Newport, Kentucky Property Taxes
The median property tax rate in Newport, KY is 0.41%, significantly lower than both the national median of 0.99% and the Kentucky state median of 1.02%. With the median home value in Newport at $114,900, the typical annual property tax bill is $505, well below the national median of $2,690. Property taxes in Newport 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 Newport'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 Newport 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
Newport, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.41%
Estimate Property Tax Bill
$471
Ownwell’s Newport Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Newport with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Newport 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 Newport, Kentucky
Property taxes in Newport, Kentucky, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Newport is 0.41%, significantly lower than both the Kentucky state median and the U.S. national median of 0.99%. Local government entities within Newport set these rates annually, and they can vary significantly across different neighborhoods. Each year, Newport 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 Newport's effective property tax rate to other areas in Kentucky and the national median. For comparison, the 41076 zip code has the highest median property tax rate of 1.25%, while the 41071 zip code has the lowest median tax rate of 0.41%. Understanding how these areas compare with Newport 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 Newport Tax Rate
0.41%
Average Campbell County Tax Rate
1.05%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Newport, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41071 | 0.21% | 0.40% | 0.40% | 0.41% | 0.41% |
| 41075 | 0.23% | 0.24% | 0.25% | 0.25% | 0.26% |
| 41076 | 0.77% | 0.89% | 1.25% | 1.25% | 1.25% |
Source: Ownwell
Property Tax Assessment Values Across Newport, Kentucky
In Newport, 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 Newport, 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. For instance, the highest median tax bill in Newport is $1,438 in the 41076 zip code, while the lowest is $258 in the 41075 zip code. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Newport Assessed Value
$114,900
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 Newport, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41071 | $48,000 | $70,000 | $109,900 | $182,600 | $289,950 |
| 41075 | $94,620 | $98,250 | $104,300 | $110,350 | $113,980 |
| 41076 | $81,150 | $102,000 | $123,950 | $189,650 | $327,469 |
Source: Ownwell
Property Tax Bills Across Newport, Kentucky
In Newport, KY, 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 then multiplied by the property tax rate set by the local government. For instance, with a median home price of $114,900, homeowners can expect varying tax bills. At the 25th percentile, the tax bill is around $262, while at the 75th percentile, it reaches $984. The 90th percentile sees tax bills as high as $1,592. Several factors influence these tax bills, including property location, home improvements, and changes in the local tax rate. In Campbell County, the highest median tax bill is $1,438 in zip code 41076, whereas the lowest is $258 in zip code 41075. These tax bills significantly impact homeowners, influencing their overall cost of living and financial planning. Comparing to the national median property tax rate of 0.99%, Newport's property taxes can be relatively manageable, though they vary widely across different zip codes.
Average Newport Tax Bill
$505
Average Campbell County Tax Bill
$1,294
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Newport, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41071 | $122 | $230 | $418 | $735 | $1,114 |
| 41075 | $219 | $234 | $258 | $283 | $298 |
| 41076 | $744 | $1,000 | $1,438 | $2,159 | $3,962 |
Source: Ownwell