Bromley, Kentucky Property Taxes
The median property tax rate in Bromley, KY is 1.50%, considerably higher than both the national median of 0.99% and the Kentucky state median of 1.02%. With the median home value in Bromley at $95,000, the typical annual property tax bill reaches $1,299, still below the national median of $2,690. Property taxes in Bromley are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Bromley'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 Bromley or another part of Kenton County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Bromley, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.5%
Estimate Property Tax Bill
$1,425
Ownwell’s Bromley Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Bromley with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Bromley to estimate your property tax bill. This valuable 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 Kenton County for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Bromley, Kentucky
Property taxes in Bromley, Kentucky, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Bromley is 1.50%, significantly higher than both the Kentucky state median and the U.S. national median of 0.99%. Local government entities within Bromley set these rates annually, and they can vary significantly across different neighborhoods. Each year, Bromley 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 Bromley's effective property tax rate to other counties in Kentucky and the national median. For comparison, the 41016 zip code has both the highest and lowest median property tax rate of 1.50%. Understanding how these cities compare with Bromley provides valuable insights into the varying tax landscape across Kenton County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Bromley Tax Rate
1.50%
Average Kenton County Tax Rate
1.07%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Bromley, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41016 | 0.77% | 1.50% | 1.50% | 1.50% | 1.50% |
| 41017 | 0.90% | 1.19% | 1.50% | 1.50% | 1.50% |
Source: Ownwell
Property Tax Assessment Values Across Bromley, Kentucky
In Bromley, 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 Kenton 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 Bromley, 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 Kenton County is $1,347 in the 41017 zip code, while the lowest median tax bill is $1,272 in the 41016 zip code. Being aware of these valuation processes in Bromley helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Bromley Assessed Value
$95,000
Average Kenton County Assessed Value
$181,500
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Bromley, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41016 | $65,000 | $75,000 | $95,000 | $115,000 | $140,000 |
| 41017 | $33,800 | $78,500 | $95,000 | $137,500 | $232,000 |
Source: Ownwell
Property Tax Bills Across Bromley, Kentucky
In Bromley, located in Kenton County, KY, property tax bills are determined by assessing the market value of a home and applying the local tax rate. The median home price in Bromley is $95,000, and the property tax rate in this region is significantly influenced by local government budgets and school district funding needs. Homeowners in Bromley can expect their tax bills to vary, with the 25th percentile paying around $973, while those in the 75th percentile see bills closer to $1,647. At the 90th percentile, tax bills can reach up to $2,052. Comparatively, the highest median tax bill in the area is $1,347 in the 41017 zip code, while the lowest is $1,272 in the 41016 zip code. These property taxes play a crucial role in funding essential public services, including schools, infrastructure, and emergency services. For homeowners, understanding these factors is vital as they directly impact annual financial planning and the overall cost of owning property in Bromley.
Average Bromley Tax Bill
$1,299
Average Kenton County Tax Bill
$2,000
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Bromley, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41016 | $582 | $973 | $1,272 | $1,647 | $2,018 |
| 41017 | $613 | $1,123 | $1,347 | $1,647 | $3,578 |
Source: Ownwell