Berry, Kentucky Property Taxes
The median property tax rate in Berry, KY is 1.06%, slightly higher than both the national median of 0.99% and the Kentucky state median of 1.02%. With the median home value in Berry at $52,500, the typical annual property tax bill is $422, which is notably lower than the national median of $2,690. Property taxes in Berry are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Berry'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 Berry 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
Berry, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.06%
Estimate Property Tax Bill
$557
Ownwell’s Berry Property Tax Bill Calculator is a valuable tool for homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Berry with just two data points. By entering your property's estimated assessed value, the calculator uses the median tax rate in Berry to provide an estimate of 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 Harrison County for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Berry, Kentucky
Property taxes in Berry, Kentucky, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Berry is 1.06%, higher than both the Kentucky state median and the U.S. national median of 0.99%. Local government entities within Berry set these rates annually, and they can vary significantly across different neighborhoods. Each year, Berry 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 Berry's effective property tax rate to other counties in Kentucky and the national median. For comparison, the 41003 zip code has both the highest and the lowest median property tax rate of 1.06%. Understanding how these cities compare with Berry provides valuable insights into the varying tax landscape across Harrison County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Berry Tax Rate
1.06%
Average Harrison County Tax Rate
0.99%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Berry, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41003 | 0.60% | 0.99% | 1.06% | 1.06% | 1.06% |
Source: Ownwell
Property Tax Assessment Values Across Berry, Kentucky
In Berry, 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 Harrison County 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 Berry, 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 Berry helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. In Berry, the zip code 41003 has the highest median tax bill at $422, which is also the lowest median tax bill in the area.
Average Berry Assessed Value
$52,500
Average Harrison County Assessed Value
$90,400
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Berry, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41003 | $12,000 | $23,250 | $52,500 | $91,000 | $149,930 |
Source: Ownwell
Property Tax Bills Across Berry, Kentucky
In Berry, located in Harrison County, KY, property tax bills are calculated based on the assessed value of a home. The median home price in Berry is $52,500. Homeowners in Berry can expect their property tax bill to vary significantly depending on their home's assessed value and the applicable tax rate. For example, the 25th percentile tax bill is around $211, while the 75th percentile tax bill is approximately $870. At the higher end, the 90th percentile tax bill reaches up to $1,448. The calculation of property taxes considers several factors, including the assessed value of the property and the local tax rate. In Berry, the highest and lowest median tax bills are both $422, which indicates some consistency in tax assessments within certain areas. This is relatively lower compared to the national median property tax rate of 0.99%. Lower property tax bills can be beneficial for homeowners, making Berry an attractive location for those looking to minimize their annual expenses.
Average Berry Tax Bill
$422
Average Harrison County Tax Bill
$798
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Berry, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41003 | $106 | $211 | $422 | $870 | $1,448 |
Source: Ownwell