40403 Property Tax Rate

Property owners in ZIP code 40403 (Berea, Kentucky) pay a median of $1,314/year in property taxes on homes valued at $180,800. This translates to an effective tax rate of 0.73%, which is 3% below the Kentucky state average of 0.75%.

The monthly property tax burden for a median-valued home in 40403 is approximately $110, which factors into escrow payments on mortgages. This ZIP code is located within Madison County. This is $217 more than the Kentucky average of $1,097/year.

Compared to similar ZIP codes in Kentucky, 40403 has lower property taxes. ZIP codes with similar effective rates include 40759 (0.73%) and 40219 (0.73%).

In Berea, property taxes represent approximately 2.2% of the median household income of $60,105, providing context for the relative tax burden on homeowners in this area.

Kentucky conducts periodic statewide property valuations (every 4–6 years) without reassessment triggered by sale; the Madison County Property Valuation Administrator adjusts values annually per state guidelines. Madison County residents 65+ or permanently disabled may qualify for the State Senior/Disabled Property Tax Credit (subject to income thresholds), and municipal Homestead Exemptions may be available — contact the Madison County PVA for your specific eligibility. After closing, obtain your Notice of Assessment and submit exemption/credit applications to the Madison County PVA within 60 days to ensure timely approval.