Belfry, Martin County, Kentucky Property Taxes
Median Belfry, KY effective property tax rate: 0.86%, significantly lower than the national median of 1.02%, but lower than the Kentucky state median of 1.02%.
Median Belfry, KY home value: $30,150
Median annual Belfry, KY tax bill: $224, $2,176 lower than the national median property tax bill of $2,400.
How are property taxes in Martin County calculated?
Property taxes in Belfry, 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 Belfry’s property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in Belfry, knowing local tax details benefits homeowners and investors.
Last Updated March 1, 2025
Belfry, Martin County, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Median Effective Tax Rate
0.86%
Estimate Property Tax Bill
$259
$241
Property Tax Rates Across Belfry, Martin County, Kentucky
Local government entities in Kentucky are responsible for setting property tax rates, which can vary significantly across the state. Each county annually estimates its budget needs for providing essential services and divides this by the total value of all taxable property within its jurisdiction, resulting in the property tax rate. Although votes and laws are involved in determining these rates and budgets, this is essentially how the process works each year.
In Belfry, located in Martin County, the effective property tax rate is 0.86%. This rate is notably lower than the national median property tax rate of 1.02%. When compared to other cities in Kentucky, Belfry’s tax rate is consistent, as it matches both the highest and lowest median tax rates in the state, which are also 0.86%. This uniformity in Belfry’s tax rate indicates a stable property tax environment for homeowners. With the national median property tax bill at $2400, residents in Belfry may find their property tax obligations more manageable. Comparing Belfry’s property tax rate to the state and national medians provides valuable insights for homeowners considering property investments in the area.
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 Belfry Tax Rate
0.86%
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 Martin County Tax Rate
1.41%
Median Effective Kentucky Tax Rate
1.02%
Median Effective United States Tax Rate
1.02%
Property Tax Rates Across Belfry, Martin County, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41514 | 0.30% | 0.44% | 0.86% | 1.78% | 2.37% |
Source: Ownwell
Property Tax Assessment Values Across Belfry, Martin County, Kentucky
When examining property taxes in Belfry, 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 Martin County appraisal district 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 Martin 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 Belfry.
For example, the median home price in Belfry is $30,150, with tax bills ranging significantly across the county. Zip code 41514 has the highest median home price at $30,150.
Property Tax Assessment Values Across Belfry, Martin County, Kentucky
Source: Ownwell
$24,000
$31,500
$39,000
Median Belfry Market Value
$30,150
Median Martin County Market Value
$33,161
Median Kentucky Market Value
$110,000
Median United States Market Value
$235,294
Property Tax Assessment Values Across Belfry, Martin County, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41514 | $8,000 | $17,250 | $30,150 | $50,375 | $70,550 |
Source: Ownwell
Property Tax Bills Across Belfry, Martin County, Kentucky
Median Belfry Tax Bill
$224
Median Martin County Tax Bill
$308
Median Kentucky Tax Bill
$1,031
Median United States Tax Bill
$2,400
Property Tax Bills Across Belfry, Martin County, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41514 | $105 | $105 | $224 | $437 | $807 |
Source: Ownwell