Alexandria, Kentucky Property Taxes
The median property tax rate in Alexandria, KY is 1.23%, which is higher than both the national median of 0.99% and the Kentucky state median of 1.02%. With a median home value in Alexandria at $186,200, the typical annual property tax bill amounts to $2,171, slightly below the national median of $2,690. Property taxes in Alexandria are calculated based on the assessed value, which often falls below the market value due to various exemptions like primary residence and agricultural exemptions. Understanding Alexandria'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 Alexandria or another part of the city, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Alexandria, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.23%
Estimate Property Tax Bill
$2,290
Ownwell’s Alexandria Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Alexandria with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Alexandria 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 Alexandria, Kentucky
Property taxes in Alexandria, Kentucky, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Alexandria is 1.23%, higher than both the Kentucky state median and the U.S. national median of 0.99%. Local government entities within Alexandria set these rates annually, and they can vary significantly across different neighborhoods. Each year, Alexandria 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 Alexandria's effective property tax rate to other counties in Kentucky and the national median. For comparison, the 41001 zip code has the highest median property tax rate of 1.23%, while the 41001 zip code has the lowest median tax rate of 1.23%. Understanding how these cities compare with Alexandria provides valuable insights into the varying tax landscape across Campbell County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Alexandria Tax Rate
1.23%
Average Campbell County Tax Rate
1.05%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Alexandria, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41001 | 0.90% | 1.10% | 1.23% | 1.23% | 1.23% |
Source: Ownwell
Property Tax Assessment Values Across Alexandria, Kentucky
In Alexandria, 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 Campbell 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 Alexandria, 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 Alexandria helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Alexandria is $186,200, with the highest and lowest median tax bills both being $2,171 in the 41001 zip code.
Average Alexandria Assessed Value
$186,200
Average Campbell County Assessed Value
$157,900
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Alexandria, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41001 | $74,560 | $133,900 | $186,200 | $260,000 | $335,410 |
Source: Ownwell
Property Tax Bills Across Alexandria, Kentucky
In Alexandria, KY, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. This assessed value is then multiplied by the local property tax rate to determine the annual tax bill. For instance, homeowners in Alexandria see a range of tax bills, with the 25th percentile paying around $1,450 and the 75th percentile paying up to $3,110 annually. The highest tax bills can reach up to $4,058, highlighting the variability based on property values and specific local rates. Several factors influence the assessed value, including the property's market value, location, and any improvements or modifications made to the home. This system ensures that property taxes are proportionate to the value of the property, affecting homeowners by requiring those with higher-valued homes to contribute more. Compared to the national median property tax rate of 0.99%, Alexandria's rates result in varying tax bills, reflecting the local economic conditions and funding requirements for public services.
Average Alexandria Tax Bill
$2,171
Average Campbell County Tax Bill
$1,294
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Alexandria, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41001 | $738 | $1,450 | $2,171 | $3,110 | $4,058 |
Source: Ownwell