Owensboro, Kentucky Property Taxes
The median property tax rate in Owensboro, KY is 1.12%, higher than both the national median of 0.99% and the Kentucky state median of 1.02%. With a median home value of $90,500 in Owensboro, the typical annual property tax bill is approximately $894, which is below the national median of $2,690. Property taxes in Owensboro are based on the assessed value, which usually falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Owensboro'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 Owensboro or another part of the city, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Owensboro, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.12%
Estimate Property Tax Bill
$1,014
Ownwell’s Owensboro Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Owensboro with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Owensboro 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 Owensboro, Kentucky
Property taxes in Owensboro, Kentucky, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Owensboro is 1.12%, which is notably higher than both the Kentucky state median and the U.S. national median of 0.99%. Local government entities within Owensboro set these rates annually, and they can vary significantly across different neighborhoods. Each year, Owensboro 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 Owensboro's effective property tax rate to other counties in Kentucky and the national median. For comparison, the 42301 zip code has both the highest and lowest median property tax rate of 1.12%. Understanding how these cities compare with Owensboro provides valuable insights into the varying tax landscape across Henderson County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Owensboro Tax Rate
1.12%
Average Henderson County Tax Rate
1.12%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Owensboro, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42301 | 0.62% | 0.78% | 1.12% | 1.17% | 1.22% |
Source: Ownwell
Property Tax Assessment Values Across Owensboro, Kentucky
In Owensboro, 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 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 Owensboro, 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 Owensboro helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Owensboro is $90,500, with median tax bills ranging from $681 at the 25th percentile to $1,731 at the 90th percentile. The zip code 42301 has the highest and lowest median tax bill at $894.
Average Owensboro Assessed Value
$90,500
Average Henderson County Assessed Value
$98,900
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Owensboro, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42301 | $14,650 | $56,000 | $90,500 | $116,750 | $147,830 |
Source: Ownwell
Property Tax Bills Across Owensboro, Kentucky
In Owensboro, KY, located in Henderson County, property tax bills are calculated based on the assessed value of a home and the local tax rate. The median home price in Owensboro is $90,500. To determine the tax bill, assessors first evaluate the market value of the property. This assessed value is then multiplied by the local tax rate to calculate the annual property tax bill. Several factors influence the tax bill, including property improvements, neighborhood trends, and changes in the local tax rate. For example, homeowners in Owensboro can expect property tax bills ranging from $681 at the 25th percentile to $1,731 at the 90th percentile. The median tax bill in the area is $894, which aligns with the highest and lowest median tax bills recorded in the same zip code, 42301. These property taxes significantly impact homeowners by contributing to local services such as schools, public safety, and infrastructure. However, they also represent a substantial annual expense, making it crucial for homeowners to understand how their tax bills are calculated and what factors may affect them.
Average Owensboro Tax Bill
$894
Average Henderson County Tax Bill
$1,006
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Owensboro, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42301 | $236 | $681 | $894 | $1,162 | $1,731 |
Source: Ownwell