Saint Francis, Marion County, Kentucky Property Taxes
The median property tax rate in Saint Francis, KY is 0.90%, which is lower than both the national median of 0.99% and the Kentucky state median of 1.02%. With the median home value in Saint Francis at $107,500, the typical annual property tax bill amounts to $718, significantly below the national median of $2,690. Property taxes in Saint Francis 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 Saint Francis'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 Saint Francis or another part of the city, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Saint Francis, Marion County, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.9%
Estimate Property Tax Bill
$968
$898
Ownwell’s SAINT FRANCIS Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in SAINT FRANCIS with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in SAINT FRANCIS 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 Saint Francis, Marion County, Kentucky
Property taxes in Saint Francis, Kentucky, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Saint Francis is 0.90%, which is slightly below the U.S. national median of 0.99%. Local government entities within Saint Francis set these rates annually, and they can vary significantly across different neighborhoods. Each year, Saint Francis 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 Saint Francis's effective property tax rate to other counties in Kentucky and the national median. For comparison, the 40062 zip code has both the highest and lowest median property tax rate of 0.90%. Understanding how these areas compare with Saint Francis provides valuable insights into the varying tax landscape across Marion County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Saint Francis Tax Rate
0.90%
Average Marion County Tax Rate
0.90%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Saint Francis, Marion County, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40062 | 0.27% | 0.51% | 0.90% | 0.90% | 0.90% |
Source: Ownwell
Property Tax Assessment Values Across Saint Francis, Marion County, Kentucky
In Saint Francis, 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 Marion 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 Saint Francis, 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 Saint Francis helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in the area is $718.00 in the 40062 zip code, which is also the lowest median tax bill.
Property Tax Assessment Values Across Saint Francis, Marion County, Kentucky
Source: Ownwell
$75,000
$122,500
$170,000
Average Saint Francis Assessed Value
$107,500
Average Marion County Assessed Value
$120,000
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Saint Francis, Marion County, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40062 | $15,000 | $55,000 | $107,500 | $171,500 | $247,500 |
Source: Ownwell
Property Tax Bills Across Saint Francis, Marion County, Kentucky
In Saint Francis, located in Marion County, KY, property tax bills are calculated based on the assessed value of a home. The assessed value is determined by the local tax assessor and reflects the market value of the property. Homeowners in Saint Francis can expect their property tax bill to vary within a range, influenced by several factors including property size, location, and market conditions. For instance, the median home price in Saint Francis is $107,500. Property tax bills in the area range significantly, with the 25th percentile at $392 and the 75th percentile at $1121. At the higher end, the 90th percentile tax bill reaches up to $1507. Comparatively, the national median property tax rate is 0.99%, which provides a benchmark for understanding local tax rates. These tax bills directly impact homeowners by influencing their annual expenses and potentially affecting their decisions regarding property investments. Understanding these factors can help homeowners in Saint Francis better manage their financial planning and anticipate future costs.
Average Saint Francis Tax Bill
$718
Average Marion County Tax Bill
$852
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Saint Francis, Marion County, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40062 | $90 | $392 | $718 | $1,121 | $1,507 |
Source: Ownwell