Paris, Kentucky Property Taxes
The median property tax rate in Paris, KY is 0.42%, considerably lower than both the national median of 0.99% and the Kentucky state median of 1.02%. With the median home value in Paris at $343,732, the typical annual property tax bill reaches $1,578, falling below 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
$1,500,000
$3,000,000
Average Tax Rate
0.42%
Estimate Property Tax Bill
$1,444
-$15,130
Ownwell’s Paris Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Paris with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Paris 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 Paris, Kentucky
Property taxes in Paris, Kentucky, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Paris is 0.42%, lower than both the Kentucky state median and 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 both the highest and lowest median property tax rate of 0.42%. Understanding how these cities compare with Paris provides valuable insights into the varying tax landscape across Scott County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Paris Tax Rate
0.42%
Average Scott County Tax Rate
0.68%
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 | 0.18% | 0.22% | 0.42% | 0.54% | 0.64% |
Source: Ownwell
Property Tax Assessment Values Across Paris, Kentucky
In Paris, 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 Scott 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 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 home price in Paris is $343,732, with tax bills ranging from $767 at the 25th percentile to $5,286 at the 90th percentile. The zip code 40361 has both the highest and lowest median tax bill at $1,578.
Average Paris Assessed Value
$343,732
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 Paris, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40361 | $165,341 | $222,400 | $343,732 | $862,223 | $1,168,180 |
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. This assessed value is then multiplied by the local property tax rate to determine the annual tax bill. For homeowners in Paris, the median home price is $343,732. Property tax bills can vary significantly, with those in the 25th percentile paying around $767 annually, while those in the 75th percentile face bills closer to $4,631. At the 90th percentile, tax bills can reach up to $5,286. These variations are influenced by factors such as property size, location, and any applicable exemptions. Compared to the national median property tax rate of 0.99%, Paris homeowners may find their tax obligations differ based on the assessed value and local tax rate. Understanding these factors helps homeowners anticipate their annual property tax bills and plan their finances accordingly.
Average Paris Tax Bill
$1,578
Average Scott County Tax Bill
$1,297
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 | $425 | $767 | $1,578 | $4,631 | $5,286 |
Source: Ownwell