Flatgap, Kentucky Property Taxes
The median property tax rate in Flatgap, KY is 1.01%, slightly higher than the national median of 0.99% but just below the Kentucky state median of 1.02%. With a median home value of $49,700 in Flatgap, the typical annual property tax bill amounts to $329, which is significantly lower than the national median of $2,690. Property taxes in Flatgap are determined based on the tax assessed value, which is often lower than the market value due to exemptions such as the primary residence and agricultural exemptions. By understanding Flatgap's property tax system, exploring available exemptions, and identifying opportunities for reductions, homeowners and real estate investors can achieve substantial annual savings. Whether you're residing in Flatgap or another part of Johnson County, gaining insight into the local property tax system can provide financial benefits and ease the burden of property ownership.
Last Updated June 14, 2024
Flatgap, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.01%
Estimate Property Tax Bill
$502
Ownwell’s Flatgap Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Flatgap with just two key pieces of information. By inputting your property's estimated assessed value, the calculator uses the median tax rate in Flatgap to provide an accurate estimate of your property tax bill. This valuable tool helps you understand potential tax obligations. For those interested in more detailed trends at the neighborhood level, additional localized information is available below. Your property's assessed value is determined by the county for tax purposes and takes into account any applicable exemptions.
Property Tax Rates Across Flatgap, Kentucky
Property taxes in Flatgap, Kentucky, are essential for funding crucial local services like public schools, road maintenance, and emergency services. The median tax rate in Flatgap is 1.01%, slightly higher than the U.S. national median of 0.99%. Local government entities within Flatgap set these rates annually, and they can vary significantly across different neighborhoods. Each year, Flatgap 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 Flatgap's effective property tax rate to other counties in Kentucky and the national median. For comparison, the 41219 zip code has both the highest and lowest median property tax rate of 1.01%. Understanding how these areas compare with Flatgap provides valuable insights into the varying tax landscape across Johnson County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Flatgap Tax Rate
1.01%
Average Johnson County Tax Rate
1.01%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Flatgap, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41219 | 0.17% | 0.42% | 1.01% | 1.05% | 1.13% |
Source: Ownwell
Property Tax Assessment Values Across Flatgap, Kentucky
In Flatgap, 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 Johnson 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. Assessment notices in Flatgap 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. The median home price in Flatgap is $49,700, with tax bills varying significantly; for instance, the 25th percentile tax bill is $145, while the 75th percentile tax bill is $631, and the 90th percentile tax bill reaches $1,164. The zip code 41219 has the highest median tax bill at $329. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Flatgap Assessed Value
$49,700
Average Johnson County Assessed Value
$56,700
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Flatgap, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41219 | $10,000 | $25,000 | $49,700 | $85,100 | $138,250 |
Source: Ownwell
Property Tax Bills Across Flatgap, Kentucky
In Flatgap, located in Johnson County, KY, property tax bills are calculated based on the assessed value of the property. The local tax rate is applied to this assessed value to determine the annual tax bill. Factors such as property improvements, market conditions, and comparable property values in the area can influence the assessed value. For instance, the median home price in Flatgap is $49,700, which significantly impacts the tax bill calculation. Homeowners in Flatgap experience a range of property tax bills. At the 25th percentile, the tax bill is around $145, while at the 75th percentile, it can reach $631. At the 90th percentile, some homeowners may see tax bills as high as $1,164. This variation highlights how different factors, including property size and location, contribute to the overall tax burden. Compared to the national median property tax rate of 0.99%, Flatgap's tax rates offer a unique perspective on how property taxes can affect homeowners in this specific region.
Average Flatgap Tax Bill
$329
Average Johnson County Tax Bill
$379
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Flatgap, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41219 | $48 | $145 | $329 | $631 | $1,164 |
Source: Ownwell