Union, Boone County, Kentucky Property Taxes
The median property tax rate in Union, KY is 1.16%, which is higher than both the national median of 0.99% and Kentucky's state median of 1.02%. With the median home value in Union at $278,300, the typical annual property tax bill reaches $3,018, surpassing the national median of $2,690. Property taxes in Union 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 Union'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 Union 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
Union, Boone County, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.16%
Estimate Property Tax Bill
$3,228
$2,996
Ownwell’s Union Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Union with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Union 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 Union, Boone County, Kentucky
Property taxes in Union, Kentucky, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Union is 1.16%, higher than both the Kentucky state median and the U.S. national median of 0.99%. Local government entities within Union set these rates annually, and they can vary significantly across different neighborhoods. Each year, Union 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 Union's effective property tax rate to other counties in Kentucky and the national median. For comparison, the 41091 zip code has the highest median property tax rate of 1.16%, while the 41091 zip code also has the lowest median tax rate of 1.16%. Understanding how these cities compare with Union 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 Union Tax Rate
1.16%
Average Boone County Tax Rate
1.12%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Union, Boone County, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41091 | 0.94% | 1.00% | 1.16% | 1.17% | 1.18% |
Source: Ownwell
Property Tax Assessment Values Across Union, Boone County, Kentucky
In Union, 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 Union, 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. For instance, the median home price in Union is $278,300, with tax bills ranging from $2,008 at the 25th percentile to $5,362 at the 90th percentile. The zip code 41091 has both the highest and lowest median tax bill at $3,018. Being aware of these valuation processes in Union helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Union, Boone County, Kentucky
Source: Ownwell
$128,100
$203,200
$278,300
Average Union Assessed Value
$278,300
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 Union, Boone County, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41091 | $71,300 | $192,300 | $278,300 | $372,025 | $474,000 |
Source: Ownwell
Property Tax Bills Across Union, Boone County, Kentucky
In Union, Boone County, KY, property tax bills are calculated based on the assessed value of a home, which is determined by county tax assessors. The assessed value typically reflects a percentage of the property's market value. Once the assessed value is established, local tax rates are applied to compute the annual tax bill. For homeowners in Union, the median home price is $278,300. The tax bills can vary significantly, with the 25th percentile at $2,008 and the 75th percentile reaching $4,143. The 90th percentile tax bill can go up to $5,362. The highest and lowest median tax bills in the area are both $3,018, indicating a relatively stable tax environment within the same zip code, 41091. Compared to the national median property tax rate of 0.99%, Union’s tax rates can influence homeowners' financial planning, potentially making it more expensive to own property here than in other regions. Understanding these factors helps homeowners anticipate their annual financial obligations.
Average Union Tax Bill
$3,018
Average Boone County Tax Bill
$2,154
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Union, Boone County, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41091 | $811 | $2,008 | $3,018 | $4,143 | $5,362 |
Source: Ownwell