Bloomfield, Spencer County, Kentucky Property Taxes
The median property tax rate in Bloomfield, KY is 0.98%, slightly below both the national median of 0.99% and the Kentucky state median of 1.02%. With the median home value in Bloomfield at $76,750, the typical annual property tax bill is $691, significantly lower than the national median of $2,690. Property taxes in Bloomfield are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as the primary residence and agricultural exemptions. Understanding Bloomfield'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 Bloomfield or another part of the city, familiarizing yourself with the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Bloomfield, Spencer County, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.98%
Estimate Property Tax Bill
$752
$698
Ownwell’s Bloomfield Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Bloomfield with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Bloomfield 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 Bloomfield, Spencer County, Kentucky
Property taxes in Bloomfield, Kentucky, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Bloomfield is 0.98%, slightly below the U.S. national median of 0.99%. Local government entities within Bloomfield set these rates annually, and they can vary significantly across different neighborhoods. Each year, Bloomfield 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 Bloomfield's effective property tax rate to other areas in Kentucky and the national median. For comparison, the 40008 zip code has both the highest and lowest median property tax rate of 0.98%. Understanding how these areas compare with Bloomfield provides valuable insights into the varying tax landscape across Spencer County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Bloomfield Tax Rate
0.98%
Average Spencer County Tax Rate
0.98%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Bloomfield, Spencer County, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40008 | 0.75% | 0.98% | 0.98% | 0.98% | 0.98% |
Source: Ownwell
Property Tax Assessment Values Across Bloomfield, Spencer County, Kentucky
In Bloomfield, 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 local 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 Bloomfield, 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 Bloomfield helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 40008 has the highest and lowest median tax bill, both at $691.00, highlighting the importance of understanding these values to manage property taxes effectively.
Property Tax Assessment Values Across Bloomfield, Spencer County, Kentucky
Source: Ownwell
$76,750
$184,375
$292,000
Average Bloomfield Assessed Value
$76,750
Average Spencer County Assessed Value
$210,000
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Bloomfield, Spencer County, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40008 | $12,500 | $20,000 | $76,750 | $172,125 | $257,500 |
Source: Ownwell
Property Tax Bills Across Bloomfield, Spencer County, Kentucky
In Bloomfield, Spencer County, KY, property tax bills are calculated based on the assessed value of a home, which differs from its market value. The assessed value is determined by local tax assessors who evaluate the property’s worth for tax purposes. Homeowners in Bloomfield face a range of tax bills, influenced by the assessed value of their homes and the local tax rate. For instance, the tax bill at the 25th percentile is $195, while it rises significantly to $1,553 at the 75th percentile and reaches $2,286 at the 90th percentile. The median home price in Bloomfield is $76,750, and the median property tax bill is $691, which is lower than the national median property tax rate of 0.99%. This relatively low tax burden can make homeownership more affordable in Bloomfield compared to other regions. Understanding these factors helps homeowners anticipate their annual property tax obligations and manage their finances effectively.
Average Bloomfield Tax Bill
$691
Average Spencer County Tax Bill
$1,958
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Bloomfield, Spencer County, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40008 | $129 | $195 | $691 | $1,553 | $2,286 |
Source: Ownwell