Latonia, Kentucky Property Taxes
The median property tax rate in Latonia, KY is 1.26%, considerably higher than both the national median of 0.99% and the Kentucky state median of 1.02%. With the median home value in Latonia at $289,800, the typical annual property tax bill reaches $3,462, exceeding the national median of $2,690. Property taxes in Latonia 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 Latonia'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 Latonia 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
Latonia, 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 Latonia Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Latonia with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Latonia 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 Latonia, Kentucky
Property taxes in Latonia, Kentucky, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Latonia is 1.26%, which is higher than the U.S. national median of 0.99%. Local government entities within Latonia set these rates annually, and they can vary significantly across different neighborhoods. Each year, Latonia 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 Latonia's effective property tax rate to other areas and the national median. For comparison, the zip code 41015 has the highest median property tax rate of 1.26%, while the same zip code also has the lowest median tax rate of 1.26%. Understanding how these areas compare with Latonia 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 Latonia Tax Rate
1.26%
Average Kenton County Tax Rate
1.07%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Latonia, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41015 | 0.91% | 1.07% | 1.26% | 1.26% | 1.27% |
Source: Ownwell
Property Tax Assessment Values Across Latonia, Kentucky
In Latonia, 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 Latonia, 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 Latonia helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Latonia is $3,462 in the 41015 zip code, reflecting the significant impact of property valuations on tax obligations.
Average Latonia Assessed Value
$289,800
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 Latonia, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41015 | $88,320 | $202,250 | $289,800 | $348,850 | $428,400 |
Source: Ownwell
Property Tax Bills Across Latonia, Kentucky
Property tax bills in Latonia, located in Kenton 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 market value of the property. Homeowners in Latonia generally experience a range of property tax bills depending on their property's assessed value. For instance, the median home price in Latonia is $289,800, leading to varying tax bills across the spectrum. At the 25th percentile, homeowners might pay around $2,193, while those at the 75th percentile could see bills as high as $4,319. The 90th percentile tax bill can reach up to $5,343. These tax rates are influenced by local government budgets and the need to fund public services such as schools, infrastructure, and emergency services. For comparison, the national median property tax rate stands at 0.99%, providing a benchmark for evaluating local tax burdens. Understanding these factors helps homeowners anticipate their property tax obligations and plan their finances accordingly.
Average Latonia Tax Bill
$3,462
Average Kenton County Tax Bill
$2,000
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Latonia, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41015 | $905 | $2,193 | $3,462 | $4,319 | $5,343 |
Source: Ownwell