Edgewood, Kentucky Property Taxes
The median property tax rate in Edgewood, KY is 1.07%, slightly higher than both the national median of 0.99% and the Kentucky state median of 1.02%. With a median home value of $220,000 in Edgewood, the typical annual property tax bill amounts to $2,226, which is below the national median of $2,690. Property taxes in Edgewood are determined based on the tax assessed value, which is often lower than the market value due to various exemptions such as the primary residence and agricultural exemptions. Gaining a comprehensive understanding of Edgewood's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're residing in Edgewood or investing in real estate within the city, familiarizing yourself with the local property tax system will prove beneficial.
Last Updated June 14, 2024
Edgewood, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.07%
Estimate Property Tax Bill
$2,354
Ownwell’s Edgewood Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Edgewood with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Edgewood 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 Edgewood, Kentucky
Property taxes in Edgewood, Kentucky, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Edgewood is 1.07%, which is higher than the U.S. national median of 0.99%. Local government entities within Edgewood set these rates annually, and they can vary significantly across different neighborhoods. Each year, Edgewood 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 Edgewood's effective property tax rate to other areas in Kentucky and the national median. For comparison, the 41017 zip code has the highest median property tax rate of 1.07%, while the same zip code also has the lowest median tax rate of 1.07%. Understanding how these cities compare with Edgewood 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 Edgewood 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 Edgewood, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41017 | 0.79% | 0.86% | 1.07% | 1.07% | 1.07% |
| 41018 | 0.72% | 0.79% | 1.07% | 1.07% | 1.07% |
Source: Ownwell
Property Tax Assessment Values Across Edgewood, Kentucky
In Edgewood, Kentucky, understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes. The market value represents 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 Edgewood, 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. For instance, the highest median tax bill in the area is $2,287 in the 41017 zip code, while the lowest median tax bill is $1,616 in the 41018 zip code. 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 Edgewood helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Edgewood Assessed Value
$220,000
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 Edgewood, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41017 | $165,000 | $187,000 | $225,500 | $320,000 | $478,500 |
| 41018 | $138,860 | $143,000 | $165,000 | $185,000 | $203,800 |
Source: Ownwell
Property Tax Bills Across Edgewood, Kentucky
In Edgewood, located in Kenton County, KY, property tax bills are calculated based on the assessed value of a home. The assessed value is determined by the local assessor's office and reflects the market value of the property. Homeowners in Edgewood can expect a property tax rate that is influenced by the median home price, which stands at $220,000. Factors such as property size, location, and any improvements made to the property can affect the assessed value and, consequently, the tax bill. For instance, the tax bill for the 25th percentile is $1,733, while it rises to $3,199 for the 75th percentile, indicating a significant range based on property values and assessments. The highest median tax bill in the area is $2,287, found in the 41017 zip code, whereas the lowest median tax bill is $1,616 in the 41018 zip code. These property taxes are essential for funding local services such as schools, infrastructure, and emergency services, directly impacting the quality of life for homeowners.
Average Edgewood Tax Bill
$2,226
Average Kenton County Tax Bill
$2,000
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Edgewood, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41017 | $1,440 | $1,759 | $2,287 | $3,327 | $5,043 |
| 41018 | $1,030 | $1,407 | $1,616 | $1,876 | $2,169 |
Source: Ownwell