Flemingsburg, Kentucky Property Taxes
The median property tax rate in Flemingsburg, KY is 0.15%, significantly lower than both the national median of 0.99% and the Kentucky state median of 1.02%. With the median home value in Flemingsburg at $218,800, the typical annual property tax bill amounts to $333, well below the national median of $2,690. Property taxes in Flemingsburg 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 Flemingsburg'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 Flemingsburg 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
Flemingsburg, 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 Flemingsburg Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Flemingsburg with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Flemingsburg 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 Flemingsburg, Kentucky
Property taxes in Flemingsburg, Kentucky, are essential in funding key local services such as public schools, road maintenance, and emergency services. The median tax rate in Flemingsburg is 0.73%, which is higher than both the Kentucky state median of 0.69% and the U.S. national median of 0.99%. Local government entities within Flemingsburg set these rates annually, and they can vary significantly across different neighborhoods. Each year, Flemingsburg 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 Flemingsburg's effective property tax rate to other counties in Kentucky and the national median. For comparison, the highest median property tax rate in Kentucky is found in 21117 with a rate of 1.03%, while the lowest median tax rate is in 21181 at 0.58%. Understanding how these cities compare with Flemingsburg provides valuable insights into the varying tax landscape across Fleming County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Flemingsburg Tax Rate
0.15%
Average Mason County Tax Rate
1.07%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Flemingsburg, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41041 | 0.15% | 0.15% | 0.15% | 0.15% | 0.15% |
Source: Ownwell
Property Tax Assessment Values Across Flemingsburg, Kentucky
In Flemingsburg, 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 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. Assessment notices in Flemingsburg 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 Flemingsburg 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 is 41041, with a median tax bill of $333.00. Interestingly, the lowest median tax bill is also found in zip code 41041, at $333.00. This uniformity highlights the importance of understanding local valuation and exemption processes to ensure accurate property tax management.
Average Flemingsburg Assessed Value
$218,800
Average Mason County Assessed Value
$70,000
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Flemingsburg, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41041 | $218,800 | $218,800 | $218,800 | $218,800 | $218,800 |
Source: Ownwell
Property Tax Bills Across Flemingsburg, Kentucky
In Flemingsburg, property tax bills are determined based on the assessed value of a home, which is typically a percentage of its market value. For example, if the median home price is $218,800, the assessed value would be calculated accordingly. The local property tax rate is then applied to this assessed value to determine the annual tax bill. In Mason County, the tax rate results in a median tax bill of $333, which is significantly lower than the national median property tax rate of 0.99%. Factors such as property size, location, and improvements can influence the assessed value, thereby impacting the tax bill. Homeowners in Flemingsburg benefit from relatively low property tax bills, which can make homeownership more affordable compared to other regions. However, it’s important for homeowners to stay informed about any changes in tax rates or property assessments, as these can affect their annual tax obligations. Understanding how these elements interplay helps homeowners better plan their finances and anticipate future expenses.
Average Flemingsburg Tax Bill
$333
Average Mason County Tax Bill
$649
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Flemingsburg, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41041 | $333 | $333 | $333 | $333 | $333 |
Source: Ownwell