Latonia Lakes, Kentucky Property Taxes
The median property tax rate in Latonia Lakes, KY is 1.56%, 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 Lakes being $65,000, the typical annual property tax bill reaches $1,013, exceeding the national median of $2,690. Property taxes in Latonia Lakes 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 Lakes' 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 Lakes 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 Lakes, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.56%
Estimate Property Tax Bill
$1,014
Ownwell’s Latonia Lakes Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Latonia Lakes with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Latonia Lakes 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 Lakes, Kentucky
Property taxes in Latonia Lakes, Kentucky, are essential for funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Latonia Lakes is 1.56%, significantly higher than both the Kentucky state median and the U.S. national median of 0.99%. Local government entities within Latonia Lakes set these rates annually, and they can vary across different neighborhoods. Each year, Latonia Lakes 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 Lakes' effective property tax rate to other counties in Kentucky and the national median. For comparison, the 41015 zip code has the highest median property tax rate of 1.56%, while the same zip code also has the lowest median tax rate of 1.56%. Understanding how these cities compare with Latonia Lakes 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 Lakes Tax Rate
1.56%
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 Lakes, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41015 | 1.56% | 1.56% | 1.56% | 1.56% | 1.56% |
Source: Ownwell
Property Tax Assessment Values Across Latonia Lakes, Kentucky
In Latonia Lakes, 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 Lakes, 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 Lakes 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 $1,013, found in zip code 41015.
Average Latonia Lakes Assessed Value
$65,000
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 Latonia Lakes, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41015 | $65,000 | $65,000 | $65,000 | $65,000 | $65,000 |
Source: Ownwell
Property Tax Bills Across Latonia Lakes, Kentucky
In Latonia Lakes, Kenton County, KY, property tax bills are calculated based on the assessed value of a home. The median home price in the area is $65,000. Local tax authorities assess the value of properties to determine the amount homeowners owe. The tax rate is applied to the assessed value, resulting in the annual tax bill. In Latonia Lakes, the median tax bill is $1,013, which is significantly higher than the national median property tax rate of 0.99%. Several factors influence the assessed value, including the property's market value, location, and any improvements or renovations made. Homeowners in Latonia Lakes face a consistent tax bill across different percentiles, with the 25th, 75th, and 90th percentiles all at $1,013. This uniformity suggests a stable tax environment but also highlights the higher-than-average tax burden on residents. Understanding these factors helps homeowners anticipate their annual expenses and plan their finances accordingly.
Average Latonia Lakes Tax Bill
$1,013
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 Lakes, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41015 | $1,013 | $1,013 | $1,013 | $1,013 | $1,013 |
Source: Ownwell