Mount Vernon, Kentucky Property Taxes
The median property tax rate in Mount Vernon, KY is 0.83%, which is lower than both the national median of 0.99% and the Kentucky state median of 1.02%. With a median home value of $50,000 in Mount Vernon, the typical annual property tax bill amounts to $302, significantly less than the national median of $2,690. Property taxes in Mount Vernon are calculated based on the tax assessed value, which generally falls below the market value due to exemptions such as those for primary residences and agricultural use. Understanding Mount Vernon's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Mount Vernon or another part of the city, gaining insight into the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Mount Vernon, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.83%
Estimate Property Tax Bill
$415
Ownwell’s MOUNT VERNON Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in MOUNT VERNON with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in MOUNT VERNON 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 Mount Vernon, Kentucky
Property taxes in Mount Vernon, Kentucky, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Mount Vernon is 0.83%, which is lower than the U.S. national median of 0.99%. Local government entities within Mount Vernon set these rates annually, and they can vary significantly across different neighborhoods. Each year, Mount Vernon 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 Mount Vernon's effective property tax rate to other counties in Kentucky and the national median. For comparison, the 40456 zip code has the highest median property tax rate of 0.83%, while the same zip code also has the lowest median tax rate of 0.83%. Understanding how these cities compare with Mount Vernon provides valuable insights into the varying tax landscape across Rockcastle County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Mount Vernon Tax Rate
0.83%
Average Rockcastle County Tax Rate
0.83%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Mount Vernon, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40456 | 0.40% | 0.83% | 0.83% | 0.83% | 0.83% |
Source: Ownwell
Property Tax Assessment Values Across Mount Vernon, Kentucky
In Mount Vernon, 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 Rockcastle 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 Mount Vernon, 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 Mount Vernon 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 $302, found in zip code 40456.
Average Mount Vernon Assessed Value
$50,000
Average Rockcastle County Assessed Value
$48,500
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Mount Vernon, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40456 | $4,500 | $14,350 | $50,000 | $96,150 | $156,930 |
Source: Ownwell
Property Tax Bills Across Mount Vernon, Kentucky
In Mount Vernon, Rockcastle County, KY, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. The median home price in this area is $50,000. Property tax rates are applied to this assessed value to determine the tax bill. Factors such as local government budgets, school funding, and public services influence the tax rate. For homeowners in Mount Vernon, the property tax bill can vary significantly. The 25th percentile tax bill is $83, while the 75th percentile reaches $704, and the 90th percentile can be as high as $1,242. This range indicates that while some homeowners may pay relatively low taxes, others may face higher bills depending on their property's assessed value and specific local tax rates. Compared to the national median property tax rate of 0.99%, Mount Vernon's property tax rates result in a diverse range of tax bills, impacting homeowners differently based on their property values and local tax regulations.
Average Mount Vernon Tax Bill
$302
Average Rockcastle County Tax Bill
$286
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Mount Vernon, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40456 | $33 | $83 | $302 | $704 | $1,242 |
Source: Ownwell