Frankfort, Franklin County, Kentucky Property Taxes
Median Frankfort, KY effective property tax rate: 1.20%, significantly higher than the national median of 1.02%, but lower than the Kentucky state median of 1.02%. Median Frankfort, KY home value: $129,000. Median annual Frankfort, KY tax bill: $1,314, $1,086 lower than the national median property tax bill of $2,400.
How are property taxes in Franklin calculated?
Property taxes in Frankfort, KY are calculated based on the tax assessed value, which is often lower than the actual market value due to property tax exemptions such as the homestead or senior exemption.
Understanding Frankfort’s property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in Frankfort, knowing local tax details benefits homeowners and investors.
Last Updated March 1, 2025
Frankfort, Franklin County, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Median Effective Tax Rate
1.2%
Estimate Property Tax Bill
$1,548
$1,437
Property Tax Rates Across Frankfort, Franklin County, Kentucky
Local government entities determine property tax rates, and these can differ significantly even within the same state. This variation occurs because each county calculates its necessary budget for services annually and then divides this by the total value of all taxable properties in its area. This formula gives rise to the property tax rate. Although votes and legislation play a role in setting these rates and budgets, this is the fundamental yearly process.
In Frankfort, located in Franklin County, Kentucky, the effective property tax rate stands at 1.20%. This rate is notably above the national median property tax rate of 1.02%, reflecting the specific fiscal needs of the local government. Comparatively, Frankfort’s rate aligns with the highest and lowest median tax rates within its own zip code, 40601, emphasizing a consistent approach to property taxation in this region.
When considering property tax rates, it is essential to evaluate how they compare to both state and national medians. In this context, Frankfort’s rate surpasses the national median, indicating a potentially higher property tax bill for residents compared to the national average of $2400.
Our median effective property tax rate (tax bill ÷ assessor's market value) accounts for exemptions and deductions, making it more accurate than the general median tax rate, which is the midpoint of statutory rates before adjustments.
Median Effective Frankfort Tax Rate
1.20%
Our median effective property tax rate (tax bill ÷ assessor's market value) accounts for exemptions and deductions, making it more accurate than the general median tax rate, which is the midpoint of statutory rates before adjustments.
Median Effective Franklin County Tax Rate
1.20%
Median Effective Kentucky Tax Rate
1.02%
Median Effective United States Tax Rate
1.02%
Property Tax Rates Across Frankfort, Franklin County, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40601 | 0.47% | 0.83% | 1.20% | 1.20% | 1.20% |
Source: Ownwell
Property Tax Assessment Values Across Frankfort, Franklin County, Kentucky
When examining property taxes in Frankfort, Kentucky, understanding the distinction between "market value" and "assessed value" is crucial. The market value is what a willing buyer would pay to a willing seller in an open and competitive market, often influenced by location, property condition, and economic market trends. The Franklin County Property Valuation Administrator estimates the market value for tax purposes. The assessed value is the market value minus any applicable exemptions or limits determined by local laws and offerings. The tax assessed value is the figure used to calculate your property taxes or the amount multiplied by your tax rate to get your tax bill.
In Franklin County, assessment notices are sent in the spring each year. They’ll typically reach your mailbox by the middle of April. Each property owner receives an assessment notice that contains both the market value and assessed value, along with an estimate of your property tax bill. By providing insights into how assessed and market values are determined, this section helps property owners navigate their tax responsibilities and understand the valuation processes affecting their property taxes in Frankfort. For example, the median home price in Frankfort is $129,000, with tax bills ranging significantly across the county. Zip code 40601 has the highest median home price at $129,000.
Property Tax Assessment Values Across Frankfort, Franklin County, Kentucky
Source: Ownwell
$92,208
$138,492
$184,776
Median Frankfort Market Value
$129,000
Median Franklin County Market Value
$129,000
Median Kentucky Market Value
$110,000
Median United States Market Value
$235,294
Property Tax Assessment Values Across Frankfort, Franklin County, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40601 | $55,812 | $93,000 | $129,000 | $177,000 | $255,000 |
Source: Ownwell
Property Tax Bills Across Frankfort, Franklin County, Kentucky
Median Frankfort Tax Bill
$1,314
Median Franklin County Tax Bill
$1,314
Median Kentucky Tax Bill
$1,031
Median United States Tax Bill
$2,400
Property Tax Bills Across Frankfort, Franklin County, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40601 | $362 | $796 | $1,314 | $1,914 | $2,868 |
Source: Ownwell