Busy, Perry County, Kentucky Property Taxes
The median property tax rate in Busy, KY is 1.04%, slightly higher than both the national median of 0.99% and Kentucky's state median of 1.02%. With the median home value in Busy, the typical annual property tax bill reaches $62, which is significantly lower than the national median of $2,690. Property taxes in Busy 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 Busy'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 Busy or another part of Perry County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Busy, Perry County, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.04%
Estimate Property Tax Bill
$83
$77
Ownwell’s Busy Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Busy with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Busy 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 Busy, Perry County, Kentucky
Property taxes in BUSY, Kentucky, are crucial for funding key local services, including public schools, road maintenance, and emergency services. The median tax rate in BUSY is 1.04%, which is higher than both the Kentucky state median and the U.S. national median of 0.99%. Local government entities within BUSY set these rates annually, and they can vary significantly across different neighborhoods. Each year, BUSY 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 BUSY's effective property tax rate to other counties in Kentucky and the national median. For comparison, the 41723 zip code has the highest median property tax rate of 1.04%, while the 41723 zip code also has the lowest median tax rate of 1.04%. Understanding how these cities compare with BUSY provides valuable insights into the varying tax landscape across Perry County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Busy Tax Rate
1.04%
Average Perry County Tax Rate
1.04%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Busy, Perry County, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41723 | 1.04% | 1.04% | 1.04% | 1.04% | 1.04% |
Source: Ownwell
Property Tax Assessment Values Across Busy, Perry County, Kentucky
In BUSY, 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 Perry 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 BUSY, 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 BUSY helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip codes with the highest and lowest tax bills are $468 and $52 respectively.
Property Tax Assessment Values Across Busy, Perry County, Kentucky
Source: Ownwell
$5,000
$20,000
$35,000
Average Busy Assessed Value
$8,000
Average Perry County Assessed Value
$11,075
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Busy, Perry County, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41723 | $2,000 | $5,000 | $8,000 | $24,250 | $45,000 |
Source: Ownwell
Property Tax Bills Across Busy, Perry County, Kentucky
In BUSY, located in Perry County, KY, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. The assessed value is typically a percentage of the market value, reflecting the property's worth in the current real estate market. Homeowners in BUSY can expect their tax bills to vary significantly, with the 25th percentile at $52, the 75th percentile at $193, and the 90th percentile reaching up to $468. These tax bills are influenced by several factors, including property size, location, and any improvements made to the property. Compared to the national median property tax rate of 0.99%, BUSY's property tax rates can be considered relatively modest. However, the impact on homeowners can still be substantial, especially for those with higher-valued properties. Understanding these factors helps homeowners in BUSY better anticipate their annual property tax obligations and plan their finances accordingly.
Average Busy Tax Bill
$62
Average Perry County Tax Bill
$104
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Busy, Perry County, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41723 | $21 | $52 | $62 | $193 | $468 |
Source: Ownwell