Fancy Farm, Graves County, Kentucky Property Taxes
The median property tax rate in Fancy Farm, KY is 0.83%, which is lower than both the national median of 0.99% and the Kentucky state median of 1.02%. With a median home value of $85,000 in Fancy Farm, the typical annual property tax bill amounts to $579, significantly below the national median of $2,690. Property taxes in Fancy Farm are calculated based on the tax assessed value, which often falls below the market value due to exemptions such as those for primary residences and agricultural properties. Understanding Fancy Farm'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 Fancy Farm or another part of Graves County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Fancy Farm, Graves County, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.83%
Estimate Property Tax Bill
$706
$655
Ownwell’s Fancy Farm Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Fancy Farm with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Fancy Farm 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 Fancy Farm, Graves County, Kentucky
Property taxes in Fancy Farm, Kentucky, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Fancy Farm is 0.83%, which is lower than the U.S. national median of 0.99%. Local government entities within Fancy Farm set these rates annually, and they can vary significantly across different neighborhoods. Each year, Fancy Farm 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 Fancy Farm's effective property tax rate to other counties in Kentucky and the national median. For comparison, the zip code 42039 has both the highest and lowest median property tax rate of 0.83%. Understanding how these cities compare with Fancy Farm provides valuable insights into the varying tax landscape across Graves County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Fancy Farm Tax Rate
0.83%
Average Graves County Tax Rate
0.67%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Fancy Farm, Graves County, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42039 | 0.26% | 0.58% | 0.83% | 0.87% | 0.90% |
Source: Ownwell
Property Tax Assessment Values Across Fancy Farm, Graves County, Kentucky
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Fancy Farm, 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 Graves 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 Fancy Farm, 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 Fancy Farm helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Fancy Farm is $85,000, with the highest and lowest median tax bills both recorded at $579 in the 42039 zip code.
Property Tax Assessment Values Across Fancy Farm, Graves County, Kentucky
Source: Ownwell
$13,500
$76,750
$140,000
Average Fancy Farm Assessed Value
$85,000
Average Graves County Assessed Value
$80,000
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Fancy Farm, Graves County, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42039 | $5,000 | $21,350 | $85,000 | $160,000 | $280,000 |
Source: Ownwell
Property Tax Bills Across Fancy Farm, Graves County, Kentucky
In Fancy Farm, KY, property tax bills are determined based on the assessed value of a homeowner's property. The local tax rate is applied to this assessed value to calculate the annual tax bill. For instance, with a median home price of $85,000, the tax bill can vary significantly. The 25th percentile tax bill is around $125, while the 75th percentile reaches up to $1,095, and the 90th percentile can be as high as $1,899. These variations illustrate how different factors, such as property size, location, and improvements, influence the assessed value and, consequently, the tax bill. Compared to the national median property tax rate of 0.99%, Fancy Farm's property taxes can be considered relatively moderate. Homeowners need to be aware of these assessments and how they impact their financial planning. Understanding these factors helps homeowners anticipate their annual obligations and potentially seek exemptions or appeals to manage their property tax burdens effectively.
Average Fancy Farm Tax Bill
$579
Average Graves County Tax Bill
$394
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Fancy Farm, Graves County, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42039 | $40 | $125 | $579 | $1,095 | $1,899 |
Source: Ownwell