Ft Wright, Kentucky Property Taxes
The median property tax rate in FT WRIGHT, KY is 1.07%, slightly higher than both the national median of 0.99% and the Kentucky state median of 1.02%. With the median home value in FT WRIGHT, the typical annual property tax bill reaches $2,007, which is below the national median of $2,690. Property taxes in FT WRIGHT 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 FT WRIGHT'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 FT WRIGHT 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
Ft Wright, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.07%
Estimate Property Tax Bill
$2,177
Ownwell’s FT WRIGHT Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in FT WRIGHT with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in FT WRIGHT 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 Ft Wright, Kentucky
Property taxes in FT WRIGHT, Kentucky, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in FT WRIGHT is 1.07%, higher than both the Kentucky state median and the U.S. national median of 0.99%. Local government entities within FT WRIGHT set these rates annually, and they can vary significantly across different neighborhoods. Each year, FT WRIGHT 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 FT WRIGHT's effective property tax rate to other counties in Kentucky and the national median. For comparison, the 41011 zip code has the highest median property tax rate of 1.07%, while the 41011 zip code also has the lowest median tax rate of 1.07%. Understanding how these areas compare with FT WRIGHT 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 Ft Wright 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 Ft Wright, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41011 | 0.77% | 0.86% | 1.07% | 1.07% | 1.07% |
| 41017 | 0.85% | 1.07% | 1.07% | 1.07% | 1.07% |
Source: Ownwell
Property Tax Assessment Values Across Ft Wright, Kentucky
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Ft. Wright, Kentucky. The market value represents the price a willing buyer would pay to 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 Property Valuation Administrator 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 Ft. Wright, 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 example, the highest median tax bill is $2,410 in the 41017 zip code, while the lowest is $1,909 in the 41011 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 Ft. Wright helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Ft Wright Assessed Value
$203,500
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 Ft Wright, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41011 | $111,700 | $150,000 | $195,000 | $250,000 | $350,000 |
| 41017 | $77,000 | $215,000 | $227,600 | $238,000 | $252,220 |
Source: Ownwell
Property Tax Bills Across Ft Wright, Kentucky
In FT Wright, KY, property tax bills are calculated based on the assessed value of a home, which is determined by the Kenton County property assessor. The assessed value is a percentage of the market value of the property. Homeowners in FT Wright typically see a median home price of $203,500. The tax rate applied to this assessed value varies, but the median property tax rate in Kentucky is lower than the national median of 0.99%. Factors such as the location within Kenton County and the specific characteristics of the property can influence the assessed value and, consequently, the tax bill. For instance, the highest median tax bill in the area can reach up to $2,410 in the 41017 zip code, while the lowest median tax bill is around $1,909 in the 41011 zip code. The impact on homeowners can be significant, with tax bills ranging from $1,472 at the 25th percentile to $3,517 at the 90th percentile. Understanding these factors can help homeowners anticipate their property tax obligations and plan accordingly.
Average Ft Wright Tax Bill
$2,007
Average Kenton County Tax Bill
$2,000
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Ft Wright, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41011 | $1,086 | $1,410 | $1,909 | $2,612 | $3,635 |
| 41017 | $830 | $2,223 | $2,410 | $2,534 | $2,690 |
Source: Ownwell