Walton, Boone County, Kentucky Property Taxes
Median Walton, KY effective property tax rate: 1.20%, significantly higher than the national median of 1.02%, but lower than the Kentucky state median of 1.02%.
Median Walton, KY home value: $200,000
Median annual Walton, KY tax bill: $2,715, $315 higher than the national median property tax bill of $2,400.
How are property taxes in Boone calculated?
Property taxes in Walton, KY are calculated based on the tax assessed value, which is often lower than the actual market value due to property tax exemptions such as the homestead or senior exemption.
Understanding Walton’s property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in Walton, knowing local tax details benefits homeowners and investors.
Last Updated March 1, 2025
Walton, Boone County, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Median Effective Tax Rate
1.2%
Estimate Property Tax Bill
$2,400
$2,227
Property Tax Rates Across Walton, Boone County, Kentucky
Local government entities are responsible for setting tax rates, which can vary significantly within a state. This variation occurs because each county annually estimates its required budget to provide essential services and then divides that by the total value of all taxable property within its jurisdiction. This process results in the property tax rate. While setting tax rates and budgets involves votes and laws, this is the basic annual procedure.
In Walton, located in Boone County, Kentucky, the effective property tax rate reflects these local decisions. Comparing Walton's tax rate to other cities in Kentucky, it aligns with the state median, offering a perspective on how property taxes can differ even within a single state. It's noteworthy that Kentucky's median property tax rate is slightly above the national median of 1.02%, which provides a broader context for understanding local tax burdens. By examining Walton's tax rate, residents can better understand how their property taxes compare to both state and national averages, offering insights into the financial landscape of property ownership in the area.
Our median effective property tax rate (tax bill ÷ assessor's market value) accounts for exemptions and deductions, making it more accurate than the general median tax rate, which is the midpoint of statutory rates before adjustments.
Median Effective Walton Tax Rate
1.20%
Our median effective property tax rate (tax bill ÷ assessor's market value) accounts for exemptions and deductions, making it more accurate than the general median tax rate, which is the midpoint of statutory rates before adjustments.
Median Effective Boone County Tax Rate
1.12%
Median Effective Kentucky Tax Rate
1.02%
Median Effective United States Tax Rate
1.02%
Property Tax Rates Across Walton, Boone County, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41094 | 0.98% | 1.16% | 1.20% | 1.64% | 1.67% |
Source: Ownwell
Property Tax Assessment Values Across Walton, Boone County, Kentucky
When examining property taxes in Walton, KY, understanding the distinction between "market value" and "assessed value" is crucial. The market value is what a willing buyer would pay to a willing seller in an open and competitive market, often influenced by location, property condition, and economic market trends. The Boone County Property Valuation Administrator estimates the market value for tax purposes. The assessed value is the market value minus any applicable exemptions or limits determined by local laws and offerings. The tax assessed value is the figure used to calculate your property taxes or the amount multiplied by your tax rate to get your tax bill.
In Boone County, assessment notices are sent in the spring each year. They’ll typically reach your mailbox by the middle of April. Each property owner receives an assessment notice that contains both the market value and assessed value, along with an estimate of your property tax bill. By providing insights into how assessed and market values are determined, this section helps property owners navigate their tax responsibilities and understand the valuation processes affecting their property taxes in Walton.
For example, the median home price in Walton is $200,000, with tax bills ranging significantly across the county. The 41094 zip code has the highest median home price at $200,000.
Property Tax Assessment Values Across Walton, Boone County, Kentucky
Source: Ownwell
$128,100
$203,200
$278,300
Median Walton Market Value
$200,000
Median Boone County Market Value
$200,000
Median Kentucky Market Value
$110,000
Median United States Market Value
$235,294
Property Tax Assessment Values Across Walton, Boone County, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41094 | $26,000 | $123,000 | $200,000 | $275,500 | $346,800 |
Source: Ownwell
Property Tax Bills Across Walton, Boone County, Kentucky
Median Walton Tax Bill
$2,715
Median Boone County Tax Bill
$2,154
Median Kentucky Tax Bill
$1,031
Median United States Tax Bill
$2,400
Property Tax Bills Across Walton, Boone County, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41094 | $468 | $1,666 | $2,715 | $3,600 | $4,462 |
Source: Ownwell