Here’s What Could Change Your U.S. Property Tax Bill in 2022
Ever wonder how property taxes in your neighborhood compare to the payments of those around you? The gap may be larger than you think and it may not be due to a 2022 increase. There are many factors that influence the property tax rates for each state. I have compared rates in Northern Kentucky with rates in Greater Cincinnati, specifically analyzing the various counties within in each location and will share the details with you.
Rising U.S. property values, potential changes to federal taxes and concerns over Covid-19 related gaps in local budgets may have some homeowners wondering what’s ahead for property taxes in 2022.
Of course, what Americans pay in property tax varies from state to state, but for most people, there’s no reason to panic that a huge increase is on the rise in 2022.
Property Tax Rates in Counties of Northern Kentucky
The median property tax in Kentucky is $843.00 per year for a home worth the median value of $117,800.00. Counties in Kentucky collect an average of 0.72% of a property's assesed fair market value as property tax per year.
Kentucky has one of the lowest median property tax rates in the United States. The exact property tax levied depends on the county in Kentucky the property is located in.
Boone County
The median property tax in Boone County, Kentucky is $1,516 per year for a home worth the median value of $175,900. Boone County collects, on average, 0.86% of a property's assessed fair market value as property tax.
Boone County has one of the highest median property taxesin the United States, and is ranked 764th of the 3143 counties in order of median property taxes.
The average yearly property tax paid by Boone County residents amounts to about 1.93% of their yearly income.
Northern Kentucky Counties calculate the property tax due based on the fair market value of the home or property in question, as determined by the County Property Tax Assessor. Each property is individually t each year, and any improvements or additions made to your property may increase its appraised value.
As a property owner, you have the right to appeal the property tax amount you are charged and request a reassessment if you believe that the value determined by the County Tax Assessor's office is incorrect. To appeal the County property tax, you must contact your local County Tax Assessor's Office.
Kenton County
The median property tax in Kenton County, Kentucky is $1,494 per year for a home worth the median value of $145,200. Kenton County collects, on average, 1.03% of a property's assessed fair market value as property tax.
Kenton County has one of the highest median property taxes in the United States, and is ranked 783rd of the 3143 counties in order of median property taxes.
The average yearly property tax paid by Kenton County residents amounts to about 2.25% of their yearly income.
Campbell County
The median property tax in Campbell County, Kentucky is $1,473 per year for a home worth the median value of $146,300. Campbell County collects, on average, 1.01% of a property's assessed fair market value as property tax.
The average yearly property tax paid by Campbell County residents amounts to about 2.24% of their yearly income.
Property Taxes in Counties of Greater Cincinnati
Hamilton County
The median property tax in Hamilton County, Ohio is $2,274 per year for a home worth the median value of $148,200. Hamilton County collects, on average, 1.53% of a property's assessed fair market value as property tax.
Hamilton County has one of the highest median property taxes in the United States.
The average yearly property tax paid by Hamilton County residents amounts to about 3.33% of their yearly income.
Clermont County
The median property tax in Clermont County, Ohio is $2,110 per year for a home worth the median value of $162,000. Clermont County collects, on average, 1.3% of a property's assessed fair market value as property tax.
Clermont County has one of the highest median property taxes in the United States.
The average yearly property tax paid by Clermont County residents amounts to about 3.02% of their yearly income.
Butler County
The median property tax in Butler County, Ohio is $2,177 per year for a home worth the median value of $160,600. Butler County collects, on average, 1.36% of a property's assessed fair market value as property tax.
Butler County has one of the highest median property taxes in the United States.
The average yearly property tax paid by Butler County residents amounts to about 3.1% of their yearly income.
Brown County
The median property tax in Brown County, Ohio is $1,177 per year for a home worth the median value of $124,100. Brown County collects, on average, 0.95% of a property's assessed fair market value as property tax.
The average yearly property tax paid by Brown County residents amounts to about 2.27% of their yearly income.
GREAT NEWS FOR 2022 PROPERTY TAXES
Any structural changes to a home or property will increase your tax bill. A deck, a pool, a large shed, or any other permanent fixture added to your home is presumed to increase its value and in most cases, home owners are protected against property tax increases that are not approved by a court hearing.
Each county in Kentucky determines what the property tax will be for the towns and cities within the county limits. However, most counties in the state are limited by law on the increases that can be made to property taxes each year—at least without either a public hearing or a recall petition—which helps to keep the overall tax rate low in the state.
As you can see, now is a great time to pursue the search for your dream home as you will be welcomed with fair and relatively low property taxes in the Northern Kentucky and Greater Cincinnati areas.
What are you waiting for?