Fulton County, Kentucky Property Taxes
The median property tax rate in Fulton County is 1.04%, which is slightly higher than both the national median of 0.99% and the Kentucky state median of 1.02%. With the median home value in Fulton County, the typical annual property tax bill amounts to $379, significantly below the national median of $2,690. Property taxes in Fulton County are calculated based on the tax assessed value, which generally falls below the actual market value due to various property tax exemptions like the primary residence and agricultural exemptions. Understanding Fulton County's specific property tax system, exploring available exemptions, and identifying opportunities for property tax reductions can provide significant annual savings. Whether you live in Fulton or another part of Fulton County, gaining a comprehensive knowledge of local property taxes will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Fulton County, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.04%
Estimate Property Tax Bill
$442
$410
Ownwell’s Fulton County Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner to estimate their annual property taxes in Fulton County with just 2 data points. Enter your property's estimated assessed value, and our calculator applies the median tax rate in Fulton County to estimate your property tax bill. This insight helps you understand potential tax liabilities. If you’d like to see trends on a city level, scroll down to navigate to a more local informational page. Your property assessed value is the value assigned to your property by your county for property tax calculations. Assessed value takes into account any exemptions you may have on your property.
Property Tax Rates Across Fulton County, Kentucky
Property taxes in Fulton County play a crucial role in funding essential local services like public schools, road maintenance, and emergency services. The median tax rate in Fulton County is 1.04%, which is higher than the U.S. national median of 0.99%. Local government entities within Fulton County set these rates annually, and they can vary significantly between different areas within the county. Each year, Fulton County estimates its required budget to maintain services for the upcoming fiscal year, and divides this budget by the total value of all taxable property in the jurisdiction, resulting in the property tax rate. Although tax rates and budgets are influenced by laws and voter input, this calculation forms the basic process for setting property tax rates. For comparison, the city of Fulton has one of the higher property tax rates in Kentucky at 1.10%, while the city of Hickman boasts one of the lowest at 1.04%. Analyzing how Fulton County's tax rates stack up against these benchmarks can give homeowners a better understanding of the local tax landscape.
Average Fulton County Tax Rate
1.04%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Assessment Values Across Fulton County, Kentucky
Understanding the difference between "market value" and "assessed value" is key to comprehending property taxes in Fulton County, Kentucky. The market value represents the price a willing buyer would pay to a willing seller in an open, competitive market, considering location, property condition, and current economic trends. For tax purposes, this value is estimated by the Fulton County Appraisal District. The assessed value, however, 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. Assessment notices in Fulton County are typically mailed in the spring, usually by the middle of April. These notices provide homeowners with both the market and assessed values, along with an estimate of the annual property tax bill. For example, the highest median tax bill in the county is $1,318 in Clinton, while the lowest is $260 in Hickman. By distinguishing between these valuation concepts, property owners can better navigate their tax responsibilities and understand how their property taxes are affected. Being aware of these valuation processes in Fulton County will help you identify opportunities for appealing assessments or applying for exemptions to manage your tax burden more effectively.
Average Fulton County Assessed Value
$42,500
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Bills Across Fulton County, Kentucky
In Fulton County, KY, property tax bills are calculated based on the assessed value of your home. The assessed value is determined by the county assessor and reflects the market value of the property. Homeowners in Fulton County see a range of tax bills depending on their property's value. For example, the tax bill at the 25th percentile is $165, while at the 75th percentile, it rises to $703. The 90th percentile tax bill reaches $1,218, indicating significant variability based on property value. Compared to the national median property tax rate of 0.99%, Fulton County's tax bills are relatively modest. The city of Clinton in Fulton County has the highest median tax bill at $1,318, whereas Hickman has the lowest at $260. These variations highlight how location and property value within the county can significantly impact the amount homeowners pay. Understanding these factors can help homeowners anticipate their tax obligations and plan accordingly.
Average Fulton County Tax Bill
$379
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690