Monticello, Kentucky Property Taxes
The median property tax rate in Monticello, KY is 0.94%, slightly below both the national median of 0.99% and the Kentucky state median of 1.02%. With a median home value of $57,800 in Monticello, the typical annual property tax bill amounts to $406, which is significantly lower than the national median of $2,690. Property taxes in Monticello are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like primary residence and agricultural exemptions. Understanding Monticello's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Monticello 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
Monticello, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.94%
Estimate Property Tax Bill
$543
Ownwell’s Monticello Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Monticello with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Monticello 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 Monticello, Kentucky
Property taxes in Monticello, Kentucky, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Monticello is 0.94%, slightly below the U.S. national median of 0.99%. Local government entities within Monticello set these rates annually, and they can vary significantly across different neighborhoods. Each year, Monticello 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 Monticello's effective property tax rate to other areas in Kentucky and the national median. For comparison, the zip code 42633 has both the highest and lowest median property tax rate of 0.94%. Understanding how these cities compare with Monticello provides valuable insights into the varying tax landscape across Wayne County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Monticello Tax Rate
0.94%
Average Wayne County Tax Rate
0.94%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Monticello, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42633 | 0.21% | 0.54% | 0.94% | 0.94% | 0.94% |
Source: Ownwell
Property Tax Assessment Values Across Monticello, Kentucky
In Monticello, 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 Wayne 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 Monticello, 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 Monticello helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bill in the area is $406.00, found in the zip code 42633.
Average Monticello Assessed Value
$57,800
Average Wayne County Assessed Value
$59,000
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Monticello, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42633 | $10,710 | $27,000 | $57,800 | $110,000 | $191,221 |
Source: Ownwell
Property Tax Bills Across Monticello, Kentucky
In Monticello, property tax bills are calculated based on the assessed value of the property. The assessed value is determined by the local assessor's office, which evaluates the property's market value and applies an assessment ratio. Various factors influence this assessed value, including the property's location, size, and condition. Once the assessed value is established, the local tax rate is applied to calculate the tax bill. Homeowners in Monticello can expect their property tax bills to vary significantly. For instance, the 25th percentile tax bill is around $173, while the 75th percentile tax bill reaches up to $840. Higher-end properties may see tax bills as high as $1,451, indicating a broad range of potential costs for residents. The median home price in Monticello is $57,800, and with a median tax bill of $406, homeowners in this area face a relatively moderate tax burden compared to the national median property tax rate of 0.99%. This variability in tax bills affects homeowners' annual budgeting and long-term financial planning.
Average Monticello Tax Bill
$406
Average Wayne County Tax Bill
$420
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Monticello, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42633 | $57 | $173 | $406 | $840 | $1,451 |
Source: Ownwell