Ferguson, Kentucky Property Taxes
The median property tax rate in Ferguson, KY is 0.80%, which is lower than both the national median of 0.99% and the Kentucky state median of 1.02%. With a median home value of $67,750 in Ferguson, the typical annual property tax bill comes to $374, significantly below the national median of $2,690. Property taxes in Ferguson are calculated based on the tax assessed value, which is often lower than the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Ferguson'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 Ferguson or another part of the city, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Ferguson, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.8%
Estimate Property Tax Bill
$542
Ownwell’s Ferguson Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Ferguson with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Ferguson 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 Ferguson, Kentucky
Property taxes in Ferguson, Kentucky, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Ferguson is 0.80%, which is lower than the U.S. national median of 0.99%. Local government entities within Ferguson set these rates annually, and they can vary significantly across different neighborhoods. Each year, Ferguson 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 Ferguson's effective property tax rate to other counties in Kentucky and the national median. For comparison, the zip code 42533 has the highest median property tax rate of 0.80%, while the same zip code also has the lowest median tax rate of 0.80%. Understanding how these cities compare with Ferguson provides valuable insights into the varying tax landscape across Pulaski County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Ferguson Tax Rate
0.80%
Average Pulaski County Tax Rate
0.81%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Ferguson, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42533 | 0.29% | 0.53% | 0.80% | 0.80% | 0.80% |
Source: Ownwell
Property Tax Assessment Values Across Ferguson, Kentucky
In Ferguson, 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 Pulaski 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 Ferguson, 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. For example, the highest median tax bill in Ferguson is $374 in the 42533 zip code. 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 Ferguson helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Ferguson Assessed Value
$67,750
Average Pulaski County Assessed Value
$57,500
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Ferguson, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42533 | $5,000 | $27,875 | $67,750 | $110,000 | $150,000 |
Source: Ownwell
Property Tax Bills Across Ferguson, Kentucky
In Ferguson, 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 then multiplied by the local property tax rate to determine the annual tax bill. For instance, with a median home price of $67,750, homeowners can expect their tax bills to vary significantly. The 25th percentile tax bill is around $161, while the 75th percentile tax bill reaches $607. At the 90th percentile, it can go up to $962. These figures indicate that property taxes in Ferguson can differ widely based on the value of the property. Homeowners in this region should be aware of how these assessments impact their annual costs. Compared to the national median property tax rate of 0.99%, Ferguson's property tax bills are relatively modest, offering some financial relief to homeowners. However, understanding the assessed value and keeping track of local tax rates can help homeowners manage their expenses more effectively.
Average Ferguson Tax Bill
$374
Average Pulaski County Tax Bill
$362
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Ferguson, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42533 | $40 | $161 | $374 | $607 | $962 |
Source: Ownwell