Milton, Kentucky Property Taxes
The median property tax rate in Milton, KY is 1.04%, slightly higher than both the national median of 0.99% and Kentucky's state median of 1.02%. With a median home value of $79,000 in Milton, the typical annual property tax bill amounts to $662, which is significantly lower than the national median of $2,690. Property taxes in Milton 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 Milton's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Milton 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
Milton, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.04%
Estimate Property Tax Bill
$822
Ownwell’s Milton Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Milton with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Milton 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 Milton, Kentucky
Property taxes in Milton, Kentucky, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Milton is 0.83%, lower than both the Kentucky state median of 0.86% and the U.S. national median of 0.99%. Local government entities within Milton set these rates annually, and they can vary significantly across different neighborhoods. Each year, Milton 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 Milton's effective property tax rate to other counties in Kentucky and the national median. For comparison, the 41083 zip code has the highest median property tax rate of 0.83%, while the 41083 zip code has the lowest median tax rate of 0.83%. Understanding how these areas compare with Milton provides valuable insights into the varying tax landscape across Carroll County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Milton Tax Rate
1.04%
Average Carroll County Tax Rate
1.01%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Milton, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40045 | 0.47% | 0.81% | 1.04% | 1.09% | 1.18% |
Source: Ownwell
Property Tax Assessment Values Across Milton, Kentucky
In Milton, 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 Carroll 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. Assessment notices in Milton 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 Milton helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 40045 has both the highest and lowest median tax bill at $662.
Average Milton Assessed Value
$79,000
Average Carroll County Assessed Value
$75,000
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Milton, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40045 | $19,880 | $36,000 | $79,000 | $129,900 | $185,000 |
Source: Ownwell
Property Tax Bills Across Milton, Kentucky
In Milton, Carroll County, KY, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is determined by the county assessor and reflects the market value of the property. Once the assessed value is established, it is multiplied by the local tax rate to determine the annual property tax bill. For example, with a median home price of $79,000, homeowners can expect a range of tax bills. At the 25th percentile, the tax bill is approximately $355, while at the 75th percentile, it reaches around $1,176. The highest tax bills, at the 90th percentile, can go up to $1,810. These tax bills are influenced by various factors, including property size, location, and improvements. Compared to the national median property tax rate of 0.99%, Milton's rates can vary significantly, impacting homeowners differently based on their property's assessed value. This variability underscores the importance of understanding local tax assessments and their implications on annual property expenses.
Average Milton Tax Bill
$662
Average Carroll County Tax Bill
$704
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Milton, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40045 | $245 | $355 | $662 | $1,176 | $1,810 |
Source: Ownwell