Liberty, Kentucky Property Taxes
The median property tax rate in Liberty, KY is 0.96%, slightly lower than the national median of 0.99% and the Kentucky state median of 1.02%. With the median home value in Liberty at $44,000, the typical annual property tax bill is $337, significantly below the national median of $2,690. Property taxes in Liberty are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as those for primary residences and agricultural properties. Understanding Liberty'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 Liberty or another part of the city, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Liberty, 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 Liberty Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Liberty with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Liberty 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 Liberty, Kentucky
Property taxes in Liberty, Kentucky, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Liberty is 0.96%, slightly lower than the U.S. national median of 0.99%. Local government entities within Liberty set these rates annually, and they can vary significantly across different neighborhoods. Each year, Liberty 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 Liberty's effective property tax rate to other counties in Kentucky and the national median. For comparison, the 42539 zip code has the highest median property tax rate of 0.96%, while the same zip code also has the lowest median tax rate of 0.96%. Understanding how these cities compare with Liberty provides valuable insights into the varying tax landscape across Casey County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Liberty Tax Rate
0.96%
Average Casey County Tax Rate
0.96%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Liberty, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42539 | 0.47% | 0.96% | 0.96% | 0.96% | 0.96% |
Source: Ownwell
Property Tax Assessment Values Across Liberty, Kentucky
In Liberty, 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 Casey 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 Liberty, 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 Liberty helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the highest median tax bill in Liberty is $337 in the 42539 zip code, while the lowest median tax bill is also $337 in the same zip code.
Average Liberty Assessed Value
$44,000
Average Casey County Assessed Value
$43,000
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Liberty, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42539 | $5,000 | $15,000 | $44,000 | $87,500 | $140,000 |
Source: Ownwell
Property Tax Bills Across Liberty, Kentucky
In Liberty, Casey County, KY, property tax bills are calculated based on the assessed value of the home, which is determined by the local tax assessor. The assessed value is then multiplied by the local property tax rate to determine the annual tax bill. Homeowners in Liberty experience varying tax bills, with the 25th percentile at $106 and the 75th percentile at $760. The 90th percentile reaches up to $1311, reflecting the range of home values and tax rates in the area. Factors such as the property's market value, any applicable exemptions, and local tax levies influence the final tax bill. For instance, the median home price in Liberty is $44,000, which plays a significant role in calculating the tax amount. Compared to the national median property tax rate of 0.99%, Liberty’s tax rates can significantly impact homeowners, potentially leading to lower tax bills due to the relatively modest home values. Understanding these factors can help homeowners anticipate their annual property tax obligations more accurately.
Average Liberty Tax Bill
$337
Average Casey County Tax Bill
$324
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Liberty, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42539 | $48 | $106 | $337 | $760 | $1,311 |
Source: Ownwell