Verona, Kentucky Property Taxes
The median property tax rate in Verona, KY is 1.24%, considerably higher than both the national median of 0.99% and the Kentucky state median of 1.02%. With the median home value in Verona, the typical annual property tax bill reaches $628, which is below the national median of $2,690. Property taxes in Verona 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 Verona'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 Verona 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
Verona, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.24%
Estimate Property Tax Bill
$1,097
Ownwell’s Verona Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Verona with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Verona 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 Verona, Kentucky
Property taxes in Verona, Kentucky, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Verona is 1.24%, significantly higher than the U.S. national median of 0.99%. Local government entities within Verona set these rates annually, and they can vary significantly across different neighborhoods. Each year, Verona 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 Verona's effective property tax rate to other counties in Kentucky and the national median. For comparison, the 41092 zip code has the highest median property tax rate of 1.24%, while the same zip code also has the lowest median tax rate of 1.24%. Understanding how these cities compare with Verona provides valuable insights into the varying tax landscape across Grant County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Verona Tax Rate
1.24%
Average Grant County Tax Rate
1.12%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Verona, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41092 | 0.63% | 0.89% | 1.24% | 1.29% | 1.41% |
Source: Ownwell
Property Tax Assessment Values Across Verona, Kentucky
In Verona, 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 Grant 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 Verona, 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 Verona helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Verona are both $628.00, found in the 41092 zip code. The median home price is $88,500, with tax bills ranging from $433 at the 25th percentile to $1,594 at the 90th percentile.
Average Verona Assessed Value
$88,500
Average Grant County Assessed Value
$114,000
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Verona, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41092 | $9,620 | $37,250 | $88,500 | $125,000 | $154,780 |
Source: Ownwell
Property Tax Bills Across Verona, Kentucky
In Verona, KY, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. The median home price in the area is $88,500. Homeowners in Verona typically see property tax bills that range significantly depending on the value of their property. For instance, tax bills at the 25th percentile are around $433, while those at the 75th percentile reach up to $1,263. At the 90th percentile, tax bills can be as high as $1,594. These tax bills are influenced by several factors, including the assessed value of the property and the local tax rate. The tax rate in Verona is compared to the national median property tax rate of 0.99%, providing context to homeowners about how their rates stack up nationally. For homeowners, understanding these factors is crucial as property taxes represent a significant annual expense and can impact overall housing affordability.
Average Verona Tax Bill
$628
Average Grant County Tax Bill
$1,162
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Verona, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41092 | $134 | $433 | $628 | $1,263 | $1,594 |
Source: Ownwell