Independence, Kentucky Property Taxes
The median property tax rate in Independence, KY is 1.26%, considerably higher than both the national median of 0.99% and the Kentucky state median of 1.02%. With the median home value in Independence at $200,000, the typical annual property tax bill reaches $2,432, slightly below the national median of $2,690. Property taxes in Independence 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 Independence'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 Independence 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
Independence, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.26%
Estimate Property Tax Bill
$2,520
Ownwell’s Independence Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Independence with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Independence 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 Independence, Kentucky
Property taxes in Independence, Kentucky, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Independence is 1.26%, higher than both the Kentucky state median and the U.S. national median of 0.99%. Local government entities within Independence set these rates annually, and they can vary significantly across different neighborhoods. Each year, Independence 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 Independence's effective property tax rate to other counties in Kentucky and the national median. For comparison, the 41051 zip code has the highest median property tax rate of 1.26%, while the 41051 zip code also has the lowest median tax rate of 1.26%. Understanding how these cities compare with Independence 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 Independence Tax Rate
1.26%
Average Kenton County Tax Rate
1.07%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Independence, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41051 | 0.93% | 1.26% | 1.26% | 1.26% | 1.26% |
Source: Ownwell
Property Tax Assessment Values Across Independence, Kentucky
In Independence, 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 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 Independence, 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 Independence helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills are both $2,432, found in the 41051 zip code.
Average Independence Assessed Value
$200,000
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 Independence, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41051 | $132,100 | $158,600 | $200,000 | $253,275 | $322,630 |
Source: Ownwell
Property Tax Bills Across Independence, Kentucky
In Independence, located in Kenton County, KY, property tax bills are calculated based on the assessed value of a home. The assessed value is determined by local government assessors who evaluate the property’s market value. This assessed value is then multiplied by the local tax rate to calculate the annual tax bill. For homeowners in Independence, the median home price is $200,000. The property tax rate in this area results in a median tax bill of $2,432. This figure is notably higher than the national median property tax rate of 0.99%. Homeowners in the 25th percentile can expect a tax bill around $1,883, while those in the 75th percentile face a bill of approximately $3,113. The highest tax bills, in the 90th percentile, can reach up to $3,929. These property tax bills play a crucial role in funding local services such as schools, public safety, and infrastructure, directly impacting the quality of life for residents in Independence.
Average Independence Tax Bill
$2,432
Average Kenton County Tax Bill
$2,000
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Independence, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41051 | $1,342 | $1,883 | $2,432 | $3,113 | $3,929 |
Source: Ownwell