Foster, Kentucky Property Taxes
The median property tax rate in Foster, 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 Foster at $143,675, the typical annual property tax bill reaches $1,742, which is below the national median of $2,690. Property taxes in Foster 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 Foster'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 Foster 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
Foster, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.39%
Estimate Property Tax Bill
$1,997
Ownwell’s Foster Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Foster with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Foster 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 Foster, Kentucky
Property taxes in Foster, Kentucky, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Foster is 1.39%, significantly higher than the U.S. national median of 0.99%. Local government entities within Foster set these rates annually, and they can vary significantly across different neighborhoods. Each year, Foster 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 Foster's effective property tax rate to other counties in Kentucky and the national median. For comparison, the 41043 zip code has the highest median property tax rate of 1.39%, while the same zip code also has the lowest median tax rate of 1.39%. Understanding how these cities compare with Foster 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 Foster Tax Rate
1.39%
Average Pendleton County Tax Rate
1.29%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Foster, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41043 | 0.72% | 1.05% | 1.39% | 1.39% | 1.39% |
Source: Ownwell
Property Tax Assessment Values Across Foster, Kentucky
In Foster, 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 Pendleton 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 Foster, 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 Foster helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Foster is $143,675, with tax bills ranging from $982 at the 25th percentile to $3,446 at the 90th percentile. The highest and lowest median tax bill in the area is $1,742, found in zip code 41043.
Average Foster Assessed Value
$143,675
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 Foster, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41043 | $62,740 | $90,750 | $143,675 | $203,838 | $259,292 |
Source: Ownwell
Property Tax Bills Across Foster, Kentucky
In Foster, located in Pendleton County, KY, property tax bills are calculated based on the assessed value of the property. This assessed value is determined by the local tax assessor and reflects the market value of the home. For example, the median home price in Foster is $143,675. The property tax rate is then applied to this assessed value to determine the tax bill. Several factors influence the final tax bill, including the specific tax rate set by local authorities and any applicable exemptions or deductions. For homeowners in Foster, the 25th percentile of tax bills is $982, while the 75th percentile reaches $2,645. At the higher end, the 90th percentile tax bill is $3,446. Compared to the national median property tax rate of 0.99%, these figures provide a snapshot of how property taxes can vary significantly even within a specific region. Understanding these factors can help homeowners anticipate their annual property tax obligations and plan their finances accordingly.
Average Foster Tax Bill
$1,742
Average Pendleton County Tax Bill
$1,015
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Foster, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41043 | $551 | $982 | $1,742 | $2,645 | $3,446 |
Source: Ownwell