Mount Washington, Kentucky Property Taxes
The median property tax rate in Mount Washington, KY is 0.98%, slightly below the state median of 1.02% and just under the national median of 0.99%. With a median home value of $125,000, the typical annual property tax bill in Mount Washington amounts to $995, which is significantly lower than the national median of $2,690. Property taxes in Mount Washington are calculated based on the tax assessed value, which often falls below the market value due to exemptions such as those for primary residences and agricultural land. Understanding the local property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Mount Washington or another part of Spencer County, gaining insights into the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Mount Washington, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.98%
Estimate Property Tax Bill
$1,225
Ownwell’s Mount Washington Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Mount Washington with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Mount Washington 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 Mount Washington, Kentucky
Property taxes in Mount Washington, Kentucky, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Mount Washington is 0.98%, slightly below the U.S. national median of 0.99%. Local government entities within Mount Washington set these rates annually, and they can vary significantly across different neighborhoods. Each year, Mount Washington 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 Mount Washington's effective property tax rate to other counties in Kentucky and the national median. For comparison, the 40047 zip code has the highest median property tax rate of 0.98%, while the same zip code also has the lowest median tax rate of 0.98%. Understanding how these areas compare with Mount Washington provides valuable insights into the varying tax landscape across Spencer County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Mount Washington Tax Rate
0.98%
Average Spencer County Tax Rate
0.98%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Mount Washington, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40047 | 0.73% | 0.83% | 0.98% | 0.98% | 0.98% |
Source: Ownwell
Property Tax Assessment Values Across Mount Washington, Kentucky
In Mount Washington, 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 Spencer 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 Mount Washington, 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. The median home price in the area is $125,000, with tax bills ranging from $940 at the 25th percentile to $1,952 at the 90th percentile. Being aware of these valuation processes in Mount Washington helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Mount Washington, Kentucky
Source: Ownwell
$76,750
$184,375
$292,000
Average Mount Washington Assessed Value
$125,000
Average Spencer County Assessed Value
$210,000
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Mount Washington, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40047 | $52,500 | $96,250 | $125,000 | $200,250 | $223,000 |
Source: Ownwell
Property Tax Bills Across Mount Washington, Kentucky
In Mount Washington, KY, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. The median home price in this area is $125,000. To calculate the tax bill, the assessed value is multiplied by the local tax rate. Factors such as property size, location, and improvements can influence the assessed value. Homeowners in Mount Washington can expect their property tax bills to vary significantly. For instance, the tax bill at the 25th percentile is $940, while at the 75th percentile, it rises to $1,592, and at the 90th percentile, it reaches $1,952. Comparatively, the national median property tax rate is 0.99%, making Mount Washington's property tax rates competitive. The highest and lowest median tax bills in the area are both recorded at $995 in the 40047 zip code. These taxes play a crucial role in funding local services such as schools, infrastructure, and emergency services, directly impacting the quality of life for homeowners.
Average Mount Washington Tax Bill
$995
Average Spencer County Tax Bill
$1,958
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Mount Washington, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40047 | $513 | $940 | $995 | $1,592 | $1,952 |
Source: Ownwell