Rochester, Kentucky Property Taxes
The median property tax rate in Rochester, KY is 0.91%, which is lower than both the national median of 0.99% and the Kentucky state median of 1.02%. With the median home value in Rochester at $62,000, the typical annual property tax bill amounts to $417, significantly less than the national median of $2,690. Property taxes in Rochester are calculated based on the assessed value, often lower than the market value due to exemptions like primary residence and agricultural exemptions. Understanding Rochester'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 Rochester 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
Rochester, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.91%
Estimate Property Tax Bill
$564
Ownwell’s Rochester Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Rochester with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Rochester 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 Rochester, Kentucky
Property taxes in Rochester, Kentucky, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Rochester is 0.91%, lower than the U.S. national median of 0.99%. Local government entities within Rochester set these rates annually, and they can vary significantly across different neighborhoods. Each year, Rochester 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 Rochester's effective property tax rate to other counties in Kentucky and the national median. For comparison, the 42273 zip code has the highest median property tax rate of 0.91%, while the same zip code also has the lowest median tax rate of 0.91%. Understanding how these cities compare with Rochester provides valuable insights into the varying tax landscape across Butler County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Rochester Tax Rate
0.91%
Average Butler County Tax Rate
0.90%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Rochester, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42273 | 0.27% | 0.61% | 0.91% | 1.01% | 1.10% |
Source: Ownwell
Property Tax Assessment Values Across Rochester, Kentucky
In Rochester, 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 Butler 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 Rochester, 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 Rochester helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Rochester is $62,000, with the 25th percentile tax bill at $153 and the 75th percentile at $710. The highest and lowest median tax bills are both $417, found in zip code 42273.
Average Rochester Assessed Value
$62,000
Average Butler County Assessed Value
$64,000
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Rochester, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42273 | $8,000 | $27,500 | $62,000 | $89,800 | $145,300 |
Source: Ownwell
Property Tax Bills Across Rochester, Kentucky
In Rochester, KY, property tax bills are calculated based on the assessed value of your home, which is determined by local government assessors. The median home price in Rochester is $62,000, and property tax rates are applied to this assessed value to determine the annual tax bill. Factors influencing the tax bill include the property's market value, any applicable exemptions, and the local tax rate. For homeowners in Rochester, the 25th percentile tax bill is $153, while the 75th percentile reaches $710. At the higher end, the 90th percentile tax bill can be as much as $1,223. Compared to the national median property tax rate of 0.99%, Rochester’s property tax bills reflect the local economic conditions and property values. Homeowners in the zip code 42273 experience a median tax bill of $417, which is consistent across the region. Understanding these factors helps homeowners budget effectively and anticipate their annual property tax obligations.
Average Rochester Tax Bill
$417
Average Butler County Tax Bill
$452
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Rochester, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42273 | $57 | $153 | $417 | $710 | $1,223 |
Source: Ownwell