Ludlow, Kentucky Property Taxes
The median property tax rate in Ludlow, KY is 1.29%, considerably higher than both the national median of 0.99% and the Kentucky state median of 1.02%. With the median home value in Ludlow, the typical annual property tax bill reaches $1,673, exceeding the national median of $2,690. Property taxes in Ludlow 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 Ludlow'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 Ludlow 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
Ludlow, Kentucky Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
1.02%
Estimate Property Tax Bill
$2,040
Ownwell’s Ludlow Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Ludlow with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Ludlow 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 Ludlow, Kentucky
Property taxes in Ludlow, Kentucky, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Ludlow is 1.29%, which is significantly higher than the U.S. national median of 0.99%. Local government entities within Ludlow set these rates annually, and they can vary significantly across different neighborhoods. Each year, Ludlow 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 Ludlow's effective property tax rate to other areas in Kenton County and the national median. For comparison, the 41016 zip code has the highest median property tax rate of 1.29%, while the same zip code also has the lowest median tax rate of 1.29%. Understanding how these areas compare with Ludlow 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 Ludlow Tax Rate
1.29%
Average Kenton County Tax Rate
1.07%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Ludlow, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41016 | 0.84% | 1.29% | 1.29% | 1.29% | 1.29% |
Source: Ownwell
Property Tax Assessment Values Across Ludlow, Kentucky
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Ludlow, 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 Kenton 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. Assessment notices in Ludlow 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 Ludlow helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Ludlow are both $1,673, found in zip code 41016.
Average Ludlow Assessed Value
$135,000
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 Ludlow, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41016 | $90,000 | $110,000 | $135,000 | $170,000 | $218,700 |
Source: Ownwell
Property Tax Bills Across Ludlow, Kentucky
In Ludlow, KY, property tax bills are calculated by multiplying the assessed value of a property by the local tax rate. The assessed value is determined by the county assessor and is based on the property's market value. For homeowners in Ludlow, the median home price is $135,000. The tax rate in Ludlow results in a median tax bill of $1,673, which aligns with the national median property tax rate of 0.99%. Several factors influence the final tax bill, including property location, home size, and any applicable exemptions. The tax bill for the 25th percentile is around $1,248, while those in the 75th percentile see bills closer to $2,136. Homeowners at the 90th percentile face tax bills up to $2,767. These variations highlight the impact of property value and assessment accuracy on the overall tax burden. Understanding these factors helps homeowners anticipate their tax obligations and manage their finances more effectively. Accurate assessments and awareness of potential exemptions can lead to significant savings.
Average Ludlow Tax Bill
$1,673
Average Kenton County Tax Bill
$2,000
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Ludlow, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41016 | $965 | $1,248 | $1,673 | $2,136 | $2,767 |
Source: Ownwell