Brodhead, Lincoln County, Kentucky Property Taxes
The median property tax rate in Brodhead, KY is 1.04%, slightly higher than both the national median of 0.99% and the Kentucky state median of 1.02%. With the median home value in Brodhead at $50,000, the typical annual property tax bill amounts to $316, which is significantly lower than the national median of $2,690. Property taxes in Brodhead are calculated based on the tax assessed value, often below market value due to various exemptions like primary residence and agricultural exemptions. Understanding Brodhead's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Brodhead or another part of Lincoln County, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Brodhead, Lincoln County, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.04%
Estimate Property Tax Bill
$520
$483
Ownwell’s BRODHEAD Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in BRODHEAD with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in BRODHEAD 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 Brodhead, Lincoln County, Kentucky
Property taxes in Brodhead, Kentucky, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Brodhead is 0.79%, which is lower than both the Kentucky state median of 0.83% and the U.S. national median of 0.99%. Local government entities within Brodhead set these rates annually, and they can vary significantly across different neighborhoods. Each year, Brodhead 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 Brodhead's effective property tax rate to other counties in Kentucky and the national median. For comparison, Lincoln County, which includes Brodhead, has a median property tax rate of 0.79%. Understanding how these cities compare with Brodhead provides valuable insights into the varying tax landscape across Rockcastle County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Brodhead Tax Rate
1.04%
Average Lincoln County Tax Rate
1.04%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Brodhead, Lincoln County, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40409 | 0.22% | 0.64% | 1.04% | 1.04% | 1.04% |
Source: Ownwell
Property Tax Assessment Values Across Brodhead, Lincoln County, Kentucky
In Brodhead, 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 local appraisal districts 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 Brodhead, 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 Brodhead helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest median tax bill in Lincoln County is 40409, amounting to $316.00, which is also the lowest median tax bill in the area.
Property Tax Assessment Values Across Brodhead, Lincoln County, Kentucky
Source: Ownwell
$12,000
$53,375
$94,750
Average Brodhead Assessed Value
$50,000
Average Lincoln County Assessed Value
$67,000
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Brodhead, Lincoln County, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40409 | $5,800 | $20,538 | $50,000 | $86,400 | $139,740 |
Source: Ownwell
Property Tax Bills Across Brodhead, Lincoln County, Kentucky
In Brodhead, KY, property tax bills are calculated based on the assessed value of a home. The median home price in the area is $50,000. Local tax authorities determine the assessed value, which is then multiplied by the local tax rate to calculate the annual tax bill. Homeowners in Brodhead can expect to pay a median property tax bill of $316, which is significantly lower than the national median property tax rate of 0.99%. Several factors influence the final tax bill, including property location, home size, and market conditions. For instance, tax bills in the 25th percentile are about $96, while those in the 75th percentile can reach up to $683. At the 90th percentile, tax bills can climb as high as $1,478. These variations can impact homeowners' financial planning, making it essential to understand how property taxes are calculated and what factors contribute to the final amount.
Average Brodhead Tax Bill
$316
Average Lincoln County Tax Bill
$557
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Brodhead, Lincoln County, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40409 | $50 | $96 | $316 | $683 | $1,478 |
Source: Ownwell