Falmouth, Pendleton County, Kentucky Property Taxes
The median property tax rate in Falmouth, 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 Falmouth at $81,825, the typical annual property tax bill reaches $903, which is below the national median of $2,690. Property taxes in Falmouth 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 Falmouth'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 Falmouth 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
Falmouth, Pendleton County, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.29%
Estimate Property Tax Bill
$1,056
$980
Ownwell’s Falmouth Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Falmouth with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Falmouth 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 Falmouth, Pendleton County, Kentucky
Property taxes in Falmouth, Kentucky, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Falmouth is 1.29%, higher than both the Kentucky state median of 0.83% and the U.S. national median of 0.99%. Local government entities within Falmouth set these rates annually, and they can vary significantly across different neighborhoods. Each year, Falmouth 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 Falmouth's effective property tax rate to other counties in Kentucky and the national median. For comparison, the 41040 zip code has the highest median property tax rate of 1.29%, while the 41040 zip code has the lowest median tax rate of 1.29%. Understanding how these cities compare with Falmouth 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 Falmouth 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 Falmouth, Pendleton County, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41040 | 0.63% | 1.10% | 1.29% | 1.29% | 1.29% |
Source: Ownwell
Property Tax Assessment Values Across Falmouth, Pendleton County, Kentucky
In Falmouth, 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 Falmouth, 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 Falmouth is $81,825, with tax bills ranging from $477 at the 25th percentile to $2,206 at the 90th percentile. Interestingly, the highest and lowest median tax bills are both $903, found in the 41040 zip code. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Falmouth, Pendleton County, Kentucky
Source: Ownwell
$74,525
$117,263
$160,000
Average Falmouth Assessed Value
$81,825
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 Falmouth, Pendleton County, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41040 | $24,640 | $51,000 | $81,825 | $130,162 | $181,000 |
Source: Ownwell
Property Tax Bills Across Falmouth, Pendleton County, Kentucky
Property tax bills in Falmouth, KY, are calculated based on the assessed value of a property, which is determined by the county assessor. This assessed value is then multiplied by the local tax rate to determine the annual tax bill. In Pendleton County, where Falmouth is located, the median home price is $81,825, and property tax rates vary across different areas. Several factors influence the tax bill, including property size, location, and any applicable exemptions. For example, tax bills in the 25th percentile are around $477, while those in the 75th percentile reach up to $1,496. The highest median tax bill recorded in the area is $903, which is notably lower than the national median property tax rate of 0.99%. These property taxes are crucial for funding local services such as schools, public safety, and infrastructure. Homeowners in Falmouth need to be aware of these factors as they can significantly impact their annual expenses and overall financial planning.
Average Falmouth Tax Bill
$903
Average Pendleton County Tax Bill
$1,015
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Falmouth, Pendleton County, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41040 | $206 | $477 | $903 | $1,496 | $2,206 |
Source: Ownwell