Frakes, Whitley County, Kentucky Property Taxes

Name: Property Tax Bills Across Frakes, Whitley County, Kentucky
Creator: Ownwell
License: https://creativecommons.org/licenses/by-nc/4.0/

Median Frakes, KY effective property tax rate: 0.75%, significantly lower than the national median of 1.02%, but lower than the Kentucky state median of 1.02%. Median Frakes, KY home value: $12,750. Median annual Frakes, KY tax bill: $113, $2,287 lower than the national median property tax bill of $2,400.

How are property taxes in Whitley County calculated?

Property taxes in Frakes, 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 Frakes’s property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in Frakes, knowing local tax details benefits homeowners and investors.

Last Updated March 1, 2025

Frakes, Whitley County, Kentucky Property Tax Bill Calculator

Property Assessed Value

$100,000

$1,500,000

$3,000,000

Median Effective Tax Rate

0.75%

Estimate Property Tax Bill

$96

$89

Ownwell’s Frakes Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Frakes with just two data points. By entering your property's estimated assessed value, our calculator applies Frakes’ median effective tax rate to accurately estimate your property tax bill. Note that your property's assessed value — determined by your county — reflects any exemptions you may have, ensuring a precise calculation for your property tax obligations. This insightful tool helps you understand potential tax liabilities and highlights how Ownwell can assist in reducing property taxes in Whitley. For those interested in more localized information, please scroll down to explore city-level trends!

Property Tax Rates Across Frakes, Whitley County, Kentucky

Local government entities are responsible for setting tax rates, which can vary significantly even within the same state. This is because each county annually estimates its budgetary needs to provide essential services and divides that by the total assessed value of all taxable property within its jurisdiction. This calculation determines the property tax rate. While votes and legislation play roles in setting these rates and budgets, this is essentially the annual process.

In Frakes, Whitley County, the effective property tax rate offers a unique perspective when compared to other cities in Kentucky and the national averages. The median property tax rate in Kentucky is 0.75%, which is lower than the national median rate of 1.02%. This means residents in Frakes may enjoy lower property taxes compared to many other parts of the country. Such a rate can be particularly appealing for homeowners looking for affordability in property taxes, making Frakes an attractive option for those considering relocation or investment in Kentucky.

Property Tax Rates Across Frakes, Whitley County, Kentucky

Source: Ownwell

0.34%

0.55%

0.75%

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 Frakes Tax Rate

0.75%

Median Effective Whitley County Tax Rate

0.75%

Median Effective Kentucky Tax Rate

1.02%

Median Effective United States Tax Rate

1.02%

Property Tax Rates Across Frakes, Whitley County, Kentucky

Zip	10th Percentile	25th Percentile	Median Tax Rate	75th Percentile	90th Percentile
40940	0.75%	0.75%	0.75%	0.75%	0.76%

Source: Ownwell

Property Tax Assessment Values Across Frakes, Whitley County, Kentucky

When examining property taxes in Frakes, 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 Whitley 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 Whitley County, assessment notices are sent in the spring each year. They’ll typically reach your mailbox by the middle of March. 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 Frakes. For example, the median home price in Frakes is $12,750, with tax bills ranging significantly across the county. 40940 has the highest median home price at $12,750.

Property Tax Assessment Values Across Frakes, Whitley County, Kentucky

Source: Ownwell

$12,000

$32,750

$53,500

Median Frakes Market Value

$12,750

Median Whitley County Market Value

$32,500

Median Kentucky Market Value

$110,000

Median United States Market Value

$235,294

Property Tax Assessment Values Across Frakes, Whitley County, Kentucky

Zip	10th Percentile	25th Percentile	Median Home Price	75th Percentile	90th Percentile
40940	$1,100	$2,300	$12,750	$32,125	$62,775

Source: Ownwell

Property Tax Bills Across Frakes, Whitley County, Kentucky

In Frakes, located in Whitley County, KY, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. The median home price in Frakes is $12,750, significantly lower than the national median. This results in a median property tax bill of $113, which is considerably less than the national median property tax bill of $2,400. The property tax rate in this area is relatively low, reflecting the overall affordability of housing in the region. Factors such as the property's location, size, and condition can influence its assessed value, thereby affecting the tax bill. Homeowners in Frakes can benefit from appealing their property tax assessments if they believe their home has been overvalued. Ownwell offers services that can help homeowners save on their property tax bills by providing expert guidance on appeals and exemptions. This can result in significant savings, ensuring that homeowners only pay their fair share of property taxes.

Property Tax Bills Across Frakes, Whitley County, Kentucky

Source: Ownwell

$87

$147

$207

Median Frakes Tax Bill

$113

Median Whitley County Tax Bill

$170

Median Kentucky Tax Bill

$1,031

Median United States Tax Bill

$2,400

Property Tax Bills Across Frakes, Whitley County, Kentucky

Zip	10th Percentile	25th Percentile	Median Tax Bill	75th Percentile	90th Percentile
40940	$15	$30	$113	$241	$448

Source: Ownwell