Mount Sterling, Kentucky Property Taxes
The median property tax rate in Mount Sterling, KY is 0.68%, significantly lower than both the national median of 0.99% and the Kentucky state median of 0.83%. With a median home value of $136,500 in Mount Sterling, the typical annual property tax bill is approximately $928, well below the national median of $2,690. Property taxes in Mount Sterling are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Mount Sterling'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 Mount Sterling 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
Mount Sterling, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.99%
Estimate Property Tax Bill
$1,650
Ownwell’s MOUNT STERLING Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in MOUNT STERLING with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in MOUNT STERLING 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 Mount Sterling, Kentucky
Property taxes in Mount Sterling, Kentucky, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Mount Sterling is 0.99%, which aligns with the U.S. national median of 0.99%. Local government entities within Mount Sterling set these rates annually, and they can vary significantly across different neighborhoods. Each year, Mount Sterling 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 Mount Sterling's effective property tax rate to other counties in Kentucky and the national median. For comparison, the 40353 zip code has both the highest and lowest median property tax rate of 0.99%. Understanding how these cities compare with Mount Sterling provides valuable insights into the varying tax landscape across Clark County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Mount Sterling Tax Rate
0.99%
Average Clark County Tax Rate
0.99%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Mount Sterling, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40353 | 0.38% | 0.57% | 0.98% | 0.98% | 0.98% |
Source: Ownwell
Property Tax Assessment Values Across Mount Sterling, Kentucky
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Mount Sterling, Kentucky. 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 local 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 Mount Sterling, 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. For instance, the median home price in Mount Sterling is $166,700, with annual tax bills ranging from $788 at the 25th percentile to $2,718 at the 90th percentile. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Mount Sterling, Kentucky
Source: Ownwell
$25,000
$434,175
$843,350
Average Mount Sterling Assessed Value
$166,700
Average Clark County Assessed Value
$130,000
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Mount Sterling, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40353 | $54,600 | $93,000 | $166,700 | $255,000 | $388,360 |
Source: Ownwell
Property Tax Bills Across Mount Sterling, Kentucky
In Mount Sterling, located in Clark County, KY, property tax bills are calculated based on the assessed value of a home. The median home price in this area is $166,700, which serves as a key factor in determining the tax bill. Local authorities assess the value of a property, and this assessed value is then multiplied by the local tax rate to calculate the annual tax bill. For homeowners in Mount Sterling, the tax bill can vary significantly. At the 25th percentile, the tax bill is approximately $788, while at the 75th percentile, it rises to about $1,712. The 90th percentile sees tax bills as high as $2,718. Interestingly, the highest and lowest median tax bills in Mount Sterling are both recorded at $1,184 in the 40353 zip code, reflecting a relatively uniform tax rate across the area. Understanding these factors is crucial for homeowners, as property taxes directly impact their annual financial planning and the overall affordability of homeownership in the region.
Average Mount Sterling Tax Bill
$1,184
Average Clark County Tax Bill
$1,117
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Mount Sterling, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40353 | $344 | $788 | $1,184 | $1,712 | $2,718 |
Source: Ownwell