Utica, Kentucky Property Taxes
The median property tax rate in Utica, KY is 1.06%, slightly higher than both the national median of 0.99% and the Kentucky state median of 1.02%. With the median home value in Utica, the typical annual property tax bill amounts to $961, which is below the national median of $2,690. Property taxes in Utica are calculated based on the tax assessed value, often lower than the market value due to exemptions like primary residence and agricultural exemptions. Understanding Utica'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 Utica 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
Utica, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.06%
Estimate Property Tax Bill
$1,219
Ownwell’s Utica Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Utica with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Utica 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 Utica, Kentucky
Property taxes in Utica, Kentucky, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Utica is 1.06%, which is higher than the U.S. national median of 0.99%. Local government entities within Utica set these rates annually, and they can vary significantly across different neighborhoods. Each year, Utica 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 Utica's effective property tax rate to other regions and the national median. For comparison, the zip code 42376 has the highest median property tax rate of 1.06%, while the same zip code also has the lowest median tax rate of 1.06%. Understanding how these areas compare with Utica provides valuable insights into the varying tax landscape across Daviess County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Utica Tax Rate
1.06%
Average Daviess County Tax Rate
0.81%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Utica, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42376 | 0.56% | 0.84% | 1.06% | 1.10% | 1.14% |
Source: Ownwell
Property Tax Assessment Values Across Utica, Kentucky
In Utica, 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 Daviess 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 Utica, 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 Utica helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the zip code 42376 has both the highest and lowest median tax bills at $961.
Average Utica Assessed Value
$115,000
Average Daviess County Assessed Value
$110,800
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Utica, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42376 | $14,840 | $37,200 | $115,000 | $199,500 | $274,425 |
Source: Ownwell
Property Tax Bills Across Utica, Kentucky
In Utica, located in Daviess County, Kentucky, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. This assessed value is then multiplied by the local property tax rate to determine the annual tax bill. Factors such as property size, location, and market conditions influence the assessed value. For instance, the median home price in Utica is $115,000, and the property tax rate is applied to this value to calculate the tax bill. Homeowners in Utica experience a range in their tax bills. The 25th percentile tax bill is $312, indicating that a quarter of homeowners pay less than this amount, while the 75th percentile tax bill is $2,084, showing that three-quarters of homeowners pay less than this amount. At the higher end, the 90th percentile tax bill reaches $2,887. The median tax bill in the area is $961, which is below the national median property tax rate of 0.99%, making Utica relatively affordable for homeowners. This variability in tax bills can significantly impact household budgets, influencing decisions on property purchases and long-term financial planning.
Average Utica Tax Bill
$961
Average Daviess County Tax Bill
$710
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Utica, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42376 | $121 | $312 | $961 | $2,084 | $2,887 |
Source: Ownwell