North Middletown, Kentucky Property Taxes
The median property tax rate in North Middletown, KY is 0.88%, which is lower than both the national median of 0.99% and the Kentucky state median of 1.02%. With a median home value of $67,800 in North Middletown, the typical annual property tax bill is $464, significantly below the national median of $2,690. Property taxes in North Middletown are calculated based on the tax assessed value, which is often lower than the market value due to exemptions such as those for primary residences and agricultural land. By understanding North Middletown's property tax system, exploring available exemptions, and identifying opportunities for reductions, homeowners can achieve substantial annual savings. Whether you're in the heart of North Middletown or elsewhere in Bourbon County, comprehending the local property tax system is beneficial for both homeowners and real estate investors.
Last Updated June 14, 2024
North Middletown, Kentucky Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
1.02%
Estimate Property Tax Bill
$2,040
Ownwell’s North Middletown Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in North Middletown with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in North Middletown 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 North Middletown, Kentucky
Property taxes in North Middletown, Kentucky, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in North Middletown is 0.88%, which is below the U.S. national median of 0.99%. Local government entities within North Middletown set these rates annually, and they can vary significantly across different neighborhoods. Each year, North Middletown 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 North Middletown's effective property tax rate to other areas in Kentucky and the national median. For comparison, the zip code 40357 has the median property tax rate of 0.88%, showcasing a consistent tax rate within the area. Understanding how these cities compare with North Middletown provides valuable insights into the varying tax landscape across Bourbon County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average North Middletown Tax Rate
0.88%
Average Bourbon County Tax Rate
0.57%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across North Middletown, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40357 | 0.40% | 0.88% | 0.88% | 0.88% | 0.88% |
Source: Ownwell
Property Tax Assessment Values Across North Middletown, Kentucky
In North Middletown, 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 Bourbon 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 North Middletown, 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 North Middletown 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 40357 at $464, which is also the lowest in the area.
Property Tax Assessment Values Across North Middletown, Kentucky
Source: Ownwell
$13,000
$260,800
$508,600
Average North Middletown Assessed Value
$67,800
Average Bourbon County Assessed Value
$151,200
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across North Middletown, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40357 | $22,600 | $35,200 | $67,800 | $87,000 | $114,640 |
Source: Ownwell
Property Tax Bills Across North Middletown, Kentucky
In North Middletown, KY, property tax bills are calculated based on the assessed value of a home, which is derived from the median home price of $67,800. The tax rate applied to this assessed value determines the annual property tax bill. Factors such as local tax rates and any applicable exemptions influence the final amount. For homeowners, this means a tax bill that can vary significantly. For instance, the 25th percentile tax bill is $248, while the 75th percentile tax bill reaches $700, and the 90th percentile tax bill goes up to $1,003. The highest median tax bill in the area is $464, which is relatively modest compared to the national median property tax rate of 0.99%. These variations highlight how different factors, including local policies and property values, impact what homeowners owe annually. Understanding these elements can help homeowners anticipate their financial responsibilities and plan accordingly.
Average North Middletown Tax Bill
$464
Average Bourbon County Tax Bill
$936
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across North Middletown, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40357 | $194 | $248 | $464 | $700 | $1,003 |
Source: Ownwell