Mount Washington, Kentucky Property Taxes
The median property tax rate in Mount Washington, KY is 1.18%, higher than both the national median of 0.99% and Kentucky's state median of 1.02%. With the median home value in Mount Washington, the typical annual property tax bill reaches $4,590, significantly exceeding the national median of $2,690. Property taxes in Mount Washington are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Mount Washington'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 Mount Washington or another part of the city, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Mount Washington, Kentucky Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
1.02%
Estimate Property Tax Bill
$2,040
Ownwell’s Mount Washington Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Mount Washington with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Mount Washington 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 Mount Washington, Kentucky
Property taxes in Mount Washington, Kentucky, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Mount Washington is 1.18%, significantly higher than the U.S. national median of 0.99%. Local government entities within Mount Washington set these rates annually, and they can vary significantly across different neighborhoods. Each year, Mount Washington 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 Mount Washington's effective property tax rate to other counties in Kentucky and the national median. For comparison, the 40047 zip code has both the highest and lowest median property tax rate of 1.18%. Understanding how these cities compare with Mount Washington provides valuable insights into the varying tax landscape across Jefferson County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Mount Washington Tax Rate
1.18%
Average Jefferson County Tax Rate
1.17%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Mount Washington, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40047 | 1.05% | 1.06% | 1.18% | 1.18% | 1.18% |
Source: Ownwell
Property Tax Assessment Values Across Mount Washington, Kentucky
In Mount Washington, 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 Jefferson 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. In Mount Washington, 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. 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 Mount Washington helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Mount Washington, Kentucky
Source: Ownwell
$6,750
$618,600
$1,230,450
Average Mount Washington Assessed Value
$410,300
Average Jefferson County Assessed Value
$181,690
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Mount Washington, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40047 | $382,052 | $384,280 | $410,300 | $475,000 | $503,560 |
Source: Ownwell
Property Tax Bills Across Mount Washington, Kentucky
In Mount Washington, KY, property tax bills are calculated based on the assessed value of a property, which is determined by the local assessor’s office. This assessed value is then multiplied by the local property tax rate to determine the annual property tax bill. For instance, the median home price in Mount Washington is $410,300. Factors such as the property's location, size, and condition can influence its assessed value. The tax bill varies across different percentiles. Homeowners in the 25th percentile of property values can expect to pay around $4,513 annually, while those in the 75th percentile face a tax bill of approximately $5,050. At the 90th percentile, the tax bill can rise to about $5,728. These property taxes significantly impact homeowners, contributing to the overall cost of homeownership. Compared to the national median property tax rate of 0.99%, Mount Washington's property taxes can be a substantial financial consideration for residents, influencing both their monthly budgets and long-term financial planning.
Average Mount Washington Tax Bill
$4,590
Average Jefferson County Tax Bill
$2,069
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Mount Washington, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40047 | $4,396 | $4,513 | $4,590 | $5,050 | $5,728 |
Source: Ownwell