Paris, Kentucky Property Taxes
The median property tax rate in Paris, KY is 0.92%, slightly below the state median of 1.02% and the national median of 0.99%. With a median home value of $135,750, the typical annual property tax bill in Paris amounts to $888, which is significantly lower than 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 various 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 substantial annual savings. Whether you're in the heart of Paris or another part of Nicholas County, comprehending 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
$2,500,000
$5,000,000
Average Tax Rate
1.02%
Estimate Property Tax Bill
$2,040
Ownwell’s Paris Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Paris with just two data points. By entering your property's estimated assessed value, the calculator uses the median tax rate in Paris to estimate your property tax bill. This valuable tool helps you understand potential tax liabilities. For those interested in neighborhood-level trends, scroll down for more localized information. Your property’s assessed value is determined by the county for property tax calculations, considering any applicable exemptions.
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 0.92%, which is slightly below 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 highest median property tax rate in Nicholas County is 0.92% in the 40361 zip code, while the lowest median tax rate is also 0.92% in the same zip code. Understanding how these cities compare with Paris provides valuable insights into the varying tax landscape across Nicholas County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Paris Tax Rate
0.92%
Average Nicholas County Tax Rate
0.89%
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 | 0.38% | 0.57% | 0.92% | 0.95% | 0.96% |
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 Nicholas 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. 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. The median home price in Paris is $135,750, with the highest and lowest median tax bills both recorded at $888 in the 40361 zip code.
Average Paris Assessed Value
$135,750
Average Nicholas County Assessed Value
$75,000
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 | $39,650 | $52,250 | $135,750 | $177,500 | $212,875 |
Source: Ownwell
Property Tax Bills Across Paris, Kentucky
In Paris, Kentucky, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. The assessed value typically reflects a percentage of the market value of the property. Factors such as property size, location, and condition influence this assessment. Once the assessed value is established, the local tax rate is applied to determine the annual tax bill. For homeowners in Paris, the median home price is $135,750. Property tax bills can vary significantly, with the 25th percentile paying around $492 and the 75th percentile paying up to $1,183. At the 90th percentile, tax bills can reach as high as $1,521. The median tax bill in the area is $888, which is below the national median property tax rate of 0.99%. Understanding how these factors come into play helps homeowners anticipate their annual property tax obligations and plan their finances accordingly.
Average Paris Tax Bill
$888
Average Nicholas County Tax Bill
$478
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 | $379 | $492 | $888 | $1,183 | $1,521 |
Source: Ownwell