Georgetown, Fayette County, Kentucky Property Taxes
The median property tax rate in Georgetown, KY is 1.07%, slightly higher than both the national median of 0.99% and the Kentucky state median of 1.02%. With the median home value in Georgetown, the typical annual property tax bill reaches $37, which is significantly lower than the national median of $2,690. Property taxes in Georgetown are calculated based on the tax assessed value, often lower than the market value due to various exemptions like primary residence and agricultural exemptions. Understanding Georgetown'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 Georgetown 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
Georgetown, Fayette County, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.07%
Estimate Property Tax Bill
$37
$35
Ownwell’s Georgetown Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Georgetown with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Georgetown 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 Georgetown, Fayette County, Kentucky
Property taxes in Georgetown, Kentucky, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Georgetown is 1.07%, which is higher than the U.S. national median of 0.99%. Local government entities within Georgetown set these rates annually, and they can vary significantly across different neighborhoods. Each year, Georgetown 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 Georgetown's effective property tax rate to other areas in Kentucky and the national median. For comparison, the zip code 40324 has both the highest and lowest median property tax rate of 1.07%. Understanding how these areas compare with Georgetown provides valuable insights into the varying tax landscape across Fayette County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Georgetown Tax Rate
1.07%
Average Fayette County Tax Rate
1.24%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Georgetown, Fayette County, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40324 | 1.07% | 1.07% | 1.07% | 1.07% | 1.20% |
Source: Ownwell
Property Tax Assessment Values Across Georgetown, Fayette County, Kentucky
In Georgetown, 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 Fayette 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 Georgetown, 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 Georgetown helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip codes with the highest and lowest tax bills are 40324 at $4,847 and 40324 at $29, respectively.
Property Tax Assessment Values Across Georgetown, Fayette County, Kentucky
Source: Ownwell
$3,500
$230,500
$457,500
Average Georgetown Assessed Value
$3,500
Average Fayette County Assessed Value
$206,100
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Georgetown, Fayette County, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40324 | $1,560 | $2,600 | $3,500 | $5,100 | $436,800 |
Source: Ownwell
Property Tax Bills Across Georgetown, Fayette County, Kentucky
In Georgetown, KY, property tax bills are calculated based on the assessed value of the property. The assessed value is determined by the local tax assessor and reflects the market value of the property. Homeowners in Georgetown can expect their property tax bill to be influenced by several factors, including the property's assessed value, the local tax rate, and any applicable exemptions or deductions. For instance, the median home price in Georgetown is $3,500, and tax bills can vary significantly. At the 25th percentile, homeowners might pay around $29, whereas at the 75th percentile, the tax bill could rise to $105. At the 90th percentile, some homeowners may see tax bills as high as $4,847. These figures highlight the range of property tax burdens in the area, which can impact household budgets differently. Compared to the national median property tax rate of 0.99%, Georgetown's property tax rates can vary widely, emphasizing the importance of understanding local tax assessments and potential exemptions to manage costs effectively.
Average Georgetown Tax Bill
$37
Average Fayette County Tax Bill
$2,391
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Georgetown, Fayette County, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40324 | $16 | $29 | $37 | $105 | $4,847 |
Source: Ownwell