Upton, Kentucky Property Taxes
The median property tax rate in Upton, KY is 1.04%, slightly higher than both the national median of 0.99% and the Kentucky state median of 1.02%. With the median home value in Upton at $65,000, the typical annual property tax bill reaches $615, which is significantly lower than the national median of $2,690. Property taxes in Upton are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Upton'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 Upton or another part of Larue County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Upton, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.04%
Estimate Property Tax Bill
$676
Ownwell’s Upton Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Upton with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Upton 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 Upton, Kentucky
Property taxes in Upton, Kentucky, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Upton is 0.74%, which is lower than both the Kentucky state median of 0.83% and the U.S. national median of 0.99%. Local government entities within Upton set these rates annually, and they can vary significantly across different neighborhoods. Each year, Upton 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 Upton's effective property tax rate to other counties in Kentucky and the national median. For comparison, the 42784 zip code has the highest median property tax rate of 0.74%, while the 42784 zip code also has the lowest median tax rate of 0.74%. Understanding how these cities compare with Upton provides valuable insights into the varying tax landscape across Larue County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Upton Tax Rate
1.04%
Average Larue County Tax Rate
0.98%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Upton, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42784 | 0.26% | 0.70% | 1.04% | 1.23% | 1.23% |
Source: Ownwell
Property Tax Assessment Values Across Upton, Kentucky
In Upton, 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 Larue 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 Upton, 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 Upton helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Upton is $65,000, with tax bills ranging from $243 at the 25th percentile to $1,540 at the 90th percentile. The highest and lowest median tax bills are both $615, found in the 42784 zip code.
Average Upton Assessed Value
$65,000
Average Larue County Assessed Value
$95,000
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Upton, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42784 | $10,000 | $30,000 | $65,000 | $125,375 | $199,100 |
Source: Ownwell
Property Tax Bills Across Upton, Kentucky
In Upton, KY, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. The median home price in Upton stands at $65,000. Property taxes are influenced by several factors, including the home's assessed value, the local tax rate, and any applicable exemptions or deductions. For homeowners in Upton, the tax bill can vary significantly. For instance, the tax bill at the 25th percentile is $243, while at the 75th percentile, it reaches $1,164. At the higher end, the 90th percentile tax bill is $1,540. These variations demonstrate the impact of differing property values and possible exemptions. Compared to the national median property tax rate of 0.99%, Upton's property taxes can seem relatively moderate, providing some relief to homeowners. However, understanding the specifics of how property taxes are calculated and what influences the final bill can help homeowners better manage their finances and anticipate annual tax obligations.
Average Upton Tax Bill
$615
Average Larue County Tax Bill
$717
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Upton, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42784 | $86 | $243 | $615 | $1,164 | $1,540 |
Source: Ownwell