Taylor Mill, Kentucky Property Taxes
The median property tax rate in Taylor Mill, KY is 1.07%, slightly higher than both the national median of 0.99% and the Kentucky state median of 1.02%. With the median home value in Taylor Mill at $164,050, the typical annual property tax bill reaches $1,616, which is below the national median of $2,690. Property taxes in Taylor Mill are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Taylor Mill'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 Taylor Mill 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
Taylor Mill, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.07%
Estimate Property Tax Bill
$1,755
Ownwell’s Taylor Mill Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Taylor Mill with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Taylor Mill 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 Taylor Mill, Kentucky
Property taxes in Taylor Mill, Kentucky, play a crucial role in funding essential local services including public schools, road maintenance, and emergency services. The median tax rate in Taylor Mill is 1.07%, which is higher than the U.S. national median of 0.99%. Local government entities within Taylor Mill set these rates annually, and they can vary significantly across different neighborhoods. Each year, Taylor Mill 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 Taylor Mill's effective property tax rate to other counties in Kentucky and the national median. For comparison, the zip code 41015 has the highest median property tax rate of 1.07%, while the same zip code also has the lowest median tax rate of 1.07%. Understanding how these cities compare with Taylor Mill 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 Taylor Mill Tax Rate
1.07%
Average Kenton County Tax Rate
1.07%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Taylor Mill, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41015 | 0.71% | 0.87% | 1.07% | 1.07% | 1.07% |
Source: Ownwell
Property Tax Assessment Values Across Taylor Mill, Kentucky
In Taylor Mill, 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 Kenton County Property Valuation Administrator 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 Taylor Mill, 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 Taylor Mill helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the area are both $1616, found in the 41015 zip code.
Average Taylor Mill Assessed Value
$164,050
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 Taylor Mill, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41015 | $99,000 | $124,300 | $164,050 | $220,000 | $289,150 |
Source: Ownwell
Property Tax Bills Across Taylor Mill, Kentucky
In Taylor Mill, located in Kenton County, KY, property tax bills are calculated based on the assessed value of a home. The median home price in the area is $164,050. Property taxes are derived by applying the local tax rate to this assessed value. Several factors influence the final tax bill, including the property's location, size, and any applicable exemptions or deductions. For example, the 25th percentile tax bill is $1,147, while the 75th percentile tax bill is $2,228. Homeowners at the 90th percentile can expect to pay around $3,011. The highest and lowest median tax bills are both $1,616, specifically in the 41015 zip code. Compared to the national median property tax rate of 0.99%, Taylor Mill's tax rates can significantly impact homeowners' budgets. Understanding these factors helps homeowners anticipate their annual tax obligations and plan accordingly.
Average Taylor Mill Tax Bill
$1,616
Average Kenton County Tax Bill
$2,000
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Taylor Mill, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41015 | $795 | $1,147 | $1,616 | $2,228 | $3,011 |
Source: Ownwell