Fancy Farm, Carlisle County, Kentucky Property Taxes
The median property tax rate in Fancy Farm, KY is 1.18%, which is higher than both the national median of 0.99% and the Kentucky state median of 1.02%. With the median home value in Fancy Farm at $54,336, the typical annual property tax bill is around $493, significantly lower than the national median of $2,690. Property taxes in Fancy Farm are calculated based on the assessed value, which often falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Fancy Farm'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 Fancy Farm 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
Fancy Farm, Carlisle County, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.18%
Estimate Property Tax Bill
$641
$595
Ownwell’s Fancy Farm Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Fancy Farm with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Fancy Farm 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 Fancy Farm, Carlisle County, Kentucky
Property taxes in Fancy Farm, Kentucky, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Fancy Farm is 1.18%, which is notably higher than both the Kentucky state median and the U.S. national median of 0.99%. Local government entities within Fancy Farm set these rates annually, and they can vary significantly across different neighborhoods. Each year, Fancy Farm 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 Fancy Farm's effective property tax rate to other counties in Kentucky and the national median. For comparison, the zip code 42039 has the highest median property tax rate of 1.18%, while the lowest median tax rate is also 1.18%. Understanding how these cities compare with Fancy Farm provides valuable insights into the varying tax landscape across Carlisle County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Fancy Farm Tax Rate
1.18%
Average Carlisle County Tax Rate
1.13%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Fancy Farm, Carlisle County, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42039 | 0.44% | 1.13% | 1.18% | 1.24% | 1.33% |
Source: Ownwell
Property Tax Assessment Values Across Fancy Farm, Carlisle County, Kentucky
In Fancy Farm, 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 Carlisle County Property Valuation Administrator 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 Fancy Farm, 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 Fancy Farm helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in the area is $493 in zip code 42039, while the lowest is also $493 in the same zip code.
Property Tax Assessment Values Across Fancy Farm, Carlisle County, Kentucky
Source: Ownwell
$38,000
$49,000
$60,000
Average Fancy Farm Assessed Value
$54,336
Average Carlisle County Assessed Value
$45,000
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Fancy Farm, Carlisle County, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42039 | $6,300 | $20,500 | $54,336 | $96,779 | $175,307 |
Source: Ownwell
Property Tax Bills Across Fancy Farm, Carlisle County, Kentucky
In Fancy Farm, Carlisle County, KY, property tax bills are calculated based on the assessed value of a home. The local assessor determines this value, which is then multiplied by the property tax rate to derive the tax bill. Factors influencing the tax bill include the home's assessed value, local tax rates, and any applicable exemptions. For instance, the median home price in Fancy Farm is $54,336. Homeowners here can expect tax bills ranging from $200 at the 25th percentile to $2,005 at the 90th percentile, showcasing significant variability based on property value and exemptions. The highest and lowest median tax bills in the area are both $493, reflecting a uniform assessment within the zip code 42039. Compared to the national median property tax rate of 0.99%, Fancy Farm's rates offer a relatively affordable option for homeowners. Understanding these factors helps homeowners anticipate their annual tax obligations and budget accordingly.
Average Fancy Farm Tax Bill
$493
Average Carlisle County Tax Bill
$416
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Fancy Farm, Carlisle County, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42039 | $69 | $200 | $493 | $1,122 | $2,005 |
Source: Ownwell