Walton, Kentucky Property Taxes
The median property tax rate in Walton, KY is 1.26%, higher than both the national median of 0.99% and the Kentucky state median of 1.02%. With a median home value of $208,500, the typical annual property tax bill in Walton amounts to $2,535, which is just below the national median of $2,690. Property taxes in Walton are calculated based on the assessed value, which is often lower than the market value due to exemptions like those for primary residences and agricultural properties. Understanding Walton'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 Walton 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
Walton, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.26%
Estimate Property Tax Bill
$2,627
Ownwell’s Walton Property Tax Bill Calculator enables homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Walton with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Walton 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 Walton, Kentucky
Property taxes in Walton, KY, are crucial in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Walton is 1.26%, higher than both the Kentucky state median and the U.S. national median of 0.99%. Local government entities within Walton set these rates annually, and they can vary significantly across different neighborhoods. Each year, Walton 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 Walton's effective property tax rate to other counties in Kentucky and the national median. For comparison, the 41094 zip code 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 rates compare with Walton 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 Walton 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 Walton, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41094 | 0.84% | 1.04% | 1.26% | 1.26% | 1.26% |
Source: Ownwell
Property Tax Assessment Values Across Walton, Kentucky
In Walton, 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 Walton, 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 Walton helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest median tax bill is 41094, with a tax bill of $2,535, which is also the lowest median tax bill in the area.
Average Walton Assessed Value
$208,500
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 Walton, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41094 | $109,200 | $148,000 | $208,500 | $302,250 | $382,150 |
Source: Ownwell
Property Tax Bills Across Walton, Kentucky
In Walton, 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 property tax rate to determine the annual tax bill. Factors influencing the assessed value include the home's market value, location, and any improvements or renovations. For Walton homeowners, the median home price stands at $208,500. With the national median property tax rate at 0.99%, Walton's property tax bills can vary significantly. The 25th percentile tax bill is $1,596, while the 75th percentile tax bill reaches $3,692, and the 90th percentile tax bill is $4,782. These variations highlight the impact of property values and local tax rates on the overall tax burden. For homeowners, understanding these factors is crucial, as property taxes represent a significant annual expense. By staying informed about how their tax bill is calculated, homeowners can better anticipate their financial obligations and plan accordingly.
Average Walton Tax Bill
$2,535
Average Kenton County Tax Bill
$2,000
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Walton, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41094 | $1,011 | $1,596 | $2,535 | $3,692 | $4,782 |
Source: Ownwell