Mt Washington, Kentucky Property Taxes
The median property tax rate in MT WASHINGTON, KY is 1.25%, which is notably higher than both the national median of 0.99% and the Kentucky state median of 1.02%. With a median home value of $25,000 in MT WASHINGTON, the typical annual property tax bill amounts to $313, which is significantly lower than the national median of $2,690. Property taxes in MT WASHINGTON are calculated based on the assessed value, which often falls below the market value due to various exemptions, such as those for primary residences and agricultural properties. By understanding MT WASHINGTON's property tax system, exploring available exemptions, and identifying opportunities for reductions, homeowners and real estate investors can achieve substantial annual savings. Whether you reside in the heart of MT WASHINGTON or another part of the city, gaining insights into the local property tax system can lead to financial benefits and more informed property management decisions.
Last Updated June 14, 2024
Mt Washington, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.25%
Estimate Property Tax Bill
$313
Ownwell’s MT WASHINGTON Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in MT WASHINGTON with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in MT WASHINGTON 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 Mt Washington, Kentucky
Property taxes in Mt Washington, Kentucky, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Mt Washington is 1.25%, significantly higher than the U.S. national median of 0.99%. Local government entities within Mt Washington set these rates annually, and they can vary significantly across different neighborhoods. Each year, Mt Washington 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 Mt Washington's effective property tax rate to other counties in Kentucky and the national median. For comparison, the 40047 zip code has the highest median property tax rate of 1.25%, while the 40047 zip code also has the lowest median tax rate of 1.25%. Understanding how these cities compare with Mt Washington provides valuable insights into the varying tax landscape across Bullitt County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Mt Washington Tax Rate
1.25%
Average Bullitt County Tax Rate
1.18%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Mt Washington, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40047 | 1.25% | 1.25% | 1.25% | 1.25% | 1.25% |
Source: Ownwell
Property Tax Assessment Values Across Mt Washington, Kentucky
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Mt. Washington, Kentucky. 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 Bullitt 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 Mt. Washington, 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 instance, the highest median tax bill in the area is $313.00 in the 40047 zip code, while the lowest is also $313.00 in the same 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 Mt. Washington helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Mt Washington Assessed Value
$25,000
Average Bullitt County Assessed Value
$159,604
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Mt Washington, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40047 | $2,050 | $9,300 | $25,000 | $32,500 | $79,810 |
Source: Ownwell
Property Tax Bills Across Mt Washington, Kentucky
In Mt. Washington, KY, property tax bills are calculated based on the assessed value of a property, which is determined by the Bullitt County Property Valuation Administrator. For a median home price of $25,000, the property tax rate applied results in varying tax bills. Homeowners at the 25th percentile can expect to pay around $116, while those in the 75th percentile might see bills up to $407. The 90th percentile tax bills can reach as high as $999. Factors influencing these calculations include the property's market value, local tax rates, and any applicable exemptions. These property taxes fund essential local services such as schools, public safety, and infrastructure. Compared to the national median property tax rate of 0.99%, Mt. Washington's rates offer a relatively affordable option for homeowners. This affordability can significantly impact homeowners by reducing their annual financial burden, making property ownership more accessible and sustainable.
Average Mt Washington Tax Bill
$313
Average Bullitt County Tax Bill
$1,790
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Mt Washington, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40047 | $26 | $116 | $313 | $407 | $999 |
Source: Ownwell