Bourbon County property tax

Example of Bourbon County Property Tax Calculation

When calculating property taxes in Bourbon County, the local government determines the taxable value of the property by taking its assessed value and subtracting any applicable exemptions. For example, if a property has an assessed value of $100,000 and qualifies for a $20,000 exemption, the taxable value would be $80,000.

Next, the government applies the current tax rate, which is typically expressed as a percentage, to the taxable value. For the purpose of this example, let's say the tax rate in Bourbon County is 1.5%. Using the above example, the property owner would owe $1,200 in property taxes for the year ($80,000 x 0.015 = $1,200).

It is important to note that property tax rates and exemptions may vary depending on the specific location and circumstances of the property. Property owners can typically find information about their property's assessed value, exemptions, and tax rate on their local government's website or by contacting the local tax assessor's office.

If you want appeal your property tax assessment - contact your local tax assessor.

Bourbon County Property Tax Rates

Here is a formatted table listing the Bourbon County Property Tax rates in US dollars per $100 of assessed value:

These rates are subject to change and should be confirmed with the appropriate taxing authority. Please note that property taxes may vary based on the specific location and assessed value of the property.

Who sets property tax rates in Bourbon County ?

The property tax rates in Bourbon County are set by the Bourbon County Fiscal Court. This governing body is made up of elected officials who are responsible for overseeing the fiscal operations of the county, including setting tax rates. The fiscal court typically sets property tax rates on an annual basis, and these rates are based on a variety of factors, including the assessed value of properties in the county, the county's budget needs, and any other relevant financial considerations. Property owners in Bourbon County should keep an eye on the fiscal court's meetings and agendas to stay informed about any changes to the property tax rates.

To summarize:

• Who sets property tax rates in Bourbon County? The Bourbon County Fiscal Court.
• When are property tax rates set? Typically on an annual basis.
• What factors are considered when setting property tax rates? Assessed property values, budget needs, and other relevant financial considerations.

Homestead exemptions in Bourbon County ?

In Bourbon County, Kentucky, there are several Homestead exemptions and deductions that taxpayers may be eligible for. To help you navigate these benefits, we've compiled a table with four columns: exemption, eligibility, amount, and notes.

It's important to note that these exemptions and deductions are specific to Bourbon County and may differ from other counties in Kentucky. Additionally, taxpayers must meet the eligibility requirements and file the appropriate applications by the deadlines listed to receive these benefits.

Overall, taking advantage of Homestead exemptions and deductions can help reduce your property tax burden in Bourbon County.

When is Bourbon County Property Tax due ?

Bourbon County property tax is typically due on December 31st of each year. The county sends out property tax bills in October, giving property owners a two-month period to make their payments.

There are several payment methods available for Bourbon County property tax, including:

• Online Payment: Property owners can pay their tax bills online through the Bourbon County website. This option allows for electronic payments using a bank account or credit/debit card.

• By Mail: Property owners can mail their payments to the Bourbon County Treasurer's Office. The address can be found on the tax bill.

• In Person: Property owners can pay in person at the Bourbon County Treasurer's Office during regular business hours.

It's important to note that payments made after the due date may incur late fees and penalties. Property owners should also keep a record of their payments and receipts for tax purposes.

If you have more questions - contact your local tax collector.

How is Bourbon County Property Tax penalty calculated ?

Bourbon County Property Tax Penalties Calculation

In Bourbon County, property taxes must be paid by December 31st of each year. If a property owner fails to pay the full amount of their property tax bill by this deadline, they will be subject to penalties and interest charges on the unpaid balance.

The penalty for late payment is calculated as a percentage of the unpaid tax balance. The penalty amount varies depending on the number of days the tax remains unpaid, as shown in the table below:

For example, if a property owner has a tax bill of $2,000 and fails to pay it by the December 31st deadline, the penalty for late payment will be calculated as follows:

• If the payment is made on January 20th (20 days late), the penalty will be 5% of the unpaid balance ($100).
• If the payment is made on February 20th (51 days late), the penalty will be 10% of the unpaid balance ($200).
• If the payment is made on March 31st (90 days late), the penalty will be 15% of the unpaid balance ($300).
• If the payment is made on April 1st or later (91 or more days late), the penalty will be 20% of the unpaid balance ($400).

In addition to the penalty, interest will also be charged on the unpaid balance at a rate of 1.5% per month until the amount is paid in full.

It is important to note that property owners who are unable to pay their tax bill in full by the deadline may be eligible for a payment plan or other options to avoid penalties and interest charges. They should contact the Bourbon County Treasurer's office for more information.

We recommend contacting the Bourbon County Tax Office or a local tax professional for the most up-to-date and accurate information.

Bourbon County tax offices:

• Bourbon County tax assessor
• Bourbon County tax collector
• Bourbon County tax commissioner
• Bourbon County tax appraiser
• Bourbon County tag office