Burgin, Mercer County, Kentucky Property Taxes
The median property tax rate in Burgin, KY is 0.41%, considerably lower than both the national median of 0.99% and the Kentucky state median of 1.02%. With the median home value in Burgin at $53,718, the typical annual property tax bill reaches $127, far below the national median of $2,690. Property taxes in Burgin 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 Burgin'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 Burgin 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
Burgin, Mercer County, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.41%
Estimate Property Tax Bill
$220
$204
Ownwell’s Burgin Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Burgin with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Burgin 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 Burgin, Mercer County, Kentucky
Property taxes in Burgin, Kentucky, are essential for funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Burgin is 0.41%, which is lower than the U.S. national median of 0.99%. Local government entities within Burgin set these rates annually, and they can vary across different neighborhoods. Each year, Burgin 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 Burgin's effective property tax rate to other areas in Kentucky and the national median. For comparison, the zip code 40310 has the highest median property tax rate of 0.41%, while the same zip code also has the lowest median tax rate of 0.41%. Understanding how these figures compare with Burgin provides valuable insights into the varying tax landscape across Mercer County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Burgin Tax Rate
0.41%
Average Mercer County Tax Rate
1.13%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Burgin, Mercer County, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40310 | 0.11% | 0.41% | 0.41% | 0.41% | 0.41% |
Source: Ownwell
Property Tax Assessment Values Across Burgin, Mercer County, Kentucky
In Burgin, 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 Mercer 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 Burgin, 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. The median home price in Burgin stands at $53,718, and being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 40310 sees the highest and lowest median tax bill at $127.
Property Tax Assessment Values Across Burgin, Mercer County, Kentucky
Source: Ownwell
$53,718
$103,000
$152,282
Average Burgin Assessed Value
$53,718
Average Mercer County Assessed Value
$125,484
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Burgin, Mercer County, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40310 | $5,000 | $20,499 | $53,718 | $71,604 | $99,569 |
Source: Ownwell
Property Tax Bills Across Burgin, Mercer County, Kentucky
In Burgin, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. For instance, with a median home price of $53,718, the assessed value is determined by local tax assessors. The tax rate, applied to this assessed value, results in the final tax bill. In Mercer County, homeowners experience a range of tax bills, with the 25th percentile at $40 and the 75th percentile at $249, indicating significant variability. The 90th percentile tax bill reaches $366, reflecting the upper end of the spectrum for property taxes in the area. These tax bills directly impact homeowners by influencing their annual financial obligations. Compared to the national median property tax rate of 0.99%, Burgin's property tax rates can be more favorable, potentially offering some relief to residents. However, the exact amount each homeowner owes can vary widely, underscoring the importance of understanding local property assessments and tax rates.
Average Burgin Tax Bill
$127
Average Mercer County Tax Bill
$1,011
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Burgin, Mercer County, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40310 | $20 | $40 | $127 | $249 | $366 |
Source: Ownwell