Mount Sterling, Kentucky Property Taxes
The median property tax rate in Mount Sterling, KY is 0.56%, significantly lower than both the national median of 0.99% and the Kentucky state median of 1.02%. With the median home value in Mount Sterling at $131,500, the typical annual property tax bill is $656, which is well below the national median of $2,690. Property taxes in Mount Sterling are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Mount Sterling'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 Mount Sterling 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
Mount Sterling, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.56%
Estimate Property Tax Bill
$736
Ownwell’s Mount Sterling Property Tax Bill Calculator is an invaluable tool for homeowners, real estate investors, or potential buyers aiming to estimate their annual property taxes in Mount Sterling. By simply inputting your property's estimated assessed value, the calculator uses the median tax rate in Mount Sterling to provide an accurate estimate of your property tax bill. This tool offers a clear understanding of potential tax liabilities, helping you plan your finances better. For those interested in more detailed insights, neighborhood-level trends are available further down the page. Your property’s assessed value, determined by the county, is crucial for these calculations and takes into account any applicable exemptions.
Property Tax Rates Across Mount Sterling, Kentucky
Property taxes in Mount Sterling, Kentucky, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Mount Sterling is 0.56%, which is lower than the U.S. national median of 0.99%. Local government entities within Mount Sterling set these rates annually, and they can vary significantly across different neighborhoods. Each year, Mount Sterling 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 Sterling's effective property tax rate to other counties in Kentucky and the national median. For comparison, the zip code 40353 has both the highest and lowest median property tax rate of 0.56%. Understanding how these cities compare with Mount Sterling provides valuable insights into the varying tax landscape across Bath County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Mount Sterling Tax Rate
0.56%
Average Bath County Tax Rate
1.17%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Mount Sterling, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40353 | 0.31% | 0.39% | 0.56% | 0.92% | 1.17% |
Source: Ownwell
Property Tax Assessment Values Across Mount Sterling, Kentucky
In Mount Sterling, 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 local 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 Mount Sterling, 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 Mount Sterling helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest and lowest median tax bill is 40353, with a median tax bill of $656.
Average Mount Sterling Assessed Value
$131,500
Average Bath County Assessed Value
$55,200
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Mount Sterling, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40353 | $41,400 | $85,000 | $131,500 | $216,200 | $335,800 |
Source: Ownwell
Property Tax Bills Across Mount Sterling, Kentucky
In Mount Sterling, located in Bath County, KY, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. This value is then multiplied by the local property tax rate to determine the annual tax bill. For a median home price of $131,500, homeowners can expect varying tax bills depending on specific factors such as property location and exemptions. The 25th percentile tax bill in Mount Sterling is approximately $471, while the 75th percentile tax bill reaches around $1,164. For those at the higher end, the 90th percentile tax bill can soar to $2,515. These figures illustrate the range of property tax obligations homeowners might face. Compared to the national median property tax rate of 0.99%, Mount Sterling presents a unique landscape for property taxes. Understanding how these bills are calculated helps homeowners better prepare for their financial responsibilities and manage their budgets effectively.
Average Mount Sterling Tax Bill
$656
Average Bath County Tax Bill
$496
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Mount Sterling, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40353 | $168 | $471 | $656 | $1,164 | $2,515 |
Source: Ownwell