40045 Property Tax Rate

Property owners in ZIP code 40045 (Milton, Kentucky) pay a median of $985/year in property taxes on homes valued at $146,400. This translates to an effective tax rate of 0.67%, which is 11% below the Kentucky state average of 0.75%.

The monthly property tax burden for a median-valued home in 40045 is approximately $82, which factors into escrow payments on mortgages. This ZIP code is located within Trimble County.

Compared to similar ZIP codes in Kentucky, 40045 has lower property taxes. ZIP codes with similar effective rates include 42748 (0.67%) and 42347 (0.67%).

In Milton, property taxes represent approximately 1.4% of the median household income of $72,222, providing context for the relative tax burden on homeowners in this area.

Kentucky reassesses property at fair market value upon sale with no statewide cap; most counties use the assessment-to-value ratio set by state law. Trimble County homeowners should contact the Trimble County Property Valuation Administrator to learn about local senior, disabled, and veteran exemptions. Submit exemption applications to the Trimble County Property Valuation Administrator within 30 days of closing to qualify for the current tax year.