Orlando, Kentucky Property Taxes
The median property tax rate in Orlando, KY is 0.83%, 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 $25,000 in Orlando, the typical annual property tax bill is $151, significantly below the national median of $2,690. Property taxes in Orlando are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as the primary residence and agricultural exemptions. Understanding Orlando'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 Orlando 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
Orlando, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.83%
Estimate Property Tax Bill
$208
Ownwell’s Orlando Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Orlando with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Orlando 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 Orlando, Kentucky
Property taxes in Orlando, Kentucky, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Orlando is 0.83%, which is lower than the U.S. national median of 0.99%. Local government entities within Orlando set these rates annually, and they can vary significantly across different neighborhoods. Each year, Orlando 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 Orlando's effective property tax rate to other areas in Kentucky and the national median. For comparison, the zip code 40460 has the highest median property tax rate of 0.83%, while the same zip code also has the lowest median tax rate of 0.83%. Understanding how these areas compare with Orlando provides valuable insights into the varying tax landscape across Rockcastle County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Orlando Tax Rate
0.83%
Average Rockcastle County Tax Rate
0.83%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Orlando, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40460 | 0.49% | 0.83% | 0.83% | 0.83% | 0.83% |
Source: Ownwell
Property Tax Assessment Values Across Orlando, Kentucky
In Orlando, 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 Rockcastle 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 Orlando, 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. For example, the median home price in Orlando is $25,000, with tax bills ranging significantly. The 25th percentile tax bill is $41, while the 75th percentile tax bill is $373, and the 90th percentile tax bill is $669. 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 helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Orlando Assessed Value
$25,000
Average Rockcastle County Assessed Value
$48,500
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Orlando, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40460 | $1,775 | $5,000 | $25,000 | $55,000 | $90,000 |
Source: Ownwell
Property Tax Bills Across Orlando, Kentucky
In Orlando, Rockcastle County, KY, property tax bills are calculated based on the assessed value of a property, which is determined by the local assessor's office. The assessed value is then multiplied by the local tax rate to determine the annual property tax bill. Various factors influence the assessed value, including the property's market value, location, and any improvements or renovations made. Homeowners in Orlando experience a range of property tax bills. For instance, the 25th percentile tax bill is $41, while the 75th percentile tax bill is $373. At the 90th percentile, the tax bill can reach $669. These figures indicate a significant variation in property tax bills within the area, reflecting differences in property values and assessed rates. Compared to the national median property tax rate of 0.99%, Orlando's property taxes can be relatively low, making it an attractive option for homeowners looking for affordability. However, understanding the factors that influence property tax bills is crucial for homeowners to manage their finances effectively.
Average Orlando Tax Bill
$151
Average Rockcastle County Tax Bill
$286
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Orlando, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40460 | $14 | $41 | $151 | $373 | $669 |
Source: Ownwell