Offutt, Kentucky Property Taxes
The median property tax rate in Offutt, KY is 1.09%, notably higher than both the national median of 0.99% and the Kentucky state median of 1.02%. With a median home value of $37,000 in Offutt, the typical annual property tax bill amounts to $398, which is significantly lower than the national median of $2,690. Property taxes in Offutt are calculated based on the tax assessed value, which usually falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Offutt'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 Offutt or another part of Johnson County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Offutt, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.09%
Estimate Property Tax Bill
$403
Ownwell’s OFFUTT Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in OFFUTT with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in OFFUTT 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 Offutt, Kentucky
Property taxes in Offutt, Kentucky, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Offutt is 0.72%, lower than both the Kentucky state median of 0.83% and the U.S. national median of 0.99%. Local government entities within Offutt set these rates annually, and they can vary significantly across different neighborhoods. Each year, Offutt 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 Offutt's effective property tax rate to other counties in Kentucky and the national median. For comparison, the 41143 zip code has the highest median property tax rate of 0.83%, while the 41143 zip code also has the lowest median tax rate of 0.83%. Understanding how these cities compare with Offutt provides valuable insights into the varying tax landscape across Johnson County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Offutt Tax Rate
1.09%
Average Johnson County Tax Rate
1.01%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Offutt, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41240 | 1.06% | 1.07% | 1.09% | 1.11% | 1.12% |
Source: Ownwell
Property Tax Assessment Values Across Offutt, Kentucky
In Offutt, 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 Johnson 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 Offutt, 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 Offutt helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest and lowest median tax bills in Johnson County is 41240, with a median tax bill of $398.
Average Offutt Assessed Value
$37,000
Average Johnson County Assessed Value
$56,700
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Offutt, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41240 | $23,800 | $28,750 | $37,000 | $45,250 | $50,200 |
Source: Ownwell
Property Tax Bills Across Offutt, Kentucky
In OFFUTT, KY, property tax bills are calculated based on the assessed value of a property, which is determined by the local county assessor. The assessed value is a percentage of the property's market value, reflecting its estimated worth on the open market. Factors such as property size, location, and condition play a significant role in determining this value. Once the assessed value is established, the local tax rate is applied. For OFFUTT, the median home price stands at $37,000, with tax bills ranging from $314 at the 25th percentile to $532 at the 90th percentile. The highest median tax bill recorded in the county is $398, which is relatively modest compared to the national median property tax rate of 0.99%. Homeowners in OFFUTT can expect their property tax bills to reflect these values, directly impacting their annual financial planning. Lower property tax rates can make homeownership more affordable, while higher rates may necessitate budgeting adjustments. Understanding these factors helps homeowners anticipate their tax obligations and manage their finances more effectively.
Average Offutt Tax Bill
$398
Average Johnson County Tax Bill
$379
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Offutt, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41240 | $264 | $314 | $398 | $481 | $532 |
Source: Ownwell