Park Hills, Kentucky Property Taxes
The median property tax rate in Park Hills, KY is 1.07%, slightly higher than both the national median of 0.99% and Kentucky's state median of 1.02%. With the median home value in Park Hills at $266,150, the typical annual property tax bill reaches $2,718, just below the national median of $2,690. Property taxes in Park Hills are calculated based on the assessed value, which often falls below the market value due to exemptions such as those for primary residences and agricultural properties. Understanding Park Hills' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Park Hills or another part of Kenton County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Park Hills, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.07%
Estimate Property Tax Bill
$2,848
Ownwell’s PARK HILLS Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in PARK HILLS with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in PARK HILLS 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 Park Hills, Kentucky
Property taxes in Park Hills, Kentucky, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Park Hills is 0.83%, lower than both the Kentucky state median of 0.85% and the U.S. national median of 0.99%. Local government entities within Park Hills set these rates annually, and they can vary significantly across different neighborhoods. Each year, Park Hills 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 Park Hills' 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 cities compare with Park Hills 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 Park Hills 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 Park Hills, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41011 | 0.86% | 0.97% | 1.07% | 1.07% | 1.07% |
Source: Ownwell
Property Tax Assessment Values Across Park Hills, Kentucky
In Park Hills, 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. Assessment notices in Park Hills 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 Park Hills 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 $2718, found in the 41011 zip code.
Average Park Hills Assessed Value
$266,150
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 Park Hills, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41011 | $175,000 | $218,050 | $266,150 | $374,750 | $538,750 |
Source: Ownwell
Property Tax Bills Across Park Hills, Kentucky
In Park Hills, KY, located in Kenton County, property tax bills are determined based on the assessed value of a home. This assessed value typically reflects the market value of the property, which is influenced by factors such as location, size, and condition. The tax rate is then applied to this assessed value to calculate the annual tax bill. In Park Hills, the median home price is $266,150, and the property tax rate is aligned with the county's regulations. Homeowners in Park Hills see a range of property tax bills. At the 25th percentile, the tax bill is approximately $2,120, while at the 75th percentile, it rises to around $3,839. For those at the 90th percentile, the tax bill can be as high as $5,425. These figures highlight the variability in tax obligations based on property values. Compared to the national median property tax rate of 0.99%, Park Hills homeowners may find their tax rates competitive, affecting their annual financial planning and overall cost of homeownership.
Average Park Hills Tax Bill
$2,718
Average Kenton County Tax Bill
$2,000
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Park Hills, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41011 | $1,628 | $2,120 | $2,718 | $3,839 | $5,425 |
Source: Ownwell