Verona, Kentucky Property Taxes
The median property tax rate in Verona, KY is 1.62%, considerably higher than both the national median of 0.99% and the Kentucky state median of 1.02%. With the median home value in Verona, the typical annual property tax bill reaches $3,107, exceeding the national median of $2,690. Property taxes in Verona are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Verona'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 Verona 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
Verona, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.62%
Estimate Property Tax Bill
$3,515
Ownwell’s Verona Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Verona with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Verona 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 Verona, Kentucky
Property taxes in Verona, Kentucky, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Verona is 1.62%, significantly higher than both the Kentucky state median and the U.S. national median of 0.99%. Local government entities within Verona set these rates annually, and they can vary significantly across different neighborhoods. Each year, Verona 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 Verona's effective property tax rate to other counties in Kentucky and the national median. For comparison, the 41092 zip code has both the highest and lowest median property tax rate of 1.62%. Understanding how these cities compare with Verona provides valuable insights into the varying tax landscape across Boone County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Verona Tax Rate
1.62%
Average Boone County Tax Rate
1.12%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Verona, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41092 | 1.14% | 1.35% | 1.62% | 1.64% | 1.67% |
Source: Ownwell
Property Tax Assessment Values Across Verona, Kentucky
In Verona, 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 Boone 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 Verona, 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. This is particularly important as the median home price in Verona stands at $217,000, with tax bills ranging from $1,267 at the 25th percentile to $7,701 at the 90th percentile. Notably, the zip code 41092 has the highest median tax bill of $3,107. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Verona Assessed Value
$217,000
Average Boone County Assessed Value
$200,000
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Verona, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41092 | $35,060 | $94,300 | $217,000 | $340,000 | $480,000 |
Source: Ownwell
Property Tax Bills Across Verona, Kentucky
In Verona, Boone County, KY, property tax bills are calculated based on the assessed value of the property, which is determined by the local assessor's office. The assessed value is a percentage of the property's market value. Homeowners in Verona face a median property tax rate of 0.99%, which aligns with the national median. This means that for a median home price of $217,000, the typical annual tax bill would be approximately $2,148. Factors influencing the tax bill include the property's location, size, and improvements, as well as local tax rates set by various taxing authorities such as the county, school districts, and other municipal entities. For instance, tax bills in the 25th percentile are around $1,267, while those in the 75th percentile can reach up to $5,291, and the 90th percentile can soar to $7,701. These variations significantly impact homeowners' financial responsibilities, with those in higher-value homes experiencing more substantial tax burdens.
Average Verona Tax Bill
$3,107
Average Boone County Tax Bill
$2,154
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Verona, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41092 | $478 | $1,267 | $3,107 | $5,291 | $7,701 |
Source: Ownwell