Petersburg, Kentucky Property Taxes
The median property tax rate in Petersburg, KY is 1.17%, considerably higher than both the national median of 0.99% and the Kentucky state median of 1.02%. With the median home value in Petersburg at $155,000, the typical annual property tax bill reaches $1,687, which is still below the national median of $2,690. Property taxes in Petersburg are calculated based on the assessed value, often lower than the market value due to exemptions like primary residence and agricultural exemptions. Understanding Petersburg's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Petersburg or another part of Boone County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Petersburg, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.17%
Estimate Property Tax Bill
$1,813
Ownwell’s Petersburg Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Petersburg with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Petersburg to estimate your property tax bill. This insightful tool helps you understand potential tax liabilities. If you’re interested in seeing trends on a neighborhood level, scroll down to find more localized information. Your property’s assessed value is the value assigned by the county for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Petersburg, Kentucky
Property taxes in Petersburg, Kentucky, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Petersburg is 1.17%, higher than both the Kentucky state median of 0.83% and the U.S. national median of 0.99%. Local government entities within Petersburg set these rates annually, and they can vary significantly across different neighborhoods. Each year, Petersburg estimates its required budget to maintain services for the upcoming fiscal year, then divides this budget by the total value of all taxable property within the jurisdiction to calculate the property tax rate. While tax rates and budgets are influenced by laws and voter input, this calculation forms the basis of setting property tax rates. The data below compares Petersburg's effective property tax rate to other counties in Kentucky and the national median. For comparison, the 41080 zip code has the highest median property tax rate of 1.17%, while the same zip code also has the lowest median tax rate of 1.17%. Understanding how these areas compare with Petersburg provides valuable insights into the varying tax landscape across Boone County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Petersburg Tax Rate
1.17%
Average Boone County Tax Rate
1.12%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Petersburg, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41080 | 0.86% | 1.07% | 1.17% | 1.20% | 1.23% |
Source: Ownwell
Property Tax Assessment Values Across Petersburg, Kentucky
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Petersburg, Kentucky. The market value is the price a willing buyer would pay a willing seller in an open and competitive market, influenced by factors like location, property condition, and economic trends. This value is estimated by the Boone County Appraisal District for tax purposes. In contrast, the assessed value is the market value minus any applicable exemptions or limits based on local laws and available programs. The assessed value is then used to calculate your property taxes by multiplying it by the combined tax rates of all relevant taxing entities. Assessment notices in Petersburg are typically mailed out in the spring, usually by mid-April. These notices provide homeowners with both the market and assessed values, along with an estimate of the annual property tax bill. For instance, the median home price in Petersburg is $155,000, with the 25th percentile tax bill at $987 and the 75th percentile tax bill at $2,700. The highest and lowest median tax bills are both $1,687 in zip code 41080. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and comprehend how their property taxes are determined. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Petersburg Assessed Value
$155,000
Average Boone County Assessed Value
$200,000
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Petersburg, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41080 | $36,980 | $90,900 | $155,000 | $240,650 | $335,000 |
Source: Ownwell
Property Tax Bills Across Petersburg, Kentucky
In Petersburg, KY, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value, determined by the county assessor, reflects the market value of the property. Once the assessed value is established, the local tax rate is applied to calculate the annual tax bill. Factors influencing the assessed value include the home's condition, location, and market trends. For homeowners in Petersburg, the median home price is $155,000, with tax bills ranging from the 25th percentile at $987 to the 75th percentile at $2,700. The 90th percentile tax bill reaches up to $3,828, indicating a significant variation based on property values and specific locations within the city. Comparatively, the national median property tax rate is 0.99%, which provides context for understanding local tax burdens. For instance, the highest and lowest median tax bills in the area both stand at $1,687, highlighting consistency within certain zip codes. These tax bills directly impact homeowners' annual financial planning and overall affordability of homeownership in Petersburg.
Average Petersburg Tax Bill
$1,687
Average Boone County Tax Bill
$2,154
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Petersburg, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41080 | $402 | $987 | $1,687 | $2,700 | $3,828 |
Source: Ownwell