Keene, Kentucky Property Taxes
The median property tax rate in Keene, KY is 1.12%, higher than both the national median of 0.99% and the Kentucky state median of 1.02%. With the median home value in Keene, the typical annual property tax bill reaches $727, which is below the national median of $2,690. Property taxes in Keene 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 Keene'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 Keene or another part of Jessamine County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Keene, Kentucky Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
1.02%
Estimate Property Tax Bill
$2,040
Ownwell’s Keene Property Tax Bill Calculator is an essential tool for homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Keene with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Keene 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 Keene, Kentucky
Property taxes in Keene, Kentucky, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Keene is 1.12%, higher than both the Kentucky state median and the U.S. national median of 0.99%. Local government entities within Keene set these rates annually, and they can vary significantly across different neighborhoods. Each year, Keene 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 Keene's effective property tax rate to other counties in Kentucky and the national median. For comparison, the 40339 zip code has the highest median property tax rate of 1.12%, while the same zip code also has the lowest median tax rate of 1.12%. Understanding how these cities compare with Keene provides valuable insights into the varying tax landscape across Jessamine County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Keene Tax Rate
1.12%
Average Jessamine County Tax Rate
1.06%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Keene, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40339 | 0.81% | 1.12% | 1.12% | 1.12% | 1.12% |
Source: Ownwell
Property Tax Assessment Values Across Keene, Kentucky
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Keene, Kentucky. The market value represents 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 Keene, 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. For instance, the median home price in Keene is $71,553. 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 helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Keene is $727 in the 40339 zip code, which is also the lowest median tax bill.
Average Keene Assessed Value
$71,553
Average Jessamine County Assessed Value
$189,900
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Keene, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40339 | $11,200 | $28,000 | $71,553 | $83,500 | $121,835 |
Source: Ownwell
Property Tax Bills Across Keene, Kentucky
In Keene, Jessamine County, KY, property tax bills are calculated based on the assessed value of a property, which is determined by the local assessor. This assessed value is then multiplied by the tax rate set by the local government to determine the annual tax bill. For example, with a median home price of $71,553, homeowners in Keene can expect varying tax bills. The range of property tax bills in Keene spans from the 25th percentile at $246 to the 90th percentile at $1,428, reflecting the differences in property values and applicable exemptions. Homeowners with properties assessed near the median value might see tax bills around $727, which is lower than the national median property tax rate of 0.99%. This relatively low property tax can be beneficial for homeowners, potentially making homeownership more affordable and attractive. However, it’s important for homeowners to stay informed about their property’s assessed value and any changes in local tax rates that could impact their annual tax bill.
Average Keene Tax Bill
$727
Average Jessamine County Tax Bill
$1,839
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Keene, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40339 | $142 | $246 | $727 | $917 | $1,428 |
Source: Ownwell