Property Taxes in Kentucky
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Low Property Tax Rate: Kentucky boasts a low average property tax rate of 0.80%, compared to the higher national median. The typical homeowner pays just $1,382 annually in property taxes, around half the national median. Prospective homeowners should research local tax rates as part of their real estate decision-making process.
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County Variations: Property taxes in Kentucky are collected on a county level, with significant differences between counties. For example, Oldham County collects the highest property tax in Kentucky, while Wolfe County has the lowest.
Determining Kentucky Property Taxes
- Assessment and Rates: Property tax in Kentucky is determined by the assessed value of a property and the tax rate set by the local government. Jefferson County has one of the highest property tax rates in the state at 1.05%. January 1st is the assessment date for all state property.
Managing Property Taxes in Kentucky
- Potential Challenges and Solutions: High property tax rates in some areas may lead to delinquent payments. One solution is getting a quick property tax loan from lenders in Kentucky to avoid foreclosure. Real estate tax funds are the mainstay of local community budgets.