Independence, Boone County, Kentucky Property Taxes
Median Independence, KY effective property tax rate: 1.09%, slightly higher than the national median of 1.02%, but lower than the Kentucky state median of 1.02%.
Median Independence, KY home value: $102,500
Median annual Independence, KY tax bill: $1,158, $1,242 lower than the national median property tax bill of $2,400.
How are property taxes in Boone calculated?
Property taxes in Independence, KY are calculated based on the tax assessed value, which is often lower than the actual market value due to property tax exemptions such as the homestead or senior exemption.
Understanding Independence’s property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in Independence, knowing local tax details benefits homeowners and investors.
Last Updated March 1, 2025
Independence, Boone County, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Median Effective Tax Rate
1.09%
Estimate Property Tax Bill
$1,117
$1,037
Property Tax Rates Across Independence, Boone County, Kentucky
Local government entities set tax rates, which can vary widely within a state. This is due to each county estimating its required budget annually to provide services and dividing that by the total value of all taxable property within its jurisdiction. This calculation results in the property tax rate. Although votes and laws play a role in setting tax rates and budgets, this is essentially the annual process.
In Independence, located in Boone County, Kentucky, property taxes are determined through this method. The effective property tax rate in Independence can be compared to other cities in Kentucky, as well as the median property tax rates in the state and the U.S. With a median property tax rate of 1.09%, Kentucky's rate is slightly higher than the national median of 1.02%. This difference can impact property owners in terms of their annual tax bills, which are also affected by the assessed value of their property. Understanding these differences is crucial for property owners seeking to manage their tax liabilities effectively.
Our median effective property tax rate (tax bill ÷ assessor's market value) accounts for exemptions and deductions, making it more accurate than the general median tax rate, which is the midpoint of statutory rates before adjustments.
Median Effective Independence Tax Rate
1.09%
Our median effective property tax rate (tax bill ÷ assessor's market value) accounts for exemptions and deductions, making it more accurate than the general median tax rate, which is the midpoint of statutory rates before adjustments.
Median Effective Boone County Tax Rate
1.12%
Median Effective Kentucky Tax Rate
1.02%
Median Effective United States Tax Rate
1.02%
Property Tax Rates Across Independence, Boone County, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41051 | N/A | N/A | N/A | N/A | N/A |
Source: Ownwell
Property Tax Assessment Values Across Independence, Boone County, Kentucky
When examining property taxes in Independence, KY, understanding the distinction between "market value" and "assessed value" is crucial. The market value is what a willing buyer would pay to a willing seller in an open and competitive market, often influenced by location, property condition, and economic market trends. The Boone County Property Valuation Administrator estimates the market value for tax purposes. The assessed value is the market value minus any applicable exemptions or limits determined by local laws and offerings. The tax assessed value is the figure used to calculate your property taxes or the amount multiplied by your tax rate to get your tax bill.
In Boone County, assessment notices are sent in the spring each year. They’ll typically reach your mailbox by the middle of May. Each property owner receives an assessment notice that contains both the market value and assessed value, along with an estimate of your property tax bill. By providing insights into how assessed and market values are determined, this section helps property owners navigate their tax responsibilities and understand the valuation processes affecting their property taxes in Independence.
For example, the median home price in Independence is $102,500, with tax bills ranging significantly across the county. The 75th percentile tax bill is $2,582, which is above the national median property tax bill of $2,400.
Property Tax Assessment Values Across Independence, Boone County, Kentucky
Source: Ownwell
$128,100
$203,200
$278,300
Median Independence Market Value
$102,500
Median Boone County Market Value
$200,000
Median Kentucky Market Value
$110,000
Median United States Market Value
$235,294
Property Tax Assessment Values Across Independence, Boone County, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41051 | N/A | N/A | N/A | N/A | N/A |
Source: Ownwell
Property Tax Bills Across Independence, Boone County, Kentucky
In Independence, Boone County, KY, property tax bills are determined by applying the local tax rate to the assessed value of a property. The assessed value is typically a percentage of the property's market value, which is influenced by factors such as location, size, and condition. With a median home price of $102,500, homeowners in Independence face varying tax bills. For instance, the 25th percentile tax bill is $130, while the 75th percentile tax bill is $2,582, and the 90th percentile tax bill reaches $3,357. Compared to the national median property tax bill of $2,400, Independence offers a range of tax burdens depending on the property's assessed value.
Homeowners in Independence can potentially reduce their tax bills by appealing their property's assessed value or applying for exemptions. This is where Ownwell can assist. By leveraging expertise in property tax appeals and exemptions, Ownwell helps homeowners navigate the complexities of property taxation, ensuring they pay only their fair share. With professional guidance, homeowners can achieve significant savings, alleviating the financial burden of property taxes.
Median Independence Tax Bill
$1,158
Median Boone County Tax Bill
$2,154
Median Kentucky Tax Bill
$1,031
Median United States Tax Bill
$2,400
Property Tax Bills Across Independence, Boone County, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41051 | N/A | N/A | N/A | N/A | N/A |
Source: Ownwell