Upton, Kentucky Property Taxes
The median property tax rate in Upton, KY is 0.99%, aligning with the national median of 0.99% but slightly below the Kentucky state median of 1.02%. With a median home value of $67,800 in Upton, the typical annual property tax bill amounts to $519, which is considerably lower than the national median of $2,690. Property taxes in Upton are calculated based on the tax assessed value, often lower than the market value due to exemptions like primary residence and agricultural exemptions. By understanding Upton's property tax system, exploring available exemptions, and identifying opportunities for reductions, homeowners and real estate investors can achieve significant annual savings. Whether you're in the heart of Upton or another part of the city, gaining insights into the local property tax system will be beneficial.
Last Updated June 14, 2024
Upton, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.99%
Estimate Property Tax Bill
$671
Ownwell’s Upton Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Upton with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Upton 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 Upton, Kentucky
Property taxes in Upton, Kentucky, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Upton is 0.99%, which aligns with the U.S. national median of 0.99%. Local government entities within Upton set these rates annually, and they can vary significantly across different neighborhoods. Each year, Upton 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 Upton's effective property tax rate to other counties in Kentucky and the national median. For comparison, the 42784 zip code has the highest median property tax rate of 0.99%, while the same zip code also has the lowest median tax rate of 0.99%. Understanding how these cities compare with Upton provides valuable insights into the varying tax landscape across Hart County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Upton Tax Rate
0.99%
Average Hart County Tax Rate
0.99%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Upton, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42784 | 0.25% | 0.67% | 0.99% | 1.05% | 1.30% |
Source: Ownwell
Property Tax Assessment Values Across Upton, Kentucky
In Upton, Kentucky, understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes. 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 local assessment authorities 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. In Upton, assessment notices 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. Upton’s median home price is around $67,800, with property tax bills ranging from $177 at the 25th percentile to $1,511 at the 90th percentile. The highest median tax bill in the area is $519, found in the 42784 zip code, which also has the lowest median tax bill. By understanding the distinction between 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 in Upton helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Upton Assessed Value
$67,800
Average Hart County Assessed Value
$61,600
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Upton, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42784 | $10,000 | $30,000 | $67,800 | $110,600 | $161,610 |
Source: Ownwell
Property Tax Bills Across Upton, Kentucky
In Upton, located in Hart County, KY, property tax bills are calculated based on the assessed value of a home. The median home price in Upton stands at $67,800, which plays a significant role in determining the tax bill. The local tax rate is applied to this assessed value to calculate the annual property tax bill. Homeowners in Upton can expect their tax bills to vary widely. For instance, the 25th percentile tax bill is approximately $177, while the 75th percentile tax bill reaches about $968. At the higher end, the 90th percentile tax bill is around $1,511. These variations reflect different property values and assessment practices. The highest median tax bill in the area is $519, found in the zip code 42784. Understanding these factors helps homeowners anticipate their financial obligations and plan accordingly. Compared to the national median property tax rate of 0.99%, Upton's rates offer a unique perspective on property taxes within a localized context.
Average Upton Tax Bill
$519
Average Hart County Tax Bill
$492
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Upton, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42784 | $45 | $177 | $519 | $968 | $1,511 |
Source: Ownwell