Ekron, Kentucky Property Taxes
The median property tax rate in Ekron, KY is 1.16%, which is notably higher than both the national median of 0.99% and the Kentucky state median of 1.02%. With the median home value in Ekron at $112,700, the typical annual property tax bill amounts to $1,163, surpassing the national median of $2,690. Property taxes in Ekron are calculated based on the tax assessed value, often lower than the market value due to exemptions like primary residence and agricultural exemptions. Understanding Ekron'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 Ekron 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
Ekron, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.16%
Estimate Property Tax Bill
$1,307
Ownwell’s Ekron Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Ekron with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Ekron 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 Ekron, Kentucky
Property taxes in Ekron, Kentucky, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Ekron is 1.16%, higher than both the Kentucky state median and the U.S. national median of 0.99%. Local government entities within Ekron set these rates annually, and they can vary significantly across different neighborhoods. Each year, Ekron 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 Ekron's effective property tax rate to other counties in Kentucky and the national median. For comparison, the 40117 zip code has the highest median property tax rate of 1.16%, while the 40117 zip code also has the lowest median tax rate of 1.16%. Understanding how these cities compare with Ekron provides valuable insights into the varying tax landscape across Meade County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Ekron Tax Rate
1.16%
Average Meade County Tax Rate
1.16%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Ekron, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40117 | 0.62% | 0.89% | 1.16% | 1.17% | 1.17% |
Source: Ownwell
Property Tax Assessment Values Across Ekron, Kentucky
In Ekron, 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 Meade 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 Ekron, 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 Ekron helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 40117 has the highest and lowest median tax bill at $1,163, reflecting the diverse property values within the area.
Average Ekron Assessed Value
$112,700
Average Meade County Assessed Value
$122,800
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Ekron, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40117 | $29,500 | $62,750 | $112,700 | $170,250 | $232,720 |
Source: Ownwell
Property Tax Bills Across Ekron, Kentucky
Property tax bills in Ekron, located in Meade County, KY, are calculated based on the assessed value of a property and the local tax rate. The assessed value is determined by the county assessor and reflects the market value of the home. For instance, the median home price in Ekron is $112,700. The tax rate is applied to this assessed value to calculate the annual tax bill. In Ekron, property tax bills can vary significantly. For example, homeowners in the 25th percentile pay around $585 annually, whereas those in the 75th percentile face bills up to $1881. The 90th percentile sees tax bills as high as $2583. These figures illustrate the range of property tax burdens across different property values. Compared to the national median property tax rate of 0.99%, Ekron’s property tax rates can be considered moderate, offering some relief to homeowners. Understanding these factors helps homeowners anticipate their annual tax responsibilities and manage their finances accordingly.
Average Ekron Tax Bill
$1,163
Average Meade County Tax Bill
$1,267
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Ekron, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40117 | $203 | $585 | $1,163 | $1,881 | $2,583 |
Source: Ownwell