Scott County, Kentucky Property Taxes
The median property tax rate in Scott County is 0.68%, which is notably lower than both the national median of 0.99% and the Kentucky state median of 1.02%. With a median home value of $199,800 in Scott County, the typical annual property tax bill amounts to $1,297, significantly below the national median of $2,690. Property taxes in Scott County are calculated based on the assessed value, which is often less than the actual market value due to various property tax exemptions such as the primary residence and agricultural exemptions. Understanding Scott County's specific property tax system, exploring available exemptions, and identifying opportunities for property tax reductions can provide substantial annual savings. Whether you reside in Georgetown or another part of Scott County, gaining a comprehensive knowledge of local property taxes will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Scott County, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.68%
Estimate Property Tax Bill
$1,359
$1,261
Ownwell’s Scott County Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner to estimate their annual property taxes in Scott County with just 2 data points. Enter your property's estimated assessed value, and our calculator applies the median tax rate in Scott County to estimate your property tax bill. This insight helps you understand potential tax liabilities. If you’d like to see trends on a city level, scroll down to navigate to a more local informational page. Your property assessed value is the value assigned to your property by your county for property tax calculations. Assessed value takes into account any exemptions you may have on your property.
Property Tax Rates Across Scott County, Kentucky
Property taxes in Scott County play a crucial role in funding essential local services like public schools, road maintenance, and emergency services. The median tax rate in Scott County is 0.68%, which is lower than the U.S. national median of 0.99%. Local government entities within Scott County set these rates annually, and they can vary significantly between different areas within the county. Each year, Scott County estimates its required budget to maintain services for the upcoming fiscal year and divides this budget by the total value of all taxable property in the jurisdiction, resulting in the property tax rate. Although tax rates and budgets are influenced by laws and voter input, this calculation forms the basic process for setting property tax rates. For comparison, the city of Georgetown has one of the higher property tax rates in Kentucky at 0.71%, while the city of Paris boasts one of the lowest at 0.42%. Analyzing how Scott County's tax rates stack up against these benchmarks can give homeowners a better understanding of the local tax landscape.
Average Scott County Tax Rate
0.68%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Scott County, Kentucky
| City | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| Corinth | N/A | N/A | N/A | N/A | N/A |
| Georgetown | 0.35% | 0.63% | 0.71% | 0.87% | 0.87% |
| Lexington | 0.15% | 0.29% | 0.49% | 0.72% | 0.85% |
| Midway | 0.14% | 0.34% | 0.61% | 0.78% | 0.79% |
| Paris | N/A | N/A | N/A | N/A | N/A |
| Sadieville | 0.13% | 0.23% | 0.47% | 0.62% | 0.71% |
| Stamping Ground | 0.13% | 0.24% | 0.46% | 0.63% | 0.73% |
Source: Ownwell
Property Tax Assessment Values Across Scott County, Kentucky
In Scott County, understanding the difference between "market value" and "assessed value" is key to comprehending property taxes. The market value represents the price a willing buyer would pay to a willing seller in an open, competitive market, considering location, property condition, and current economic trends. For tax purposes, this value is estimated by the Scott County Appraisal District. The assessed value, however, 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. Assessment notices in Scott County are typically mailed in the spring, usually by the middle of April. These notices provide homeowners with both the market and assessed values, along with an estimate of the annual property tax bill. By distinguishing between these valuation concepts, property owners can better navigate their tax responsibilities and understand how their property taxes are affected. In Scott County, Midway has the highest median tax bill at $3,161, while Sadieville has the lowest at $822. Being aware of these valuation processes will help you identify opportunities for appealing assessments or applying for exemptions to manage your tax burden more effectively.
Average Scott County Assessed Value
$199,800
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Scott County, Kentucky
| City | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| Corinth | N/A | N/A | N/A | N/A | N/A |
| Georgetown | $67,140 | $138,200 | $196,100 | $286,950 | $450,000 |
| Lexington | $59,440 | $129,500 | $317,100 | $760,300 | $1,289,834 |
| Midway | $109,560 | $278,300 | $465,700 | $719,280 | $1,174,100 |
| Paris | N/A | N/A | N/A | N/A | N/A |
| Sadieville | $76,352 | $124,900 | $207,600 | $300,358 | $400,046 |
| Stamping Ground | $86,452 | $127,725 | $209,358 | $315,421 | $454,585 |
Source: Ownwell
Property Tax Bills Across Scott County, Kentucky
In Scott County, KY, property tax bills are calculated based on the assessed value of the property, which is determined by the local assessor's office. The median home price in Scott County is $199,800, and the property tax rate is applied to this assessed value to determine the tax bill. Several factors influence the final tax bill, including the property's location and any applicable exemptions. For instance, in Scott County, the 25th percentile tax bill is $764, while the 75th percentile tax bill reaches $1887. The 90th percentile tax bill is even higher at $2771. These figures highlight the range of property tax bills homeowners might expect, depending on their property's assessed value and other factors. Comparatively, the national median property tax rate is 0.99%. Homeowners in Scott County experience varying tax burdens, with some areas like Midway having the highest median tax bill at $3161, while Sadieville has the lowest at $822. Understanding these factors helps homeowners anticipate their property tax obligations and plan accordingly.
Average Scott County Tax Bill
$1,297
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Scott County, Kentucky
| City | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| Corinth | N/A | N/A | N/A | N/A | N/A |
| Georgetown | $349 | $922 | $1,373 | $1,919 | $2,775 |
| Lexington | $256 | $622 | $1,383 | $3,240 | $5,171 |
| Midway | $214 | $1,353 | $3,161 | $3,983 | $6,421 |
| Paris | N/A | N/A | N/A | N/A | N/A |
| Sadieville | $166 | $382 | $822 | $1,528 | $2,293 |
| Stamping Ground | $187 | $407 | $921 | $1,670 | $2,454 |
Source: Ownwell