Glencoe, Kentucky Property Taxes
The median property tax rate in Glencoe, KY is 1.18%, which is higher than both the national median of 0.99% and the Kentucky state median of 1.02%. With a median home value of $88,850 in Glencoe, the typical annual property tax bill is $975, still below the national median of $2,690. Property taxes in Glencoe are calculated based on the tax assessed value, which often falls below the market value due to exemptions such as primary residence and agricultural exemptions. Understanding Glencoe'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 Glencoe or another part of the city, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Glencoe, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.18%
Estimate Property Tax Bill
$1,048
Ownwell’s Glencoe Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Glencoe with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Glencoe 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 Glencoe, Kentucky
Property taxes in Glencoe, Kentucky, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Glencoe is 1.18%, significantly higher than the U.S. national median of 0.99%. Local government entities within Glencoe set these rates annually, and they can vary significantly across different neighborhoods. Each year, Glencoe 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 Glencoe's effective property tax rate to other counties in Kentucky and the national median. For comparison, the 41046 zip code has the highest median property tax rate of 1.18%, while the same zip code also has the lowest median tax rate of 1.18%. Understanding how these cities compare with Glencoe provides valuable insights into the varying tax landscape across Owen County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Glencoe Tax Rate
1.18%
Average Owen County Tax Rate
1.18%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Glencoe, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41046 | 0.71% | 1.15% | 1.18% | 1.20% | 1.28% |
Source: Ownwell
Property Tax Assessment Values Across Glencoe, Kentucky
In Glencoe, 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 Owen County Appraisal District 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 Glencoe, 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 Glencoe helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest median tax bill is 41046, with a median tax bill of $975.
Average Glencoe Assessed Value
$88,850
Average Owen County Assessed Value
$55,000
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Glencoe, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41046 | $19,150 | $49,550 | $88,850 | $141,900 | $219,100 |
Source: Ownwell
Property Tax Bills Across Glencoe, Kentucky
In Glencoe, KY, property tax bills are calculated based on the assessed value of the property, which is determined by the local tax assessor. This assessed value is then multiplied by the property tax rate set by the local government. For homeowners in Glencoe, the median home price is $88,850, contributing to a median property tax bill of $975.00, which is significantly lower than the national median property tax rate of 0.99%. The tax bill can vary widely depending on the property's value and specific local tax rates. For instance, homeowners in the 25th percentile might see tax bills around $491, while those in the 75th percentile could face bills up to $1,598. At the higher end, the 90th percentile tax bill can reach $2,497. These variations highlight how property values and local tax rates impact the overall tax burden on homeowners. Understanding these factors can help homeowners better anticipate their annual property tax expenses and plan accordingly.
Average Glencoe Tax Bill
$975
Average Owen County Tax Bill
$541
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Glencoe, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41046 | $235 | $491 | $975 | $1,598 | $2,497 |
Source: Ownwell