Paris, Kentucky Property Taxes
The median property tax rate in Paris, KY is 1.08%, higher than both the national median of 0.99% and the Kentucky state median of 1.02%. With the median home value in Paris at $58,500, the typical annual property tax bill reaches $343, which is significantly lower than the national median of $2,690. Property taxes in Paris 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 Paris'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 Paris 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
Paris, 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 Paris Property Tax Bill Calculator is an invaluable tool for homeowners, real estate investors, and potential buyers looking to estimate their annual property taxes in Paris. By simply entering your property's estimated assessed value, the calculator uses the median tax rate in Paris to provide an accurate estimate of your property tax bill. This tool offers insightful information to help you understand your potential tax liabilities better. For those interested in more detailed trends at the neighborhood level, additional localized information is available below. Remember, your property’s assessed value is determined by the county and includes any applicable exemptions, ensuring an accurate calculation for property tax purposes.
Property Tax Rates Across Paris, Kentucky
Property taxes in Paris, Kentucky, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Paris is 1.08%, which is higher than the U.S. national median of 0.99%. Local government entities within Paris set these rates annually, and they can vary significantly across different neighborhoods. Each year, Paris 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 Paris's effective property tax rate to other counties in Kentucky and the national median. For comparison, the 40361 zip code has the highest median property tax rate of 1.08%, while the same zip code also has the lowest median tax rate of 1.08%. Understanding how these cities compare with Paris provides valuable insights into the varying tax landscape across Bourbon County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Paris Tax Rate
1.08%
Average Montgomery County Tax Rate
1.08%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Paris, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40361 | 0.37% | 0.92% | 1.07% | 1.07% | 1.08% |
Source: Ownwell
Property Tax Assessment Values Across Paris, Kentucky
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Paris, Kentucky. 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 local 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 Paris, 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 Paris helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median property tax bill in Paris is $343, with the highest and lowest median tax bills both found in the 40361 zip code.
Average Paris Assessed Value
$58,500
Average Montgomery County Assessed Value
$80,000
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Paris, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40361 | $30,350 | $32,626 | $58,500 | $71,900 | $82,700 |
Source: Ownwell
Property Tax Bills Across Paris, Kentucky
In Paris, KY, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. The assessed value is a percentage of the market value of the property. For instance, if a home has a median price of $58,500, the tax bill is derived from this assessed value. The tax rate in Paris is influenced by various factors, including local government budgets and public service funding needs. Homeowners in Paris can expect tax bills to vary significantly. The 25th percentile tax bill is around $319, while the 75th percentile reaches $755, and the 90th percentile hits $889. These figures show a range of tax burdens depending on the property's assessed value and specific local levies. Compared to the national median property tax rate of 0.99%, Paris offers a relatively moderate tax environment. Understanding these factors helps homeowners anticipate their financial obligations and plan accordingly.
Average Paris Tax Bill
$343
Average Montgomery County Tax Bill
$736
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Paris, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40361 | $247 | $319 | $343 | $755 | $889 |
Source: Ownwell