Olive Hill, Kentucky Property Taxes
The median property tax rate in Olive Hill, KY is 0.86%, which is lower than both the national median of 0.99% and the Kentucky state median of 1.02%. With a median home value of $47,500 in Olive Hill, the typical annual property tax bill amounts to $259, significantly below the national median of $2,690. Property taxes in Olive Hill are determined based on the tax assessed value, which is often lower than the market value due to exemptions such as those for primary residences and agricultural properties. Gaining a thorough understanding of Olive Hill's property tax system, exploring available exemptions, and seeking opportunities for reductions can result in substantial yearly savings. Whether situated in the heart of Olive Hill or another part of the city, comprehending the local property tax framework will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Olive Hill, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.86%
Estimate Property Tax Bill
$409
Ownwell’s Olive Hill Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Olive Hill with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Olive Hill to estimate your property tax bill. This insightful tool helps you understand potential tax liabilities. If you’re interested in seeing trends on a neighborhood level, scroll down to find more localized information. Your property’s assessed value is the value assigned by the county for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Olive Hill, Kentucky
Property taxes in Olive Hill, Kentucky, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Olive Hill is 0.86%, which is lower than the U.S. national median of 0.99%. Local government entities within Olive Hill set these rates annually, and they can vary significantly across different neighborhoods. Each year, Olive Hill estimates its required budget to maintain services for the upcoming fiscal year, then divides this budget by the total value of all taxable property within the jurisdiction to calculate the property tax rate. While tax rates and budgets are influenced by laws and voter input, this calculation forms the basis of setting property tax rates. The data below compares Olive Hill's effective property tax rate to other counties in Kentucky and the national median. For comparison, the 41164 zip code has both the highest and lowest median property tax rate of 0.86%. Understanding how these cities compare with Olive Hill provides valuable insights into the varying tax landscape across Carter County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Olive Hill Tax Rate
0.86%
Average Carter County Tax Rate
0.86%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Olive Hill, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41164 | 0.11% | 0.42% | 0.86% | 0.86% | 0.86% |
Source: Ownwell
Property Tax Assessment Values Across Olive Hill, Kentucky
In Olive Hill, Kentucky, understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes. The market value is the price a willing buyer would pay a willing seller in an open and competitive market, influenced by factors like location, property condition, and economic trends. This value is estimated by the Carter County Property Valuation Administrator for tax purposes. In contrast, the assessed value is the market value minus any applicable exemptions or limits based on local laws and available programs. The assessed value is then used to calculate your property taxes by multiplying it by the combined tax rates of all relevant taxing entities. In Olive Hill, assessment notices are typically mailed out in the spring, usually by mid-April. These notices provide homeowners with both the market and assessed values, along with an estimate of the annual property tax bill. By understanding the distinction between these valuation concepts, property owners can better navigate their tax responsibilities and comprehend how their property taxes are determined. Being aware of these valuation processes in Olive Hill helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Olive Hill is $259 in the 41164 zip code, while the lowest median tax bill is also $259 in the same zip code.
Average Olive Hill Assessed Value
$47,500
Average Carter County Assessed Value
$55,000
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Olive Hill, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41164 | $8,000 | $22,970 | $47,500 | $85,000 | $139,780 |
Source: Ownwell
Property Tax Bills Across Olive Hill, Kentucky
In Olive Hill, Carter County, KY, property tax bills are calculated based on the assessed value of a home, which is derived from the market value. The local tax rate is then applied to this assessed value to determine the annual tax bill. For instance, with a median home price of $47,500, homeowners can expect varying tax bills depending on the specific valuation and applicable exemptions. Factors influencing the tax bill include the property's market value, local tax rates, and any applicable exemptions or deductions. The 25th percentile tax bill in Olive Hill is $86, while the 75th percentile reaches $527, and the 90th percentile goes up to $991. These figures indicate the range within which most homeowners' tax bills fall, reflecting different property values and tax liabilities. For homeowners, understanding these factors is crucial as property taxes can significantly impact annual expenses. Comparing these figures to the national median property tax rate of 0.99% helps highlight how local rates and property values influence the overall tax burden.
Average Olive Hill Tax Bill
$259
Average Carter County Tax Bill
$333
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Olive Hill, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41164 | $31 | $86 | $259 | $527 | $991 |
Source: Ownwell