Fordsville, Kentucky Property Taxes
The median property tax rate in Fordsville, KY is 0.76%, which is notably lower than both the national median of 0.99% and the Kentucky state median of 1.02%. With a median home value of $71,500 in Fordsville, the typical annual property tax bill is approximately $510, significantly below the national median of $2,690. Property taxes in Fordsville are calculated based on the tax assessed value, which often falls below market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Fordsville'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 Fordsville 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
Fordsville, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.76%
Estimate Property Tax Bill
$543
Ownwell’s Fordsville Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Fordsville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Fordsville to estimate your property tax bill. This insightful tool helps you understand potential tax liabilities. If you’re interested in seeing 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, accounting for any exemptions that may apply.
Property Tax Rates Across Fordsville, Kentucky
Property taxes in Fordsville, Kentucky, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Fordsville is 0.76%, which is lower than the U.S. national median of 0.99%. Local government entities within Fordsville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Fordsville 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 Fordsville's effective property tax rate to other areas in Breckinridge County and the national median. For comparison, the zip code 42343 has both the highest and lowest median property tax rate of 0.76%, aligning with Fordsville's rate. Understanding how these areas compare with Fordsville 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 Fordsville Tax Rate
0.76%
Average Breckinridge County Tax Rate
0.96%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Fordsville, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42343 | 0.26% | 0.67% | 0.76% | 1.02% | 1.26% |
Source: Ownwell
Property Tax Assessment Values Across Fordsville, Kentucky
In Fordsville, 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 Fordsville, 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. The median home price in Fordsville is $71,500, with tax bills ranging from $333 at the 25th percentile to $1,255 at the 90th percentile. The zip code 42343 has the highest median tax bill of $510. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Fordsville Assessed Value
$71,500
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 Fordsville, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42343 | $10,350 | $31,375 | $71,500 | $111,125 | $230,400 |
Source: Ownwell
Property Tax Bills Across Fordsville, Kentucky
In Fordsville, located in Breckinridge County, KY, property tax bills are determined by assessing the market value of a home and applying the local tax rate. The median home price in Fordsville is $71,500, and the property tax rate is applied to this assessed value to calculate the annual tax bill. Various factors, such as property size, location, and improvements, influence the assessed value. Homeowners in Fordsville can expect their tax bills to vary, with the 25th percentile paying around $333 and the 75th percentile paying up to $755 annually. At the higher end, the 90th percentile of property tax bills reaches $1,255. The median tax bill in the area is $510, which is significantly lower than the national median property tax rate of 0.99%. Lower property tax bills can make homeownership more affordable, but it's essential for homeowners to understand how these taxes are calculated to plan their finances effectively.
Average Fordsville Tax Bill
$510
Average Breckinridge County Tax Bill
$536
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Fordsville, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42343 | $135 | $333 | $510 | $755 | $1,255 |
Source: Ownwell