41603 Property Tax Rate

Property owners in ZIP code 41603 (Banner, Kentucky) pay a median of $550/year in property taxes on homes valued at $204,100. This translates to an effective tax rate of 0.27%, which is 64% below the Kentucky state average of 0.75%.

The monthly property tax burden for a median-valued home in 41603 is approximately $46, which factors into escrow payments on mortgages. This ZIP code is located within Floyd County. This is $547 less than the Kentucky average of $1,097/year.

Compared to similar ZIP codes in Kentucky, 41603 has lower property taxes. ZIP codes with similar effective rates include 40949 (0.28%) and 40346 (0.29%).

In Banner, property taxes represent approximately 1.0% of the median household income of $56,218, providing context for the relative tax burden on homeowners in this area.

Kentucky reassesses property at fair market value upon sale with no statewide cap on increases — Floyd County will issue a new assessment from the Floyd County Property Valuation Administrator after closing. Floyd County offers a Homestead Exemption for owner-occupied primary residences and a Senior Citizen Real Property Tax Exemption (age 65+); file your exemption application with the Floyd County PVA within 30 days of purchase. Request your assessment notice from the Floyd County PVA within 30 days of closing and review it against comparable sales to determine if an appeal is necessary.