Rate Breakdown

Property taxes in Floyd County are calculated by multiplying the assessed value (minus exemptions) by the total local millage rate.

Authority	Avg. Rate
County General Fund	0.45%
School District (Avg)	1.20%
City / Local (Avg)	0.35%

How Property Tax Works in Floyd County

Property tax is a key element of how local governments fund essential services like schools and public safety in Kentucky. Here’s a basic breakdown of the process for Floyd County: * **Assessment:** The first step is determining your property's market value. This happens through an independent appraisal by a certified appraiser hired by Floyd County. Your property is then valued using established standards and comparable properties in the area to arrive at a fair market assessment. * **Taxable Value:** This is simply your assessed value subject to taxation, which is not always equal to market value, as some property may be taxed at a lower percentage than others. * **Millage Rates:** The tax rate for Floyd County is determined by the county government and is expressed in "mills." A mill equals one one-hundredth of one dollar ($0.01). Your total property tax payment is calculated using the millage rates, your taxable value, and often a standard formula.

Available Exemptions

Kentucky offers several exemptions to help reduce your property tax burden. It’s important to understand what might apply to you.

• Homestead Exemption: This allows eligible homeowners to exempt the primary residence from a portion of their property taxes. The amount varies based on individual circumstances and local regulations.
• Senior Citizen Exemption: This exemption grants a tax reduction for homeowners aged 65 and older. There are specific eligibility requirements, and you'll need to apply through Floyd County.
• Disability Exemption: If you have a qualifying disability as defined by Kentucky law, you may be eligible for this exemption. You must submit documentation from your doctor or therapist for verification.
• Veteran Exemption: Eligible veterans who meet specific requirements can apply for this exemption to reduce their property taxes. You'll need to present appropriate documentation of your military service.

Payment Schedule & Deadlines

Understanding the payment schedule is crucial for avoiding penalties and ensuring timely payments to avoid penalties:

• Due Date: The tax bills are typically mailed out in the fall, with a due date in November. You may be able to pay online through their website.
• Installment Options: Floyd County offers installment options for your property taxes. If you need more time or flexibility with payments, it's best to check directly with the county for their specific procedures and deadlines.
• Late Fees: If you miss the due date, there are typically late payment fees added on top of your unpaid taxes. Be aware of these penalties as they can accrue quickly.

Appealing Your Assessment

If you believe your property's assessment is incorrect or that the millage rates are unfair, you have options for appealing the decision:

To begin the appeal process:

• File an Appeal: You can file an appeal directly with Floyd County Assessors Office, often by mail.
• Documentation: Be prepared to present evidence and documentation to support your case. This may include photos of the property, market value comparisons, or any other relevant material.
• Formal Hearing (Optional): If the initial appeal is not resolved, you might be entitled to a formal hearing with an appeal board to hear your case.

For detailed information on property taxes in Floyd County, Kentucky visit the Floyd County website or call their office directly. The specific procedures and deadlines may vary, so it’s always best to refer to official sources for accurate and up-to-date information.