Paris, Kentucky Property Taxes
The median property tax rate in Paris, KY is 1.06%, slightly above both the national median of 0.99% and the Kentucky state median of 1.02%. With the median home value in Paris at $209,000, the typical annual property tax bill amounts to $2,207, which is below the national median of $2,690. Property taxes in Paris are calculated based on the tax assessed value, which often falls below the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Paris'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 Paris 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
Paris, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.06%
Estimate Property Tax Bill
$2,215
Ownwell’s Paris Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Paris with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Paris 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 Paris, Kentucky
Property taxes in Paris, Kentucky, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Paris is 1.06%, which is higher than the U.S. national median of 0.99%. Local government entities within Paris set these rates annually, and they can vary significantly across different neighborhoods. Each year, Paris 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 Paris's effective property tax rate to other counties in Kentucky and the national median. For comparison, the 40361 zip code has the highest median property tax rate of 1.06%, while the same 40361 zip code also has the lowest median tax rate of 1.06%. Understanding how these cities compare with Paris provides valuable insights into the varying tax landscape across Harrison County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Paris Tax Rate
1.06%
Average Harrison County Tax Rate
0.99%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Paris, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40361 | 1.06% | 1.06% | 1.06% | 1.06% | 1.06% |
Source: Ownwell
Property Tax Assessment Values Across Paris, Kentucky
In Paris, 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 Harrison 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 Paris, 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. For instance, the median home price in Paris is $209,000, and the median tax bill at the 25th percentile is $1,620, while at the 75th percentile, it is $2,530. 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 Paris helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Paris Assessed Value
$209,000
Average Harrison County Assessed Value
$90,400
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Paris, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40361 | $76,240 | $153,400 | $209,000 | $239,600 | $275,840 |
Source: Ownwell
Property Tax Bills Across Paris, Kentucky
Property tax bills in Paris, located in Harrison County, KY, are calculated based on the assessed value of a property and the local tax rate. The assessed value is determined by the county's property assessor, who evaluates the market value of the home. This assessed value is then multiplied by the local tax rate to calculate the annual property tax bill. For context, the median home price in Paris is $209,000, and with a local tax rate that aligns closely with the national median property tax rate of 0.99%, homeowners can expect a median property tax bill around $2,207 annually. The tax bill can vary significantly depending on the specific assessed value of the property. For instance, property tax bills in the 25th percentile are approximately $1,620, while those in the 75th percentile can reach up to $2,530. At the higher end, the 90th percentile tax bills can be as high as $2,913. These property taxes fund essential local services such as schools, public safety, and infrastructure, directly impacting the overall quality of life for residents.
Average Paris Tax Bill
$2,207
Average Harrison County Tax Bill
$798
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Paris, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40361 | $805 | $1,620 | $2,207 | $2,530 | $2,913 |
Source: Ownwell