Walton, Kentucky Property Taxes
The median property tax rate in Walton, KY is 1.20%, which is higher than both the national median of 0.99% and Kentucky's state median of 1.02%. With a median home value of $200,000 in Walton, the typical annual property tax bill amounts to $2,715, just below the national median of $2,690. Property taxes in Walton are calculated based on the tax assessed value, often lower than the market value due to various exemptions like primary residence and agricultural exemptions. Understanding Walton'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 Walton 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
Walton, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.2%
Estimate Property Tax Bill
$2,400
Ownwell’s Walton Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Walton with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Walton to provide an estimated property tax bill. This valuable tool helps you understand your potential tax liabilities. For those interested in seeing trends at a neighborhood level, more localized information is available below. Your property’s assessed value is determined by the county for property tax calculations and includes any applicable exemptions.
Property Tax Rates Across Walton, Kentucky
Property taxes in Walton, Kentucky, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Walton is 0.83%, lower than the Kentucky state median of 0.86% and the U.S. national median of 0.99%. Local government entities within Walton set these rates annually, and they can vary significantly across different neighborhoods. Each year, Walton 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 Walton's effective property tax rate to other counties in Kentucky and the national median. For comparison, the 41094 zip code has the highest median property tax rate of 0.83%, while the same zip code also has the lowest median tax rate of 0.83%. Understanding how these cities compare with Walton 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 Walton Tax Rate
1.20%
Average Boone County Tax Rate
1.12%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Walton, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41094 | 0.98% | 1.16% | 1.20% | 1.64% | 1.67% |
Source: Ownwell
Property Tax Assessment Values Across Walton, Kentucky
In Walton, 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 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 Walton, 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 Walton helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Walton is $2,715, found in zip code 41094, while the lowest median tax bill is also $2,715 in the same zip code. The median home price is $200,000, with tax bills ranging from $1,666 at the 25th percentile to $4,462 at the 90th percentile.
Average Walton Assessed Value
$200,000
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 Walton, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41094 | $26,000 | $123,000 | $200,000 | $275,500 | $346,800 |
Source: Ownwell
Property Tax Bills Across Walton, Kentucky
In Walton, KY, property tax bills are calculated based on the assessed value of a property. The assessed value is determined by the local tax assessor’s office and is meant to reflect the market value of the property. Factors such as the size, location, and condition of the property, along with recent sales of similar properties in the area, are considered in this assessment. Homeowners in Walton face varying tax bills, with the 25th percentile at $1,666 and the 75th percentile reaching up to $3,600. The highest median tax bill in the city is $2,715, which is consistent across all zip codes in Boone County. Compared to the national median property tax rate of 0.99%, Walton’s rates can significantly impact homeowners, particularly those with properties assessed at higher values. For instance, those in the 90th percentile may see tax bills as high as $4,462. Understanding these factors helps homeowners anticipate their tax obligations and plan their finances accordingly.
Average Walton Tax Bill
$2,715
Average Boone County Tax Bill
$2,154
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Walton, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41094 | $468 | $1,666 | $2,715 | $3,600 | $4,462 |
Source: Ownwell