Lakeside Park, Kentucky Property Taxes
The median property tax rate in Lakeside Park, KY is 1.07%, which is higher than both the national median of 0.99% and Kentucky's state median of 1.02%. With the median home value in Lakeside Park at $291,550, the typical annual property tax bill amounts to $2,932, surpassing the national median of $2,690. Property taxes in Lakeside Park are calculated based on the tax assessed value, which often falls below the market value due to various exemptions, such as those for primary residences and agricultural properties. Understanding Lakeside Park'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 Lakeside Park 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
Lakeside Park, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.07%
Estimate Property Tax Bill
$3,120
Ownwell’s Lakeside Park Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lakeside Park with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lakeside Park 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 Lakeside Park, Kentucky
Property taxes in Lakeside Park, Kentucky, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lakeside Park is 1.07%, which is higher than both the Kentucky state median of 0.82% and the U.S. national median of 0.99%. Local government entities within Lakeside Park set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lakeside Park 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 Lakeside Park's effective property tax rate to other counties in Kentucky and the national median. For comparison, the 41017 zip code 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 cities compare with Lakeside Park 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 Lakeside Park 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 Lakeside Park, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41017 | 0.83% | 0.95% | 1.07% | 1.07% | 1.07% |
Source: Ownwell
Property Tax Assessment Values Across Lakeside Park, Kentucky
In Lakeside Park, 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 Lakeside Park, 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 Lakeside Park helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in the area is $2,932 in zip code 41017, while the lowest median tax bill is also $2,932 in the same zip code.
Average Lakeside Park Assessed Value
$291,550
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 Lakeside Park, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41017 | $180,050 | $215,000 | $291,550 | $433,875 | $639,450 |
Source: Ownwell
Property Tax Bills Across Lakeside Park, Kentucky
In Lakeside Park, KY, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. This assessed value is then multiplied by the local property tax rate to determine the annual tax bill. The median home price in Lakeside Park is $291,550, and property tax bills vary significantly within the area. For instance, tax bills at the 25th percentile are around $2,176, while those at the 75th percentile reach approximately $4,479. At the higher end, the 90th percentile tax bills can go up to $6,641. Several factors influence the property tax bill, including the home's assessed value, local tax rates, and any applicable exemptions or deductions. The highest median tax bill in the region is $2,932, found in the 41017 zip code. Understanding these factors is crucial for homeowners, as property taxes represent a significant annual expense and can impact overall affordability. Comparing these figures to the national median property tax rate of 0.99% provides valuable context for homeowners in Lakeside Park.
Average Lakeside Park Tax Bill
$2,932
Average Kenton County Tax Bill
$2,000
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Lakeside Park, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41017 | $1,680 | $2,176 | $2,932 | $4,479 | $6,641 |
Source: Ownwell