Burkesville, Kentucky Property Taxes
The median property tax rate in Burkesville, KY is 0.82%, 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 $53,000 in Burkesville, the typical annual property tax bill amounts to $329, significantly below the national median of $2,690. Property taxes in Burkesville are calculated based on the tax assessed value, which generally falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Burkesville'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 Burkesville or another part of Cumberland County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Burkesville, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.82%
Estimate Property Tax Bill
$435
Ownwell’s Burkesville Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Burkesville with just two data points. By entering your property's estimated assessed value, the calculator uses the median tax rate in Burkesville to estimate your property tax bill, providing a clear picture of potential tax liabilities. If you're curious about trends on a neighborhood level, scroll down for more localized information. Your property’s assessed value is determined by the county for property tax calculations, taking into account any applicable exemptions. This tool is invaluable for understanding and planning for your property tax obligations in Burkesville.
Property Tax Rates Across Burkesville, Kentucky
Property taxes in Burkesville, Kentucky, are essential in funding local services such as public schools, road maintenance, and emergency services. The median tax rate in Burkesville is 0.82%, which is lower than the U.S. national median of 0.99%. Local government entities within Burkesville set these rates annually, and they can vary across different neighborhoods. Each year, Burkesville 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 Burkesville's effective property tax rate to other areas in Kentucky and the national median. For comparison, the 42717 zip code has both the highest and lowest median property tax rate of 0.82%. Understanding how these cities compare with Burkesville provides valuable insights into the varying tax landscape across Cumberland County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Burkesville Tax Rate
0.82%
Average Cumberland County Tax Rate
0.82%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Burkesville, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42717 | 0.33% | 0.60% | 0.82% | 0.82% | 0.82% |
Source: Ownwell
Property Tax Assessment Values Across Burkesville, Kentucky
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Burkesville, Kentucky. 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 Cumberland 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 Burkesville, 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 zip code 42717 has the highest and lowest median tax bill at $329. Being aware of these valuation processes in Burkesville helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Burkesville Assessed Value
$53,000
Average Cumberland County Assessed Value
$52,750
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Burkesville, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42717 | $6,500 | $20,000 | $53,000 | $110,000 | $200,000 |
Source: Ownwell
Property Tax Bills Across Burkesville, Kentucky
In Burkesville, Cumberland County, KY, property tax bills are calculated based on the assessed value of a home. The median home price in this area is $53,000. Property taxes are determined by applying the local tax rate to the assessed value of the property. For example, if your home is assessed at $53,000 and the local tax rate aligns closely with the national median property tax rate of 0.99%, your tax bill would be approximately $524.70 annually. However, actual tax bills can vary significantly. Factors such as property location, improvements, and market conditions influence the assessed value. In Burkesville, the tax bill for the 25th percentile is $131, while the 75th percentile reaches $698, and the 90th percentile climbs to $1,314. The highest and lowest median tax bills in the area are both $329, found in the 42717 zip code. These variations can significantly impact homeowners, making it crucial to understand how local assessments and tax rates apply to your property.
Average Burkesville Tax Bill
$329
Average Cumberland County Tax Bill
$329
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Burkesville, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42717 | $49 | $131 | $329 | $698 | $1,314 |
Source: Ownwell