Milburn, Kentucky Property Taxes
The median property tax rate in Milburn, KY is 1.60%, considerably higher than both the national median of 0.99% and the Kentucky state median of 1.02%. With the median home value in Milburn, the typical annual property tax bill reaches $168, which is significantly lower than the national median of $2,690. Property taxes in Milburn are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Milburn'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 Milburn 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
Milburn, 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 Milburn Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Milburn with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Milburn 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 Milburn, Kentucky
Property taxes in Milburn, Kentucky, are crucial for funding essential local services, including public schools, road maintenance, and emergency services. The median tax rate in Milburn stands at 1.60%, significantly higher than the U.S. national median of 0.99%. Local government entities within Milburn set these rates annually, and they can vary across different neighborhoods. Each year, Milburn 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 Milburn's effective property tax rate to other areas in Kentucky and the national median. For comparison, the zip code 42070 has the highest median property tax rate of 1.60%, which is the same as Milburn's rate. Understanding how these areas compare with Milburn 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 Milburn Tax Rate
1.60%
Average Carlisle County Tax Rate
1.13%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Milburn, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42070 | 1.60% | 1.60% | 1.60% | 1.60% | 1.60% |
Source: Ownwell
Property Tax Assessment Values Across Milburn, Kentucky
In Milburn, 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 Milburn, 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 Milburn helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Milburn is $10,450, with the highest and lowest median tax bills both being $168 in the 42070 zip code.
Average Milburn Assessed Value
$10,450
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 Milburn, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42070 | $10,450 | $10,450 | $10,450 | $10,450 | $10,450 |
Source: Ownwell
Property Tax Bills Across Milburn, Kentucky
In Milburn, Carlisle County, KY, property tax bills are calculated based on the assessed value of a home. The assessment is determined by the local tax assessor, who evaluates the property's market value. Homeowners in Milburn can expect their property tax bills to be relatively consistent, as the median tax bill is $168, which is the same across the 25th, 75th, and 90th percentiles. This uniformity suggests a stable tax rate in the area. Factors influencing the tax bill include the property's assessed value, local tax rates, and any applicable exemptions or deductions. Compared to the national median property tax rate of 0.99%, Milburn's property tax rate provides a more predictable and manageable financial obligation for homeowners. This stability in property tax bills can offer significant peace of mind, especially for those budgeting for their annual housing costs. Homeowners can benefit from understanding these factors to anticipate their tax liabilities and plan accordingly.
Average Milburn Tax Bill
$168
Average Carlisle County Tax Bill
$416
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Milburn, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42070 | $168 | $168 | $168 | $168 | $168 |
Source: Ownwell