Falmouth, Kentucky Property Taxes
The median property tax rate in Falmouth, KY is 1.32%, significantly higher than both the national median of 0.99% and the Kentucky state median of 1.02%. With a median home value of $40,200 in Falmouth, the typical annual property tax bill is $407, which is well below the national median of $2,690. Property taxes in Falmouth are calculated based on the tax assessed value, which often falls below the market value due to various exemptions, such as primary residence and agricultural exemptions. Understanding Falmouth'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 Falmouth 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
Falmouth, Kentucky Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
1.02%
Estimate Property Tax Bill
$2,040
Ownwell’s Falmouth Property Tax Bill Calculator is an invaluable tool for homeowners, real estate investors, and potential buyers looking to estimate their annual property taxes in Falmouth. By simply entering your property's estimated assessed value, the calculator uses the median tax rate in Falmouth to provide an accurate estimate of your property tax bill. This helps you understand potential tax liabilities and plan your finances accordingly. For those interested in more detailed insights, our trends page offers localized information down to the neighborhood level. The assessed value of your property, determined by the county, is crucial for these calculations, factoring in any applicable exemptions. Explore our tools to gain a clearer picture of your property tax responsibilities.
Property Tax Rates Across Falmouth, Kentucky
Property taxes in Falmouth, Kentucky, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Falmouth is 1.32%, significantly higher than both the Kentucky state median and the U.S. national median of 0.99%. Local government entities within Falmouth set these rates annually, and they can vary significantly across different neighborhoods. Each year, Falmouth 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 Falmouth's effective property tax rate to other counties in Kentucky and the national median. For comparison, the 41040 zip code has the highest median property tax rate of 1.32%, while the same zip code also has the lowest median tax rate of 1.32%. Understanding how these areas compare with Falmouth provides valuable insights into the varying tax landscape across Bracken County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Falmouth Tax Rate
1.32%
Average Bracken County Tax Rate
1.32%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Falmouth, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41040 | 0.55% | 1.32% | 1.32% | 1.32% | 1.32% |
Source: Ownwell
Property Tax Assessment Values Across Falmouth, Kentucky
In Falmouth, 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 local 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 Falmouth, 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 Falmouth helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Falmouth is $40,200, with tax bills ranging from $201 at the 25th percentile to $1,128 at the 90th percentile.
Average Falmouth Assessed Value
$40,200
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 Falmouth, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41040 | $7,850 | $20,675 | $40,200 | $71,500 | $90,050 |
Source: Ownwell
Property Tax Bills Across Falmouth, Kentucky
In Falmouth, KY, property tax bills are calculated based on the assessed value of a home, which is determined by local tax assessors. The median home price in Falmouth is $40,200, and the property tax rate is applied to this assessed value to calculate the annual tax bill. Factors such as the home's location, size, and condition can influence its assessed value, ultimately affecting the tax bill. The property tax bills in Falmouth show a range of variability. For instance, homeowners at the 25th percentile pay around $201 annually, while those at the 75th percentile face a tax bill of approximately $739. At the 90th percentile, the tax bill can reach up to $1,128. Interestingly, the highest and lowest median tax bills in the area both stand at $407, specifically in the 41040 zip code. These property taxes can significantly impact homeowners, affecting their overall cost of living and financial planning. Understanding how these taxes are calculated can help homeowners better anticipate their annual expenses and manage their budgets accordingly.
Average Falmouth Tax Bill
$407
Average Bracken County Tax Bill
$592
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Falmouth, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41040 | $71 | $201 | $407 | $739 | $1,128 |
Source: Ownwell