Boston, Kentucky Property Taxes
The median property tax rate in Boston, KY is 1.09%, which is higher than both the national median of 0.99% and the Kentucky state median of 1.02%. With the median home value in Boston at $110,000, the typical annual property tax bill amounts to $1,005, still below the national median of $2,690. Property taxes in Boston are calculated based on the tax assessed value, often lower than the market value due to exemptions like the primary residence and agricultural exemptions. Navigating Boston's property tax system, exploring available exemptions, and pinpointing opportunities for reductions can result in substantial annual savings. Whether you're residing in central Boston or another part of Nelson County, grasping the local property tax framework will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Boston, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.09%
Estimate Property Tax Bill
$1,199
Ownwell’s Boston Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Boston with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Boston 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 Boston, Kentucky
Property taxes in Boston, Kentucky, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Boston is 1.09%, higher than both the Kentucky state median and the U.S. national median of 0.99%. Local government entities within Boston set these rates annually, and they can vary significantly across different neighborhoods. Each year, Boston 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 Boston's effective property tax rate to other counties in Kentucky and the national median. For comparison, the 40107 zip code has the highest median property tax rate of 1.09%, while the same zip code also has the lowest median tax rate of 1.09%. Understanding how these areas compare with Boston provides valuable insights into the varying tax landscape across Nelson County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Boston Tax Rate
1.09%
Average Nelson County Tax Rate
1.06%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Boston, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40107 | 0.46% | 0.83% | 1.09% | 1.13% | 1.22% |
Source: Ownwell
Property Tax Assessment Values Across Boston, Kentucky
In Boston, Kentucky, understanding the difference between "market value" and "assessed value" is essential 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 Nelson 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 Boston, 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 Boston helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest median tax bill is 40107, amounting to $1,005 annually.
Average Boston Assessed Value
$110,000
Average Nelson County Assessed Value
$145,000
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Boston, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40107 | $7,000 | $36,750 | $110,000 | $207,720 | $322,382 |
Source: Ownwell
Property Tax Bills Across Boston, Kentucky
In Boston, Nelson County, KY, property tax bills are calculated based on the assessed value of a home, which is determined by local tax assessors. The median home price in this area is $110,000, significantly lower than the national median. Homeowners in Boston can expect their property tax bill to vary widely depending on their property's assessed value and applicable tax rates. The 25th percentile tax bill is $334, while the 75th percentile tax bill reaches up to $1,872, and the 90th percentile can be as high as $2,714. These figures illustrate the range of property tax obligations homeowners might face, based on factors such as property size, location, and improvements. The highest and lowest median tax bills in the area both stand at $1,005, indicating a level of consistency within specific zip codes. For homeowners, understanding these factors is crucial as they directly impact annual expenses. By staying informed about how property taxes are calculated, homeowners can better manage their financial planning and potentially seek exemptions or appeals where applicable.
Average Boston Tax Bill
$1,005
Average Nelson County Tax Bill
$1,138
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Boston, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40107 | $74 | $334 | $1,005 | $1,872 | $2,714 |
Source: Ownwell