Florence, Boone County, Kentucky Property Taxes
The median property tax rate in Florence, KY is 1.00%, slightly higher than the national median of 0.99% but lower than the Kentucky state median of 1.02%. With a median home value of $173,000 in Florence, the typical annual property tax bill is $1,678, which is below the national median of $2,690. Property taxes in Florence 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 Florence'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 Florence or another part of the city, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Florence, Boone County, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1%
Estimate Property Tax Bill
$1,730
$1,605
Ownwell’s Florence Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Florence with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Florence 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 Florence, Boone County, Kentucky
Property taxes in Florence, Kentucky, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Florence is 1.00%, slightly higher than the national median of 0.99%. Local government entities within Florence set these rates annually, and they can vary significantly across different neighborhoods. Each year, Florence 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 Florence's effective property tax rate to other counties in Kentucky and the national median. For comparison, the 41042 zip code has the highest median property tax rate of 1.00%, while the same zip code also has the lowest median tax rate of 1.00%. Understanding how these cities compare with Florence 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 Florence Tax Rate
1.00%
Average Boone County Tax Rate
1.12%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Florence, Boone County, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41042 | 0.72% | 0.94% | 1.00% | 1.13% | 1.16% |
Source: Ownwell
Property Tax Assessment Values Across Florence, Boone County, Kentucky
In Florence, 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 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 Florence, 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 Florence helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest median tax bill is 41042, with a tax bill of $1,678.
Property Tax Assessment Values Across Florence, Boone County, Kentucky
Source: Ownwell
$128,100
$203,200
$278,300
Average Florence Assessed Value
$173,000
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 Florence, Boone County, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41042 | $25,900 | $122,500 | $173,000 | $230,200 | $289,100 |
Source: Ownwell
Property Tax Bills Across Florence, Boone County, Kentucky
In Florence, KY, property tax bills are calculated based on the assessed value of a home, which is determined by the Boone County property assessor. The tax rate is applied to this assessed value to determine the annual tax bill. Factors such as the property's location, size, and market value influence the assessed value. For instance, Florence homeowners face a median property tax bill of $1,678, which aligns with the national median property tax rate of 0.99%. Homeowners in Florence can expect tax bills ranging from $1,164 at the 25th percentile to $3,083 at the 90th percentile, reflecting the diversity in property values and assessments within the area. This variability means that while some homeowners may find their tax bills manageable, others could face higher costs, impacting their overall financial planning. Understanding these factors helps homeowners anticipate their property tax obligations and manage their budgets accordingly.
Average Florence Tax Bill
$1,678
Average Boone County Tax Bill
$2,154
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Florence, Boone County, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41042 | $492 | $1,164 | $1,678 | $2,377 | $3,083 |
Source: Ownwell