Melbourne, Kentucky Property Taxes
The median property tax rate in Melbourne, Kentucky is 1.25%, considerably higher than both the national median of 0.99% and the Kentucky state median of 1.02%. With the median home value in Melbourne, the typical annual property tax bill reaches $1,496, which is below the national median of $2,690. Property taxes in Melbourne are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Melbourne'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 Melbourne 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
Melbourne, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.25%
Estimate Property Tax Bill
$1,731
Ownwell’s Melbourne Property Tax Bill Calculator allows homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Melbourne with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Melbourne 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 Melbourne, Kentucky
Property taxes in Melbourne, Kentucky, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Melbourne is 1.25%, notably higher than both the Kentucky state median and the U.S. national median of 0.99%. Local government entities within Melbourne set these rates annually, and they can vary significantly across different neighborhoods. Each year, Melbourne 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 Melbourne's effective property tax rate to other counties in Kentucky and the national median. For comparison, the 41059 zip code has the highest median property tax rate of 1.25%, while the same 41059 zip code also has the lowest median tax rate of 1.25%. Understanding how these cities compare with Melbourne provides valuable insights into the varying tax landscape across Campbell County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Melbourne Tax Rate
1.25%
Average Campbell County Tax Rate
1.05%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Melbourne, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41059 | 0.81% | 1.00% | 1.25% | 1.25% | 1.25% |
Source: Ownwell
Property Tax Assessment Values Across Melbourne, Kentucky
In Melbourne, 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 Campbell 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 Melbourne, 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 Melbourne helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest and lowest median tax bill is 41059, with a median tax bill of $1,496.
Average Melbourne Assessed Value
$138,450
Average Campbell County Assessed Value
$157,900
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Melbourne, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41059 | $30,000 | $85,725 | $138,450 | $205,000 | $305,000 |
Source: Ownwell
Property Tax Bills Across Melbourne, Kentucky
In Melbourne, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. The assessed value is a percentage of the market value of the property. For instance, with a median home price of $138,450 in Campbell County, homeowners can expect their tax bills to vary significantly. Factors such as property size, location, and improvements can influence the assessed value. The tax rate is then applied to this assessed value to determine the final tax bill. In Melbourne, tax bills can range from $886 at the 25th percentile to $3,752 at the 90th percentile. This variability affects homeowners differently, depending on their property's assessed value and the specific tax rate applied. Comparatively, the median tax bill in Melbourne stands at $1,496, which is higher than the national median property tax rate of 0.99%. Understanding these factors can help homeowners anticipate their tax obligations and plan accordingly.
Average Melbourne Tax Bill
$1,496
Average Campbell County Tax Bill
$1,294
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Melbourne, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41059 | $239 | $886 | $1,496 | $2,312 | $3,752 |
Source: Ownwell