Florence, Kentucky Property Taxes
The median property tax rate in Florence, KY is 1.26%, considerably higher than both the national median of 0.99% and the Kentucky state median of 1.02%. With the median home value in Florence, the typical annual property tax bill reaches $1,817, which is lower than the national median of $2,690. Property taxes in Florence 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 Florence'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 Florence 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
Florence, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.26%
Estimate Property Tax Bill
$1,915
Ownwell’s Florence Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Florence with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Florence 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 Florence, Kentucky
Property taxes in Florence, Kentucky, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Florence is 1.26%, higher than both the Kentucky state median and the U.S. national median of 0.99%. Local government entities within Florence set these rates annually, and they can vary significantly across different neighborhoods. Each year, Florence 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 Florence's effective property tax rate to other counties in Kentucky and the national median. For comparison, the 41042 zip code has both the highest and lowest median property tax rate of 1.26%. Understanding how these cities compare with Florence provides valuable insights into the varying tax landscape across Kenton County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Florence Tax Rate
1.26%
Average Kenton County Tax Rate
1.07%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Florence, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41042 | 0.88% | 1.23% | 1.26% | 1.27% | 1.50% |
Source: Ownwell
Property Tax Assessment Values Across Florence, Kentucky
In Florence, Kentucky, understanding the distinction between "market value" and "assessed value" is essential for grasping property taxes. The market value represents the price a willing buyer would pay a willing seller in an open and competitive market, influenced by factors such as location, property condition, and economic trends. This value is estimated by the Kenton County Property Valuation Administrator for tax purposes. Conversely, 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 Florence, 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. The median home price in Florence is $152,000, with tax bills ranging from $1,596 at the 25th percentile to $2,469 at the 90th percentile. The highest and lowest median tax bills are both $1,817, found in zip code 41042. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for appealing assessments or applying for exemptions to manage their tax burden effectively.
Average Florence Assessed Value
$152,000
Average Kenton County Assessed Value
$181,500
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Florence, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41042 | $120,700 | $132,300 | $152,000 | $175,600 | $195,000 |
Source: Ownwell
Property Tax Bills Across Florence, Kentucky
In Florence, KY, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. For homeowners in Kenton County, the median home price stands at $152,000. The property tax rate for the area influences the final tax bill, which can vary significantly. Homeowners in the 25th percentile can expect to pay around $1,596 annually, while those in the 75th percentile might see bills closer to $2,208. For higher-valued properties, the tax bill can reach up to $2,469, placing it in the 90th percentile. Notably, the highest and lowest median tax bills in the area are both $1,817, reflecting the uniformity in tax assessments within the zip code 41042. Comparing this to the national median property tax rate of 0.99%, Florence's property tax rates can be considered moderate. Understanding these factors helps homeowners anticipate their annual property tax obligations and manage their finances accordingly.
Average Florence Tax Bill
$1,817
Average Kenton County Tax Bill
$2,000
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Florence, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41042 | $1,231 | $1,596 | $1,817 | $2,208 | $2,469 |
Source: Ownwell