Verona, Kentucky Property Taxes
The median property tax rate in Verona, KY is 1.07%, which is higher than both the national median of 0.99% and the Kentucky state median of 1.02%. With the median home value in Verona at $99,000, the typical annual property tax bill reaches $1,037, surpassing the national median of $2,690. Property taxes in Verona 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 Verona'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 Verona or another part of Gallatin County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Verona, Kentucky Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
1.02%
Estimate Property Tax Bill
$2,040
Ownwell’s Verona Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Verona with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Verona 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 Verona, Kentucky
Property taxes in Verona, Kentucky, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Verona is 1.07%, higher than the U.S. national median of 0.99%. Local government entities within Verona set these rates annually, and they can vary significantly across different neighborhoods. Each year, Verona 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 Verona's effective property tax rate to other areas in Kentucky and the national median. For comparison, the zip code 41092 has the highest median property tax rate of 1.07%, while the same zip code also has the lowest median tax rate of 1.07%. Understanding how these areas compare with Verona provides valuable insights into the varying tax landscape across Gallatin County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Verona Tax Rate
1.07%
Average Gallatin County Tax Rate
1.07%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Verona, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41092 | 0.56% | 0.92% | 1.07% | 1.27% | 1.49% |
Source: Ownwell
Property Tax Assessment Values Across Verona, Kentucky
In Verona, 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 Gallatin 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 Verona, 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 Verona helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest median tax bill is 41092, with a bill of $1037, which is also the lowest median tax bill in the area.
Average Verona Assessed Value
$99,000
Average Gallatin County Assessed Value
$84,300
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Verona, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41092 | $14,960 | $53,550 | $99,000 | $155,200 | $242,000 |
Source: Ownwell
Property Tax Bills Across Verona, Kentucky
Property tax bills in Verona, Gallatin County, KY, are calculated based on the assessed value of a property and the local tax rate. The assessed value is determined by the county assessor and reflects the home's market value. Homeowners in Verona face a median property tax bill of $1,037, which is relatively modest compared to the national median property tax rate of 0.99%. For a median home price of $99,000, this translates to a tax rate that is below the national average. Several factors influence the tax bill, including property size, location, and any applicable exemptions. Homeowners can expect tax bills to vary significantly, with the 25th percentile at $519 and the 90th percentile reaching up to $2,276. This variation can significantly impact household budgets, making it crucial for homeowners to understand their property’s assessed value and the local tax rate. By staying informed, homeowners can better anticipate their annual expenses and plan accordingly.
Average Verona Tax Bill
$1,037
Average Gallatin County Tax Bill
$804
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Verona, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41092 | $173 | $519 | $1,037 | $1,808 | $2,276 |
Source: Ownwell