Butler, Kentucky Property Taxes
The median property tax rate in Butler, KY is 1.29%, considerably higher than both the national median of 0.99% and the Kentucky state median of 1.02%. With the median home value in Butler at $118,400, the typical annual property tax bill reaches $1,337, exceeding the national median of $2,690. Property taxes in Butler 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 Butler'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 Butler 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
Butler, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.29%
Estimate Property Tax Bill
$1,527
Ownwell’s Butler Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Butler with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Butler 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 Butler, Kentucky
Property taxes in Butler, Kentucky, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Butler is 0.62%, lower than both the Kentucky state median of 0.83% and the U.S. national median of 0.99%. Local government entities within Butler set these rates annually, and they can vary significantly across different neighborhoods. Each year, Butler 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 Butler's effective property tax rate to other counties in Kentucky and the national median. For comparison, the 41006 zip code has the highest median property tax rate of 0.62%, while the same 41006 zip code also has the lowest median tax rate of 0.62%. Understanding how these cities compare with Butler provides valuable insights into the varying tax landscape across Pendleton County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Butler Tax Rate
1.29%
Average Pendleton County Tax Rate
1.29%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Butler, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41006 | 0.72% | 1.06% | 1.29% | 1.29% | 1.39% |
Source: Ownwell
Property Tax Assessment Values Across Butler, Kentucky
In Butler, 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 local authorities 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 Butler 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 Butler helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. In Butler, the zip code with the highest median tax bill is 41006, with a median tax bill of $1,337. Conversely, the zip code with the lowest median tax bill is also 41006, with the same median tax bill of $1,337.
Average Butler Assessed Value
$118,400
Average Pendleton County Assessed Value
$91,000
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Butler, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41006 | $30,000 | $68,125 | $118,400 | $195,000 | $264,572 |
Source: Ownwell
Property Tax Bills Across Butler, Kentucky
In Butler, KY, property tax bills are determined based on the assessed value of a property, which is typically a percentage of its market value. Local tax authorities calculate this assessed value and apply the local property tax rate to determine the annual tax bill. Factors such as property size, location, and improvements can influence the assessed value. In Butler, the median home price is $118,400, and property tax bills vary significantly. For instance, the 25th percentile tax bill is $648, while the 75th percentile reaches $2,322, and the 90th percentile can go up to $3,353. These variations highlight how individual property characteristics can impact tax amounts. Comparatively, the national median property tax rate is 0.99%, which provides a benchmark for understanding local rates. High property taxes can place a financial burden on homeowners, affecting their overall cost of living and potentially influencing decisions about property ownership and investment in the area.
Average Butler Tax Bill
$1,337
Average Pendleton County Tax Bill
$1,015
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Butler, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41006 | $258 | $648 | $1,337 | $2,322 | $3,353 |
Source: Ownwell