Owingsville, Kentucky Property Taxes
The median property tax rate in Owingsville, KY is 1.08%, slightly higher than both the national median of 0.99% and the Kentucky state median of 1.02%. With the median home value in Owingsville at $75,000, the typical annual property tax bill is around $726, which is significantly lower than the national median of $2,690. Property taxes in Owingsville are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Owingsville's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Owingsville or another part of Montgomery County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Owingsville, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.08%
Estimate Property Tax Bill
$810
Ownwell’s Owingsville Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Owingsville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Owingsville 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 Owingsville, Kentucky
Property taxes in Owingsville, Kentucky, are essential for funding critical local services like public schools, road maintenance, and emergency services. The median tax rate in Owingsville is 0.73%, which is lower than both the Kentucky state median of 0.83% and the U.S. national median of 0.99%. Local government entities in Owingsville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Owingsville 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 Owingsville's effective property tax rate to other counties in Kentucky and the national median. For comparison, the 40360 zip code has the highest median property tax rate of 0.73%, while the same 40360 zip code also has the lowest median tax rate of 0.73%. Understanding how these cities compare with Owingsville provides valuable insights into the varying tax landscape across Bath County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Owingsville Tax Rate
1.08%
Average Montgomery County Tax Rate
1.08%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Owingsville, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40360 | 0.78% | 1.07% | 1.07% | 1.07% | 1.08% |
Source: Ownwell
Property Tax Assessment Values Across Owingsville, Kentucky
In Owingsville, 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 local county assessment office 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 Owingsville, 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 Owingsville helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in the area is $75,000, with the highest and lowest median tax bills both being $726 in the 40360 zip code.
Average Owingsville Assessed Value
$75,000
Average Montgomery County Assessed Value
$80,000
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Owingsville, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40360 | $5,800 | $18,000 | $75,000 | $180,000 | $233,400 |
Source: Ownwell
Property Tax Bills Across Owingsville, Kentucky
In Owingsville, located in Montgomery County, KY, property tax bills are calculated based on the assessed value of a property, which is determined by local tax authorities. The assessed value typically represents a percentage of the property's market value. For homeowners in Owingsville, the median home price is $75,000. Property tax rates are applied to this assessed value to determine the annual tax bill. Several factors influence the final tax bill, including the property's assessed value, local tax rates, and any applicable exemptions or deductions. For instance, the 25th percentile of tax bills in Owingsville is around $175, while the 75th percentile reaches up to $1,774, and the 90th percentile can go as high as $2,513. The highest median tax bill in the area is $726, which is notably lower than the national median property tax rate of 0.99%. These tax bills significantly impact homeowners by contributing to the overall cost of owning property in the area. Understanding how these factors interplay can help homeowners better manage their annual expenses.
Average Owingsville Tax Bill
$726
Average Montgomery County Tax Bill
$736
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Owingsville, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40360 | $59 | $175 | $726 | $1,774 | $2,513 |
Source: Ownwell