Fords Branch, Kentucky Property Taxes
The median property tax rate in Fords Branch, KY is 0.24%, significantly lower than both the national median of 0.99% and the Kentucky state median of 1.02%. With the median home value in Fords Branch at $39,750, the typical annual property tax bill is just $77, well below the national median of $2,690. Property taxes in Fords Branch are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Fords Branch's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Fords Branch or another part of Pike County, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Fords Branch, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.24%
Estimate Property Tax Bill
$95
Ownwell’s Fords Branch Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Fords Branch with just two data points. By entering your property's estimated assessed value, the calculator uses the median tax rate in Fords Branch to estimate your property tax bill. This valuable 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 Pike County for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Fords Branch, Kentucky
Property taxes in Fords Branch, Kentucky, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Fords Branch is 0.24%, significantly lower than both the Kentucky state median and the U.S. national median of 0.99%. Local government entities within Fords Branch set these rates annually, and they can vary significantly across different neighborhoods. Each year, Fords Branch 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 Fords Branch's effective property tax rate to other counties in Kentucky and the national median. For comparison, the highest median property tax rate in the region is found in zip code 41101 with a rate of 0.75%, while the lowest median tax rate is in zip code 41102 at 0.15%. Understanding how these areas compare with Fords Branch provides valuable insights into the varying tax landscape across Pike County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Fords Branch Tax Rate
0.24%
Average Pike County Tax Rate
1.37%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Fords Branch, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41526 | 0.15% | 0.16% | 0.24% | 0.61% | 1.12% |
Source: Ownwell
Property Tax Assessment Values Across Fords Branch, Kentucky
In Fords Branch, 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 Pike 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 Fords Branch, 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 Fords Branch helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Fords Branch is $39,750, with tax bills ranging from $54 at the 25th percentile to $551 at the 90th percentile.
Average Fords Branch Assessed Value
$39,750
Average Pike County Assessed Value
$25,000
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Fords Branch, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41526 | $23,000 | $30,375 | $39,750 | $48,750 | $69,500 |
Source: Ownwell
Property Tax Bills Across Fords Branch, Kentucky
In Fords Branch, KY, property tax bills are calculated based on the assessed value of a property. The assessed value is determined by the Pike County tax assessor's office, which appraises properties to reflect their market value. Homeowners in Fords Branch can expect their tax bills to vary significantly, depending on the assessed value of their homes. For instance, the median home price in this area is $39,750. Tax bills in Fords Branch show a broad range: at the 25th percentile, homeowners might pay around $54, while those at the 75th percentile could see bills closer to $364. At the higher end, the 90th percentile tax bill reaches approximately $551. These variations highlight how different factors, such as property size, location, and improvements, influence the assessed value and, consequently, the tax bill. Compared to the national median property tax rate of 0.99%, property taxes in Fords Branch can be relatively modest, making it an attractive location for homeowners seeking affordability.
Average Fords Branch Tax Bill
$77
Average Pike County Tax Bill
$205
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Fords Branch, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41526 | $48 | $54 | $77 | $364 | $551 |
Source: Ownwell