Erlanger, Kentucky Property Taxes
The median property tax rate in Erlanger, KY is 1.19%, higher than both the national median of 0.99% and the Kentucky state median of 1.02%. With the median home value in Erlanger, the typical annual property tax bill reaches $1,448, which is below the national median of $2,690. Property taxes in Erlanger 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 Erlanger'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 Erlanger 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
Erlanger, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.19%
Estimate Property Tax Bill
$1,524
Ownwell’s Erlanger Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Erlanger with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Erlanger 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 Boone County for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Erlanger, Kentucky
Property taxes in Erlanger, Kentucky, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Erlanger is 1.19%, which is higher than the U.S. national median of 0.99%. Local government entities within Erlanger set these rates annually, and they can vary significantly across different neighborhoods. Each year, Erlanger 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 Erlanger's effective property tax rate to other areas and the national median. For comparison, the 41018 zip code has the highest median property tax rate of 1.19%, while the same zip code also has the lowest median tax rate of 1.19%. Understanding how these areas compare with Erlanger provides valuable insights into the varying tax landscape across Boone County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Erlanger Tax Rate
1.19%
Average Boone County Tax Rate
1.12%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Erlanger, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41018 | 0.78% | 0.92% | 1.19% | 1.20% | 1.21% |
Source: Ownwell
Property Tax Assessment Values Across Erlanger, Kentucky
In Erlanger, 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 Boone 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 Erlanger, 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. For example, the median home price in Erlanger is $128,100, with tax bills ranging from $1,084 at the 25th percentile to $2,007 at the 90th percentile. The highest and lowest median tax bills both stand at $1,448 in the 41018 zip code. 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 Erlanger helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Erlanger Assessed Value
$128,100
Average Boone County Assessed Value
$200,000
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Erlanger, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41018 | $78,940 | $112,000 | $128,100 | $150,000 | $176,560 |
Source: Ownwell
Property Tax Bills Across Erlanger, Kentucky
In Erlanger, KY, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. This assessed value is then multiplied by the local property tax rate to determine the annual tax bill. For homeowners in Erlanger, the median home price is $128,100. The tax bills in the area can vary significantly, with the 25th percentile at $1,084 and the 75th percentile at $1,732. The highest median tax bill in the region is $1,448, which is consistent across the zip code 41018. Several factors influence the assessed value, including the property's market value, location, and any improvements made to the home. Homeowners should be aware that these taxes fund essential local services such as schools, infrastructure, and emergency services. Compared to the national median property tax rate of 0.99%, Erlanger's rates may seem relatively moderate, but they still play a crucial role in the community's overall well-being and development.
Average Erlanger Tax Bill
$1,448
Average Boone County Tax Bill
$2,154
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Erlanger, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41018 | $709 | $1,084 | $1,448 | $1,732 | $2,007 |
Source: Ownwell