Falls Of Rough, Kentucky Property Taxes
The median property tax rate in Falls of Rough, KY is 0.93%, slightly lower than both the national median of 0.99% and the Kentucky state median of 1.02%. With the median home value in Falls of Rough at $85,750, the typical annual property tax bill is around $553, which is significantly less than the national median of $2,690. Property taxes here are calculated based on the assessed value, which often falls below the market value due to exemptions such as primary residence and agricultural exemptions. Understanding Falls of Rough's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Falls of Rough or another part of Breckinridge County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Falls Of Rough, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.93%
Estimate Property Tax Bill
$797
Ownwell’s Falls of Rough Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Falls of Rough with just two data points. By entering your property's estimated assessed value, the calculator uses the median tax rate in Falls of Rough to project your property tax bill. This valuable tool aids in understanding potential tax liabilities. For those interested in exploring trends at a neighborhood level, more localized information is available below. Your property’s assessed value, determined by Breckinridge County, is used for property tax calculations, incorporating any applicable exemptions.
Property Tax Rates Across Falls Of Rough, Kentucky
Property taxes in Falls of Rough, Kentucky, are essential for funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Falls of Rough is 0.93%, slightly lower than the U.S. national median of 0.99%. Local government entities within Falls of Rough set these rates annually, and they can vary significantly across different neighborhoods. Each year, Falls of Rough 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 Falls of Rough's effective property tax rate to other counties in Kentucky and the national median. For comparison, the 40119 zip code has both the highest and lowest median property tax rate of 0.93%. Understanding how these areas compare with Falls of Rough provides valuable insights into the varying tax landscape across Breckinridge County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Falls Of Rough Tax Rate
0.93%
Average Breckinridge County Tax Rate
0.96%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Falls Of Rough, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40119 | 0.33% | 0.67% | 0.92% | 0.98% | 1.59% |
Source: Ownwell
Property Tax Assessment Values Across Falls Of Rough, Kentucky
In Falls of Rough, 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 Breckinridge 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 Falls of Rough, 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 Falls of Rough 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 in Falls of Rough is 40119, with a median tax bill of $553.
Average Falls Of Rough Assessed Value
$85,750
Average Breckinridge County Assessed Value
$64,000
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Falls Of Rough, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40119 | $5,000 | $20,000 | $85,750 | $194,625 | $310,000 |
Source: Ownwell
Property Tax Bills Across Falls Of Rough, Kentucky
In Falls of Rough, located in Breckinridge County, KY, property tax bills are calculated based on the assessed value of the property and the local tax rate. The median home price in this area is $85,750. To determine the tax bill, the assessed value of the property is multiplied by the local tax rate, which is specific to the county and city. This rate can vary, affecting the final tax bill significantly. For example, homeowners in Falls of Rough can expect tax bills to range widely. At the 25th percentile, the tax bill is around $159, while at the 75th percentile, it rises to approximately $1,572. The 90th percentile sees a tax bill of $2,638. The highest median tax bill within the area is $553, which is relatively modest compared to the national median property tax rate of 0.99%. These property taxes fund local services such as schools, public safety, and infrastructure, directly impacting the quality of life for residents. Thus, understanding how these taxes are calculated can help homeowners better manage their finances and anticipate yearly expenses.
Average Falls Of Rough Tax Bill
$553
Average Breckinridge County Tax Bill
$536
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Falls Of Rough, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40119 | $69 | $159 | $553 | $1,572 | $2,638 |
Source: Ownwell