Example of Kenton County Property Tax Calculation
Kenton County Property Tax is calculated based on the assessed value of the property. The assessed value is determined by the county assessor and is equal to the estimated market value of the property. To calculate the property tax, a millage rate is applied to the assessed value.
For example, if the assessed value of a property is $100,000 and the millage rate is 50 mills, the property tax would be calculated as follows:
Property tax = Assessed value x Millage rate / 1,000 Property tax = $100,000 x 50 / 1,000 Property tax = $5,000
Therefore, the property owner would be required to pay $5,000 in property tax to the county. It is important to note that the millage rate can vary from year to year and may be different for different areas within the county.
If you want appeal your property tax assessment - contact your local tax assessor.
Kenton County Property Tax Rates
The following table lists the Kenton County Property Tax rates in US dollars per 100$ of assessed value.
| Tax | Rate per 100$ of Assessed Value |
|---|---|
| Real Property | $1.277 |
| Tangible Personal Property | $2.20 |
| Motor Vehicle | $0.46 |
| Watercraft | $0.46 |
| Aircraft | $0.46 |
It is important to note that these rates are subject to change and may vary based on individual circumstances. For more information on Kenton County Property Tax rates, individuals should consult with a tax professional or visit the county's tax assessor's office.
Who sets property tax rates in Kenton County ?
Who Sets Property Tax Rates in Kenton County?
In Kenton County, property tax rates are set by two different entities. These are:
| Entity | Role |
|---|---|
| Kenton County Fiscal Court | Sets the general property tax rates for the county |
| Local school districts | Set their own property tax rates for funding their operations |
When are Property Tax Rates Set in Kenton County?
The property tax rates for Kenton County are typically set annually. The Kenton County Fiscal Court sets its rates in September or October of each year, while the local school districts set their rates in the late summer or early fall.
It's worth noting that property values in Kenton County are reassessed every four years. This can affect property tax rates, as changes in property values can impact the amount of revenue needed to fund local government and school district operations.
When is Kenton County Property Tax due ?
Kenton County Property Tax is typically due on December 31st of each year. However, taxpayers can pay their property tax bill in installments, with the first half due on November 30th and the second half due on May 31st of the following year.
Payment methods for Kenton County Property Tax include:
-
Online: Taxpayers can pay their property tax bill online using a credit card, debit card, or e-check.
-
In-person: Taxpayers can pay their property tax bill in person at the Kenton County Sheriff's Office.
-
By mail: Taxpayers can also mail a check or money order to the Kenton County Sheriff's Office.
It's worth noting that if the property tax bill is not paid in full or in installments by the due date, penalties and interest will be assessed. Therefore, it's important for taxpayers to make their payments on time to avoid additional fees.
If you have more questions - contact your local tax collector.
How is Kenton County Property Tax penalty calculated ?
Kenton County in the state of Kentucky imposes a penalty on property tax payments that are made after the due date. The penalty is calculated as a percentage of the unpaid taxes and accrues on a daily basis until the tax is paid in full.
Here is an example of how the penalty is calculated:
Let's say that an individual owes $1,000 in property taxes to Kenton County and the due date for payment was January 31st. The individual failed to make the payment by the due date and instead paid on March 1st. The penalty for late payment is 1% per month, which means that the penalty for the month of February would be 1% of the unpaid taxes, or $10 ($1,000 x 1%).
The penalty would continue to accrue at a rate of 1% per month until the tax is paid in full. So, for the month of March, the penalty would be 2% of the unpaid taxes, or $20 ($1,000 x 2%). If the individual were to pay the tax in full on March 15th, the total penalty would be $30 ($10 for February and $20 for March).
To summarize, here is how the penalty is calculated:
| Unpaid Taxes | Penalty Rate | Penalty |
|---|---|---|
| $1,000 | 1% per month | $10 (February) |
| $1,000 | 2% per month | $20 (March) |
| Total Penalty | $30 |
It is important to remember that property taxes in Kenton County must be paid on time to avoid penalties and interest charges. If for any reason payment cannot be made by the due date, individuals should contact the Kenton County Treasurer's Office to discuss payment options and avoid accruing additional penalties.
Homestead exemptions in Kenton County ?
Table of Homestead Exemptions and Deductions in Kenton County, Kentucky
| Exemption/Deduction | Eligibility | Amount | Notes |
|---|---|---|---|
| General Homestead Exemption | All homeowners | $39,300 | Applies to the first $39,300 of a property's assessed value |
| Disability Homestead Exemption | Homeowners with a disability | $39,300 | Applies to the first $39,300 of a property's assessed value |
| Veteran's Exemption | Veterans with a service-related disability | $39,300 | Applies to the first $39,300 of a property's assessed value |
| Over 65 Exemption | Homeowners over the age of 65 | $39,300 | Applies to the first $39,300 of a property's assessed value |
| Agricultural Property Exemption | Owners of agricultural property | Varies | Amount is based on the acreage and value of the property |
| Homestead Exemption for Surviving Spouses | Surviving spouse of a homeowner | $39,300 | Applies to the first $39,300 of a property's assessed value |
| Exemption for Totally Disabled Veterans | Veterans with a 100% service-related disability | 100% property tax exemption | Applies to the entire property's assessed value |
Note: All exemption amounts listed are for the 2021 tax year.
Homeowners in Kenton County, Kentucky are eligible for a variety of Homestead exemptions and deductions that can help reduce their property tax burden. These exemptions and deductions are designed to provide relief to homeowners who may struggle to pay their property taxes.
The General Homestead Exemption is available to all homeowners in Kenton County and applies to the first $39,300 of a property's assessed value. Homeowners with a disability or over the age of 65 may also qualify for the Disability Homestead Exemption or Over 65 Exemption, respectively.
Veterans with a service-related disability or surviving spouses of homeowners may also be eligible for exemptions. Additionally, owners of agricultural property may qualify for an exemption that is based on the acreage and value of their property.
For veterans with a 100% service-related disability, the exemption is a full property tax exemption, meaning they will not have to pay any property taxes on their home.
It is important for homeowners in Kenton County to take advantage of these exemptions and deductions to help reduce their property tax burden. By doing so, they can free up more money for other important expenses.
We recommend contacting the Kenton County Tax Office or a local tax professional for the most up-to-date and accurate information.