Crescent Park, Kentucky Property Taxes
The median property tax rate in Crescent Park, KY is 1.07%, higher than both the national median of 0.99% and Kentucky's state median of 1.02%. With a median home value of $142,500 in Crescent Park, the typical annual property tax bill reaches $1,412, which is below the national median of $2,690. Property taxes in Crescent Park are calculated based on the tax assessed value, often lower than the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Crescent Park'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 Crescent Park 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
Crescent Park, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.07%
Estimate Property Tax Bill
$1,525
Ownwell’s Crescent Park Property Tax Bill Calculator assists homeowners, real estate investors, and potential property owners in estimating their annual property taxes in Crescent Park with just two data points. By entering your property's estimated assessed value, the calculator uses the median tax rate in Crescent Park to estimate your property tax bill. This valuable tool helps you understand potential tax liabilities. For those interested in neighborhood-level trends, additional localized information is available below. Your property’s assessed value is determined by the county for property tax purposes, and it takes into account any applicable exemptions.
Property Tax Rates Across Crescent Park, Kentucky
Property taxes in Crescent Park, Kentucky, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Crescent Park is 1.07%, higher than both the Kentucky state median and the U.S. national median of 0.99%. Local government entities within Crescent Park set these rates annually, and they can vary significantly across different neighborhoods. Each year, Crescent Park 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 Crescent Park's effective property tax rate to other counties in Kentucky and the national median. For comparison, the 41017 zip code has the highest median property tax rate of 1.07%, while the lowest median tax rate is also 1.07% in the same zip code. Understanding how these cities compare with Crescent Park provides valuable insights into the varying tax landscape across Kenton County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Crescent Park Tax Rate
1.07%
Average Kenton County Tax Rate
1.07%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Crescent Park, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41017 | 0.72% | 0.78% | 1.07% | 1.07% | 1.07% |
Source: Ownwell
Property Tax Assessment Values Across Crescent Park, Kentucky
In Crescent Park, 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 Kenton 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 Crescent Park, 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 Crescent Park helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the area are both $1,412, found in zip code 41017.
Average Crescent Park Assessed Value
$142,500
Average Kenton County Assessed Value
$181,500
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Crescent Park, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41017 | $107,400 | $130,350 | $142,500 | $155,000 | $166,200 |
Source: Ownwell
Property Tax Bills Across Crescent Park, Kentucky
In Crescent Park, located in Kenton County, KY, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. This assessed value is then multiplied by the local property tax rate to arrive at the annual tax bill. For instance, with a median home price of $142,500, homeowners can expect varying tax bills. The 25th percentile tax bill is around $1,141, while the 75th percentile tax bill reaches approximately $1,599, and the 90th percentile tax bill is about $1,710. These figures indicate that property taxes in Crescent Park can significantly impact homeowners, especially when compared to the national median property tax rate of 0.99%. The highest and lowest median tax bills in the area are both $1,412, suggesting a consistent tax rate across different neighborhoods. Understanding these factors can help homeowners budget accordingly and anticipate their annual property tax obligations.
Average Crescent Park Tax Bill
$1,412
Average Kenton County Tax Bill
$2,000
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Crescent Park, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41017 | $981 | $1,141 | $1,412 | $1,599 | $1,710 |
Source: Ownwell