Crescent Springs, Kenton County, Kentucky Property Taxes
The median property tax rate in Crescent Springs, KY is 1.07%, slightly above both the national median of 0.99% and the Kentucky state median of 1.02%. With a median home value of $232,900 in Crescent Springs, the typical annual property tax bill amounts to $2,202, which is below the national median of $2,690. Property taxes in Crescent Springs are determined based on the tax assessed value, which is often lower than the market value due to various exemptions, such as those for primary residences and agricultural properties. By understanding Crescent Springs' property tax system, exploring available exemptions, and identifying opportunities for reductions, homeowners can achieve significant annual savings. Whether you're residing in Crescent Springs or investing in real estate within the city, a thorough grasp of the local property tax system is crucial for maximizing financial benefits.
Last Updated June 14, 2024
Crescent Springs, Kenton County, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.07%
Estimate Property Tax Bill
$2,492
$2,313
Ownwell’s Crescent Springs Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Crescent Springs with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Crescent Springs 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 Crescent Springs, Kenton County, Kentucky
Property taxes in Crescent Springs, Kentucky, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Crescent Springs is 1.07%, noticeably higher than both the Kentucky state median and the U.S. national median of 0.99%. Local government entities within Crescent Springs set these rates annually, and they can vary significantly across different neighborhoods. Each year, Crescent Springs 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 Crescent Springs' effective property tax rate to other areas in Kentucky and the national median. For comparison, the zip code 41017 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 Crescent Springs 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 Crescent Springs Tax Rate
1.07%
Average Kenton County Tax Rate
1.07%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Crescent Springs, Kenton County, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41017 | 0.76% | 0.99% | 1.07% | 1.07% | 1.07% |
Source: Ownwell
Property Tax Assessment Values Across Crescent Springs, Kenton County, Kentucky
In Crescent Springs, 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 Property Valuation Administrator 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 Crescent Springs, 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 Crescent Springs helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the area are both $2202, found in the 41017 zip code.
Property Tax Assessment Values Across Crescent Springs, Kenton County, Kentucky
Source: Ownwell
$95,000
$332,350
$569,700
Average Crescent Springs Assessed Value
$232,900
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 Crescent Springs, Kenton County, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41017 | $94,600 | $130,000 | $232,900 | $331,250 | $495,000 |
Source: Ownwell
Property Tax Bills Across Crescent Springs, Kenton County, Kentucky
Property tax bills in Crescent Springs, located in Kenton County, KY, are determined by multiplying the assessed value of a property by the local tax rate. The median home price in Crescent Springs is $232,900, and the property tax rate in this region is calculated based on the assessed value, which is typically a percentage of the market value. Homeowners in Crescent Springs can expect a range of tax bills depending on their property's assessed value and any applicable exemptions. For instance, the 25th percentile tax bill is around $1,290, while those in the 75th percentile might pay approximately $3,401. At the higher end, the 90th percentile tax bill can reach up to $5,017. These variations illustrate how property values and local tax rates influence the overall tax burden. Compared to the national median property tax rate of 0.99%, Crescent Springs offers a competitive rate, significantly affecting homeowners' annual expenses and financial planning.
Property Tax Bills Across Crescent Springs, Kenton County, Kentucky
Source: Ownwell
$1,247
$2,355
$3,462
Average Crescent Springs Tax Bill
$2,202
Average Kenton County Tax Bill
$2,000
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Crescent Springs, Kenton County, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41017 | $838 | $1,290 | $2,202 | $3,401 | $5,017 |
Source: Ownwell