Booneville, Kentucky Property Taxes
The median property tax rate in Booneville, KY is 1.39%, considerably higher than both the national median of 0.99% and the Kentucky state median of 1.02%. With the median home value in Booneville at $36,500, the typical annual property tax bill reaches $376, which is significantly lower than the national median of $2,690. Property taxes in Booneville 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 Booneville'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 Booneville 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
Booneville, 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 Booneville Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Booneville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Booneville 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 Booneville, Kentucky
Property taxes in Booneville, Kentucky, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Booneville is 1.39%, higher than both the Kentucky state median and the U.S. national median of 0.99%. Local government entities within Booneville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Booneville 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 Booneville's effective property tax rate to other counties in Kentucky and the national median. For comparison, the 41314 zip code has both the highest and lowest median property tax rate of 1.39%. Understanding how these cities compare with Booneville provides valuable insights into the varying tax landscape across Owsley County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Booneville Tax Rate
1.39%
Average Owsley County Tax Rate
1.39%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Booneville, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41314 | 0.33% | 0.90% | 1.39% | 1.39% | 1.40% |
Source: Ownwell
Property Tax Assessment Values Across Booneville, Kentucky
In Booneville, 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. In Booneville, 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. The median home price in Booneville is $36,500, with tax bills ranging from $147 at the 25th percentile to $1,228 at the 90th percentile. The zip code 41314 has both the highest and lowest median tax bill at $376. 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 Booneville helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Booneville Assessed Value
$36,500
Average Owsley County Assessed Value
$36,000
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Booneville, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41314 | $7,500 | $18,500 | $36,500 | $64,625 | $92,350 |
Source: Ownwell
Property Tax Bills Across Booneville, Kentucky
In Booneville, located in Owsley County, KY, property tax bills are calculated based on the assessed value of a home. The median home price in this area is $36,500, which is significantly lower than the national median. Property tax rates in Booneville are influenced by various factors, including local government budgets and the specific needs of the community. Homeowners in Booneville can expect their property tax bills to vary widely. For instance, the 25th percentile tax bill is $147, while the 75th percentile tax bill rises to $745, and the 90th percentile tax bill reaches $1,228. These variations highlight the differences in how properties are assessed and the individual circumstances of each homeowner. The highest and lowest median tax bills in Booneville are both $376, indicating a level of consistency within the city. Compared to the national median property tax rate of 0.99%, Booneville's property taxes are relatively modest, providing some financial relief to homeowners in this region.
Average Booneville Tax Bill
$376
Average Owsley County Tax Bill
$355
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Booneville, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41314 | $58 | $147 | $376 | $745 | $1,228 |
Source: Ownwell