Berea, Kentucky Property Taxes
The median property tax rate in Berea, KY is 0.83%, notably lower than both the national median of 0.99% and the Kentucky state median of 1.02%. With the median home value in Berea at $40,000, the typical annual property tax bill amounts to $240, significantly under the national median of $2,690. Property taxes in Berea are calculated based on the tax assessed value, which usually falls below the market value due to various exemptions, such as those for primary residences and agricultural properties. Understanding Berea'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 Berea or another part of the city, becoming familiar with the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Berea, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.83%
Estimate Property Tax Bill
$332
Ownwell’s Berea Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Berea with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Berea 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 Berea, Kentucky
Property taxes in Berea, KY, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Berea is 0.83%, which is lower than the U.S. national median of 0.99%. Local government entities within Berea set these rates annually, and they can vary significantly across different neighborhoods. Each year, Berea 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 Berea's effective property tax rate to other counties in Kentucky and the national median. For comparison, the 40403 zip code has both the highest and lowest median property tax rate of 0.83%. Understanding how these cities compare with Berea provides valuable insights into the varying tax landscape across Rockcastle County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Berea Tax Rate
0.83%
Average Rockcastle County Tax Rate
0.83%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Berea, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40403 | 0.37% | 0.83% | 0.83% | 0.83% | 0.83% |
Source: Ownwell
Property Tax Assessment Values Across Berea, Kentucky
In Berea, 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 Rockcastle 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 Berea, 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. The median home price in Berea is $40,000. Zip code 40403 has both the highest and lowest median tax bills, each at $240. Being aware of these valuation processes in Berea helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Berea Assessed Value
$40,000
Average Rockcastle County Assessed Value
$48,500
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Berea, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40403 | $4,000 | $10,000 | $40,000 | $74,125 | $124,750 |
Source: Ownwell
Property Tax Bills Across Berea, Kentucky
In Berea, KY, property tax bills are calculated based on the assessed value of the property, which is determined by local assessors. The assessed value is a percentage of the market value, reflecting what the property could sell for under normal conditions. Once the assessed value is established, local tax rates are applied to calculate the tax bill. Homeowners in Berea can expect a wide range of tax bills. For instance, those in the 25th percentile pay around $77, while those in the 75th percentile face tax bills closer to $497. At the higher end, the 90th percentile sees bills reaching up to $934. The median tax bill in Berea's primary zip code, 40403, is $240, which is significantly lower than the national median property tax rate of 0.99%. These variations in tax bills directly impact homeowners, influencing their overall housing costs and potentially affecting their financial planning and property investments.
Average Berea Tax Bill
$240
Average Rockcastle County Tax Bill
$286
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Berea, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40403 | $33 | $77 | $240 | $497 | $934 |
Source: Ownwell