Example of Bullitt County Property Tax Calculation
Bullitt County property taxes are calculated based on the assessed value of the property. The assessed value is determined by the county property assessor's office and is typically a percentage of the property's fair market value. For example, if a property's fair market value is $200,000 and the assessed value is 30%, then the assessed value would be $60,000.
Once the assessed value is determined, the property owner can calculate their property taxes by multiplying the assessed value by the current tax rate for the area. The current tax rate in Bullitt County is 0.952%, which means that the property taxes for the example property above would be $571.20.
It is important to note that property tax rates in Bullitt County may vary depending on the location and type of property. Additionally, there may be exemptions or deductions available for certain types of property or individuals, such as senior citizens or veterans.
Overall, understanding how property taxes are calculated in Bullitt County can help property owners budget accordingly and ensure that they are paying the correct amount in taxes.
If you want appeal your property tax assessment - contact your local tax assessor.
Bullitt County Property Tax Rates
Here is a formatted table showing Bullitt County Property Tax rates in US dollars per 100$ of assessed value:
| Tax Type | Rate per $100 of Assessed Value |
|---|---|
| County | $0.853 |
| School | $0.934 |
| Health | $0.11 |
| Library | $0.104 |
Please note that these rates may vary depending on the specific location within Bullitt County. It is recommended to consult with a professional tax advisor for accurate and up-to-date information.
Who sets property tax rates in Bullitt County ?
Who sets property tax rates in Bullitt County?
Property tax rates in Bullitt County, Kentucky are set by the local government. The Bullitt County Fiscal Court is responsible for setting the property tax rates each year.
When are property tax rates set in Bullitt County?
Property tax rates in Bullitt County are typically set in the late summer or early fall each year. The Fiscal Court holds a public hearing to discuss the proposed rates and residents are invited to provide feedback.
How are property tax rates determined in Bullitt County?
The property tax rates in Bullitt County are determined by a formula that takes into account the assessed value of the property and the tax rate established by the Fiscal Court. The assessed value of a property is determined by the County Property Valuation Administrator (PVA) based on the fair market value of the property.
The Fiscal Court must also consider the budget needs of the County when setting property tax rates. The tax revenue collected from property taxes is used to fund a variety of services including schools, roads, and emergency services.
Overall, property tax rates are an important factor for homeowners to consider when purchasing a property in Bullitt County as they can impact the overall cost of homeownership.
Homestead exemptions in Bullitt County ?
To help homeowners in Bullitt County, Kentucky understand the various Homestead exemptions and deductions available to them, the following table includes all county-specific information:
| Exemption/Deduction | Eligibility | Amount | Notes |
|---|---|---|---|
| Homestead Exemption | All homeowners with primary residence in Bullitt County | $39,300 | Reduces assessed value of property by up to $39,300 |
| Elderly Exemption | Homeowners who are at least 65 years old and own and live in their home | $38,000 | Reduces assessed value of property by up to $38,000 |
| Disability Exemption | Homeowners who are permanently and totally disabled | $37,600 | Reduces assessed value of property by up to $37,600 |
| Veterans Exemption | Homeowners who are honorably discharged veterans, their spouses, or their unmarried surviving spouses | $37,600 | Reduces assessed value of property by up to $37,600 |
| Surviving Spouse | Homeowners who are the surviving spouse of a person who was receiving a Homestead or Disability exemption at the time of their death | $37,600 | Reduces assessed value of property by up to $37,600 |
| Agricultural Land | Owners of land used for agriculture purposes | Varies | Based on the value of the land and the amount of acreage used for agriculture |
It's important to note that each exemption or deduction has its own eligibility requirements and application process, so interested homeowners should contact the Bullitt County Property Valuation Administrator for more information. By taking advantage of these Homestead exemptions and deductions, homeowners can potentially reduce their property taxes and save money.
When is Bullitt County Property Tax due ?
Bullitt County Property Tax is typically due on November 1st each year. However, taxpayers have until December 31st to pay their property taxes without incurring any additional penalties or interest.
There are several payment methods available to Bullitt County taxpayers. These include:
-
Online Payment: Taxpayers can pay their property taxes online by visiting the Bullitt County Sheriff's Office website and following the instructions provided.
-
In-person payment: Taxpayers can pay their property taxes in person at the Bullitt County Sheriff's Office located at 300 South Buckman Street, Shepherdsville, KY 40165.
-
Mail-in payment: Taxpayers can mail their property tax payment to the Bullitt County Sheriff's Office at P.O. Box 768, Shepherdsville, KY 40165.
-
Bank Draft: Taxpayers can set up an automatic bank draft to pay their property taxes each year.
It is important for taxpayers to pay their property taxes on time to avoid any additional penalties or interest. Failure to pay property taxes can result in the county placing a lien on the property or conducting a tax sale.
If you have more questions - contact your local tax collector.
How is Bullitt County Property Tax penalty calculated ?
Bullitt County Property Tax Penalty Calculation
In Bullitt County, Kentucky, property taxes are due on October 1st of each year. If the taxes are not paid by January 31st of the following year, a penalty will be imposed.
The penalty for late payment of property taxes in Bullitt County is calculated using a formula that includes both interest and fees. The interest rate applied is 1.5% per month or 18% per year. The fee applied is 5% of the total tax bill.
Here is an example:
Suppose a property owner has a tax bill of $2,000 for the year, and the payment is not made by the January 31st deadline. The penalty calculation would look like this:
$2,000 x 1.5% (interest rate per month) x 3 (months late) = $90 interest $2,000 x 5% (penalty fee) = $100 fee Total Penalty = $90 + $100 = $190
Therefore, the property owner would owe a total of $2,190 ($2,000 + $190 penalty) for the property taxes.
It is important to note that if the taxes remain unpaid after February 28th, the county may begin the process of selling the property to recover the unpaid taxes.
In conclusion, property owners in Bullitt County must pay their property taxes by January 31st to avoid the penalty. If they fail to do so, the penalty will be calculated using 1.5% interest per month and a 5% fee applied to the total tax bill.
We recommend contacting the Bullitt County Tax Office or a local tax professional for the most up-to-date and accurate information.