Bloomfield, Nelson County, Kentucky Property Taxes
The median property tax rate in Bloomfield, KY is 1.17%, which is higher than both the national median of 0.99% and the Kentucky state median of 1.02%. With the median home value in Bloomfield at $126,500, the typical annual property tax bill is $1,279, surpassing the national median of $2,690. Property taxes in Bloomfield are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Bloomfield'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 Bloomfield 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
Bloomfield, Nelson County, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.17%
Estimate Property Tax Bill
$1,480
$1,373
Ownwell’s Bloomfield Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Bloomfield with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Bloomfield 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 Bloomfield, Nelson County, Kentucky
Property taxes in Bloomfield, Kentucky, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Bloomfield is 1.17%, significantly higher than both the Kentucky state median and the U.S. national median of 0.99%. Local government entities within Bloomfield set these rates annually, and they can vary significantly across different neighborhoods. Each year, Bloomfield 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 Bloomfield's effective property tax rate to other counties in Kentucky and the national median. For comparison, the 40008 zip code has the highest median property tax rate of 1.17%, while the same zip code also has the lowest median tax rate of 1.17%. Understanding how these cities compare with Bloomfield provides valuable insights into the varying tax landscape across Nelson County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Bloomfield Tax Rate
1.17%
Average Nelson County Tax Rate
1.06%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Bloomfield, Nelson County, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40008 | 0.45% | 0.82% | 1.17% | 1.23% | 1.48% |
Source: Ownwell
Property Tax Assessment Values Across Bloomfield, Nelson County, Kentucky
In Bloomfield, 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 Nelson County Property Valuation Administrator 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 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 Bloomfield 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 40008, at $1279, which also happens to be the lowest median tax bill in the area.
Property Tax Assessment Values Across Bloomfield, Nelson County, Kentucky
Source: Ownwell
$76,900
$128,700
$180,500
Average Bloomfield Assessed Value
$126,500
Average Nelson County Assessed Value
$145,000
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Bloomfield, Nelson County, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40008 | $24,920 | $66,000 | $126,500 | $222,000 | $358,420 |
Source: Ownwell
Property Tax Bills Across Bloomfield, Nelson County, Kentucky
Property tax bills in Bloomfield, KY, are calculated based on the assessed value of a property, which is determined by local assessors. This assessed value is then multiplied by the local tax rate to determine the annual tax bill. For example, with a median home price of $126,500, homeowners can expect to pay varying amounts depending on their specific property assessments. Factors such as property location, size, and condition play a significant role in determining the assessed value. In Bloomfield, the 25th percentile tax bill is around $620, while the 75th percentile tax bill reaches $2,155, and the 90th percentile tax bill can go up to $2,936. These figures illustrate the range of property tax burdens homeowners might face. Compared to the national median property tax rate of 0.99%, Bloomfield's property taxes can significantly impact homeowners, particularly those with higher-valued properties. Understanding these factors is crucial for homeowners to anticipate their annual financial obligations and plan accordingly.
Average Bloomfield Tax Bill
$1,279
Average Nelson County Tax Bill
$1,138
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Bloomfield, Nelson County, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40008 | $240 | $620 | $1,279 | $2,155 | $2,936 |
Source: Ownwell