Quality, Kentucky Property Taxes
The median property tax rate in Quality, KY is 0.87%, lower than both the national median of 0.99% and the Kentucky state median of 1.02%. With the median home value in Quality, the typical annual property tax bill reaches $542, significantly below the national median of $2,690. Property taxes in Quality 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 Quality'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 Quality 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
Quality, Kentucky Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
1.02%
Estimate Property Tax Bill
$2,040
Ownwell’s QUALITY Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in QUALITY with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in QUALITY 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 Quality, Kentucky
Property taxes in Quality, Kentucky, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Quality is 0.87%, which is slightly lower than the U.S. national median of 0.99%. Local government entities within Quality set these rates annually, and they can vary significantly across different neighborhoods. Each year, Quality 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 Quality's effective property tax rate to other areas in Kentucky and the national median. For comparison, the zip code 42256 has the same median property tax rate of 0.87%. Understanding how these areas compare with Quality provides valuable insights into the varying tax landscape across Butler County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Quality Tax Rate
0.87%
Average Butler County Tax Rate
0.90%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Quality, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42256 | 0.87% | 0.87% | 0.87% | 0.87% | 0.87% |
Source: Ownwell
Property Tax Assessment Values Across Quality, Kentucky
In QUALITY, 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 Butler 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 QUALITY, 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 QUALITY helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in QUALITY are both $542, found in the zip code 42256.
Average Quality Assessed Value
$62,200
Average Butler County Assessed Value
$64,000
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Quality, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42256 | $62,200 | $62,200 | $62,200 | $62,200 | $62,200 |
Source: Ownwell
Property Tax Bills Across Quality, Kentucky
In Quality, a city located in Butler County, KY, property tax bills are calculated based on the assessed value of a property. The local tax rate is applied to this assessed value to determine the annual tax bill. The median home price in the area is $62,200, and homeowners in Quality can expect to pay a median property tax bill of $542. This is significantly lower than the national median property tax rate of 0.99%, making Quality an attractive location for homeowners looking for affordable property taxes. Factors that influence the tax bill include the assessed value of the property, which is determined by local assessors, and any applicable exemptions or deductions that the homeowner may qualify for. These tax bills can have a substantial impact on homeowners, influencing their overall cost of living and potentially affecting their financial planning. Given the relatively low property taxes in Quality, homeowners can benefit from reduced financial burden, allowing for more disposable income or investment opportunities.
Average Quality Tax Bill
$542
Average Butler County Tax Bill
$452
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Quality, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42256 | $542 | $542 | $542 | $542 | $542 |
Source: Ownwell