{"id":2303,"date":"2016-04-15T10:29:55","date_gmt":"2016-04-15T10:29:55","guid":{"rendered":"https:\/\/www.movoto.com\/foundation\/?p=2303"},"modified":"2016-04-15T10:29:55","modified_gmt":"2016-04-15T10:29:55","slug":"miami-property-tax-how-does-it-compare-to-other-major-cities","status":"publish","type":"post","link":"https:\/\/www.movoto.com\/blog\/miami-property-tax-how-does-it-compare-to-other-major-cities\/","title":{"rendered":"Miami Property Tax: How Does It Compare to Other Major Cities?"},"content":{"rendered":"

The median list price of a home today in Louisville, Kentucky<\/a>, is $154,900. The median property tax on a home of that value is $1,447. Property tax rates in Louisville have steadily increased the past two decades, due in large part to school district requirements. The increases have caused more than a little grumbling among property owners. When it\u2019s time to pay real estate taxes, however, Louisville\u00a0is a good place to own a home when compared to other cities. The Louisville property tax rate is a relatively reasonable 0.934 percent. This means, for every $100,000 in value, Louisville homeowners pay $934. That is not as good as what residents in Louisville, Colorado, pay ($639 per $100,000) for example,\u00a0but it\u2019s much better than what homeowners in Louisville, Ohio, fork over each year ($1,365 per $100,000). Louisville, Kentucky stacks up well in nearly any property tax rate comparison.<\/p>\n

The real estate tax rate across the United States averages 1.192 percent, or $1,192 per $100,000 in real estate value.\u00a0 The average tax rate in Kentucky is 0.85 percent.\u00a0 According to the Tax Foundation, a nonpartisan, apolitical tax policy group, Kentucky ranked number 32 in the nation in property tax rates. This is one list where no one wants to brag they’re number one.\u00a0That ignominious position belongs to New Jersey, which has an average rate of 2.38 percent, or $2,380 per $100,000 in value. A $300,000 home in Princeton, New Jersey carries a tax bill of $7,221. A house of the same value on Princeton Avenue in Louisville\u2019s Highlands neighborhood has a tax bill less than a third of that at $2,802.<\/p>\n

Before we look more specifically at how Louisville compares to other cities, please note that Louisville and Jefferson County are a merged government. There remains within the county dozens of small taxing districts such as fourth-class cities. Therefore, tax rates vary. For purposes of comparison, we\u2019re using a median property tax rate.<\/p>\n

How does Louisville compare to U.S. cities of similar population?<\/b><\/p>\n

\"Miami<\/p>\n

Source:commons.wikimedia.org<\/div>\n

On a list of Louisville and ten other U.S. cities most similar in population, Louisville\u2019s tax rate in on the low end. Compared to some cities, it\u2019s on the very low end. Homeowners in six of ten cities\u00a0 most like Louisville in population pay $1000 or more per $100,000 in value.\u00a0 Of the ten cities similar in size, only Albuquerque, New Mexico and Fresno, California have lower rates than Louisville. Milwaukee, Wisconsin\u2019s tax rate is more than 2.6 times higher. Here\u2019s a more thorough comparison:<\/p>\n

Fresno, California: $883<\/p>\n

Albuquerque, NM: $931<\/p>\n

Louisville: $934<\/b><\/p>\n

Sacramento, California: $950<\/p>\n

Nashville, Tennessee: $988<\/p>\n

Las Vegas, Nevada: $1,019<\/p>\n

Tucson, Arizona: $1,022<\/p>\n

Oklahoma City, Oklahoma: $1,049<\/p>\n

Portland, Oregon: $1,080<\/p>\n

Baltimore, Maryland: $1,429<\/p>\n

Milwaukee, Wisconsin: $2,486<\/p>\n

 <\/p>\n

How does Louisville\u2019s tax rate compare to other cities in Kentucky?<\/b><\/p>\n

Louisville, by far the largest city in Kentucky, has a higher real estate tax rate than the Kentucky average, which is 0.82 percent, or $820 per $100,000 valuation. Among the five largest urban areas in the state, Louisville is in the middle. Again, the figures are based on $100,000 in assessed value.<\/p>\n

Bowling Green: $699<\/p>\n

Owensboro: $913<\/p>\n

Louisville: $934<\/b><\/p>\n

\"Miami<\/p>\n

Source:en.wikipedia.org<\/div>\n

Lexington: $940<\/p>\n

Covington: $1,124<\/p>\n

How does Louisville compare to other cities in the region? <\/b><\/p>\n

Louisville comes out very good on a list of cities in nearby states. It has the lowest tax rate among them.<\/p>\n

Louisville: $934<\/b><\/p>\n

Nashville, Tennessee: $988<\/p>\n

Indianapolis, Indiana: $1,080<\/p>\n

St. Louis, Missouri: $1,383<\/p>\n

Cincinnati, Ohio: $1,725<\/p>\n

Chicago, Illinois: $1,861<\/p>\n

Columbus, Ohio: $1,955<\/p>\n

How does Louisville-Jefferson County\u2019s tax rate compare to neighboring counties?<\/b><\/p>\n

Counties in the metro area of Louisville, including \u00a0five counties across the Ohio River in Indiana, have tax rates below the national average. \u00a0In some cases, they are well below the national number. There are twelve counties within Louisville\u2019s metro statistical area, and all of them can boast reasonable figures based on $100,000 in assessed value.<\/p>\n

Harrison County, Indiana: $627<\/p>\n

Washington County, Indiana $693<\/p>\n

Scott County, Indiana: $729<\/p>\n

Floyd County, Indiana: $783<\/p>\n

Trimble County, Kentucky $784<\/p>\n

Meade County, Kentucky $788<\/p>\n

Spencer County, Kentucky $828<\/p>\n

Clark County, Indiana: $829<\/p>\n

Henry County, Kentucky $829<\/p>\n

Shelby County, Kentucky: $902<\/p>\n

Bullitt County, Kentucky: $924<\/p>\n

Louisville: $934<\/b><\/p>\n

\"Miami<\/p>\n

Source:en.wikipedia.org<\/div>\n

Oldham County, Kentucky: $1,022<\/p>\n

How are property valuations in Louisville changing?<\/b><\/p>\n

Now for news that is better for home sellers than home buyers in the area.\u00a0Though Louisville has generally benefited from low property valuations in recent years, that situation has begun to change slowly but steadily. Louisville-Jefferson County\u2019s property valuation office, which assesses 260,000 residential properties, sent out more than 60,000 notices in 2015 regarding property value changes. Those changes represented a 15 percent increase, on average. Some property owners were hit with assessments much higher. \u00a0The property valuation administrator\u00a0implied\u00a0property owners have been spoiled by low valuations for too many years.\u00a0Although property owners may argue that implication, the facts show Louisville continues to have a favorable tax rate compared to other cities similar in size and location.<\/p>\n

2 Point Highlight<\/h2>\n

When it\u2019s time to pay real estate taxes, Louisville is a good place to own a home compared to other cities<\/p>\n

Louisville, Kentucky stacks up well in nearly any property tax rate comparison.<\/p>\n","protected":false},"excerpt":{"rendered":"

The median list price of a home today in Louisville, Kentucky, is $154,900. The median property tax on a home of that value is $1,447. Property tax rates in Louisville have steadily increased the past two decades, due in large part to school district requirements. The increases have caused more than a little grumbling among property owners. When it\u2019s time to pay real estate taxes, however, Louisville\u00a0is a good place to own a home when compared to other cities. The Louisville property tax rate is a relatively reasonable 0.934 percent. This means, for every $100,000 in value, Louisville homeowners pay […]<\/p>\n","protected":false},"author":3,"featured_media":2304,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[249],"tags":[],"class_list":["post-2303","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-property-taxes","post--single"],"yoast_head":"\nMiami Property Tax: How Does It Compare to Other Major Cities?<\/title>\n<meta name=\"description\" content=\"While the amenities and allure of Miami Beach come with a sky-high price tag (and Miami property tax bill), the city isn't a southern mecca reserved for the rich and famous. 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