | 1.37% | 1.57% |
| Mount Olivet | 0.63% | 1.32% | 1.32% | 1.32% | 1.32% |
Source: Ownwell
Property Tax Assessment Values Across Bracken County, Kentucky
In Bracken 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 Bracken 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 Bracken 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. Germantown has the highest median tax bill at $691, while Falmouth has the lowest at $407. Being aware of these valuation processes in Bracken County will help you identify opportunities for appealing assessments or applying for exemptions to manage your tax burden more effectively.
Average Bracken County Assessed Value
$55,000
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Bracken County, Kentucky
| City | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| Augusta | $6,000 | $26,375 | $60,000 | $95,000 | $159,000 |
| Brooksville | $10,000 | $27,538 | $54,100 | $90,000 | $135,000 |
| Dover | N/A | N/A | N/A | N/A | N/A |
| Falmouth | $7,850 | $20,675 | $40,200 | $71,500 | $90,050 |
| Foster | $10,000 | $27,500 | $60,000 | $95,000 | $160,000 |
| Germantown | $15,000 | $30,875 | $60,000 | $96,750 | $135,000 |
| Mount Olivet | $7,000 | $27,750 | $40,000 | $84,000 | $100,000 |
Source: Ownwell
Property Tax Bills Across Bracken County, Kentucky
In Bracken County, KY, property tax bills are calculated based on the assessed value of a home. The assessed value is determined by the local tax assessor and reflects the market value of the property. Homeowners in Bracken County face a median property tax rate that can significantly impact their annual tax bill. For instance, the median home price is $55,000, and the tax bill varies widely depending on the property’s assessed value and the specific tax rate applied. Several factors influence the tax bill, including the property's location within the county and any applicable exemptions. For example, Germantown has the highest median tax bill at $691, while Falmouth has the lowest at $407. Homeowners in the 25th percentile can expect a tax bill around $243, while those in the 75th percentile might see a bill as high as $1,152. At the 90th percentile, the tax bill can reach up to $1,842, illustrating the range of property tax burdens within the county. Understanding these factors helps homeowners anticipate and manage their property tax responsibilities effectively.
Average Bracken County Tax Bill
$592
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Bracken County, Kentucky
| City | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| Augusta | $66 | $227 | $674 | $1,275 | $2,109 |
| Brooksville | $66 | $237 | $559 | $1,086 | $1,708 |
| Dover | N/A | N/A | N/A | N/A | N/A |
| Falmouth | $71 | $201 | $407 | $739 | $1,128 |
| Foster | $81 | $257 | $625 | $1,184 | $2,033 |
| Germantown | $132 | $281 | $691 | $1,243 | $1,820 |
| Mount Olivet | $26 | $192 | $536 | $1,115 | $1,448 |
Source: Ownwell