Fulton, Fulton County, Kentucky Property Taxes
The median property tax rate in Fulton, KY is 1.10%, slightly higher than both the national median of 0.99% and Kentucky's state median of 1.02%. With the median home value in Fulton at $50,500, the typical annual property tax bill is $478, which is notably lower than the national median of $2,690. Property taxes in Fulton are calculated based on the tax assessed value, often lower than the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Fulton'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 Fulton 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
Fulton, Fulton County, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.1%
Estimate Property Tax Bill
$556
$515
Ownwell’s Fulton Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Fulton with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Fulton 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 Fulton, Fulton County, Kentucky
Property taxes in Fulton, Kentucky, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Fulton is 1.10%, higher than both the Kentucky state median and the U.S. national median of 0.99%. Local government entities within Fulton set these rates annually, and they can vary significantly across different neighborhoods. Each year, Fulton 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 Fulton's effective property tax rate to other counties in Kentucky and the national median. For comparison, the zip code 42041 has the highest median property tax rate of 1.10%, while the same zip code also has the lowest median tax rate of 1.10%. Understanding how these cities compare with Fulton provides valuable insights into the varying tax landscape across Fulton County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Fulton Tax Rate
1.10%
Average Fulton County Tax Rate
1.04%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Fulton, Fulton County, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42041 | 0.46% | 0.86% | 1.10% | 1.10% | 1.10% |
Source: Ownwell
Property Tax Assessment Values Across Fulton, Fulton County, Kentucky
In Fulton, 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 local 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 Fulton, 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 Fulton helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. For instance, the zip code 42041 has the median tax bill of $478. By knowing these figures, homeowners can make informed decisions about their property taxes.
Property Tax Assessment Values Across Fulton, Fulton County, Kentucky
Source: Ownwell
$32,900
$41,700
$50,500
Average Fulton Assessed Value
$50,500
Average Fulton County Assessed Value
$42,500
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Fulton, Fulton County, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42041 | $12,200 | $30,290 | $50,500 | $90,000 | $132,500 |
Source: Ownwell
Property Tax Bills Across Fulton, Fulton County, Kentucky
In Fulton, KY, property tax bills are calculated based on the assessed value of a property, which is determined by the local tax assessor. The assessed value is a percentage of the market value of the property. Once the assessed value is established, it is multiplied by the local property tax rate to calculate the annual tax bill. For example, with a median home price of $50,500, homeowners in Fulton can expect their tax bills to vary. The 25th percentile tax bill is approximately $255, while the 75th percentile tax bill is around $845. For those at the 90th percentile, the tax bill can reach up to $1,278. These tax bills are influenced by various factors, including property improvements, neighborhood changes, and local government budgets. Homeowners in Fulton should be aware that their property tax bills may differ significantly from the national median property tax rate of 0.99%, impacting their overall housing costs and financial planning. Understanding how these factors interplay is crucial for effective property tax management.
Average Fulton Tax Bill
$478
Average Fulton County Tax Bill
$379
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Fulton, Fulton County, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42041 | $66 | $255 | $478 | $845 | $1,278 |
Source: Ownwell