Covington, Kenton County, Kentucky Property Taxes
The median property tax rate in Covington, KY is 1.33%, considerably higher than both the national median of 0.99% and the Kentucky state median of 1.02%. With the median home value in Covington, the typical annual property tax bill reaches $1,614, exceeding the national median of $2,690. Property taxes in Covington 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 Covington'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 Covington 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
Covington, Kenton County, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.33%
Estimate Property Tax Bill
$1,796
$1,666
Ownwell’s Covington Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Covington with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Covington 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 Covington, Kenton County, Kentucky
Property taxes in Covington, Kentucky, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Covington is 1.33%, higher than both the Kentucky state median and the U.S. national median of 0.99%. Local government entities within Covington set these rates annually, and they can vary significantly across different neighborhoods. Each year, Covington 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 Covington's effective property tax rate to other areas in Kenton County and the national median. For comparison, the 41011 zip code has the highest median property tax rate of 1.33%, while the 41017 zip code has the lowest median tax rate of 1.07%. Understanding how these cities compare with Covington 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 Covington Tax Rate
1.33%
Average Kenton County Tax Rate
1.07%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Covington, Kenton County, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41011 | 0.83% | 1.07% | 1.33% | 1.33% | 1.33% |
| 41014 | 0.82% | 1.33% | 1.33% | 1.33% | 1.33% |
| 41015 | 0.83% | 1.07% | 1.33% | 1.33% | 1.33% |
| 41016 | 0.77% | 1.29% | 1.29% | 1.33% | 1.33% |
| 41017 | 0.79% | 1.07% | 1.07% | 1.07% | 1.07% |
Source: Ownwell
Property Tax Assessment Values Across Covington, Kenton County, Kentucky
In Covington, 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 Covington, 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 Covington helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the highest median tax bill is $1,957 in the 41017 zip code, while the lowest is $1,247 in the 41014 zip code.
Property Tax Assessment Values Across Covington, Kenton County, Kentucky
Source: Ownwell
$95,000
$332,350
$569,700
Average Covington Assessed Value
$135,000
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 Covington, Kenton County, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41011 | $51,600 | $80,350 | $142,000 | $209,000 | $325,000 |
| 41014 | $50,400 | $70,000 | $102,500 | $140,000 | $192,050 |
| 41015 | $70,000 | $100,000 | $130,000 | $169,550 | $300,000 |
| 41016 | $50,060 | $75,000 | $110,000 | $160,000 | $256,650 |
| 41017 | $157,180 | $170,100 | $187,300 | $216,000 | $259,220 |
Source: Ownwell
Property Tax Bills Across Covington, Kenton County, Kentucky
In Covington, Kentucky, property tax bills are calculated based on the assessed value of the property, which is determined by the Kenton County Property Valuation Administrator. This assessed value is then multiplied by the local tax rate to determine the annual tax bill. Various factors influence the assessed value, including the property's market value, location, and any improvements made to the property. For homeowners in Covington, the median home price is $135,000. The property tax rate in Kenton County can cause tax bills to vary significantly. For instance, at the 25th percentile, homeowners might pay around $1,056 annually, while those at the 75th percentile could see bills as high as $2,179. The 90th percentile tax bill can reach up to $3,236. The highest median tax bill in the area is $1,957, found in the 41017 zip code, whereas the lowest is $1,247 in the 41014 zip code. These variations impact homeowners differently, with higher assessed values leading to higher tax obligations.
Average Covington Tax Bill
$1,614
Average Kenton County Tax Bill
$2,000
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Covington, Kenton County, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41011 | $634 | $999 | $1,616 | $2,358 | $3,690 |
| 41014 | $590 | $808 | $1,247 | $1,807 | $2,501 |
| 41015 | $781 | $1,132 | $1,598 | $2,114 | $3,330 |
| 41016 | $545 | $839 | $1,333 | $2,003 | $3,131 |
| 41017 | $1,334 | $1,742 | $1,957 | $2,275 | $2,699 |
Source: Ownwell