Crestwood, Kentucky Property Taxes
The median property tax rate in Crestwood, KY is 1.24%, considerably higher than both the national median of 0.99% and the Kentucky state median of 1.02%. With the median home value in Crestwood at $285,000, the typical annual property tax bill reaches $3,427, exceeding the national median of $2,690. Property taxes in Crestwood are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Crestwood'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 Crestwood or another part of Oldham County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Crestwood, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.24%
Estimate Property Tax Bill
$3,534
Ownwell’s Crestwood Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Crestwood with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Crestwood 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 Crestwood, Kentucky
Property taxes in Crestwood, Kentucky, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Crestwood is 1.24%, higher than the U.S. national median of 0.99%. Local government entities within Crestwood set these rates annually, and they can vary significantly across different neighborhoods. Each year, Crestwood 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 Crestwood's effective property tax rate to other counties in Kentucky and the national median. For comparison, the 40014 zip code has the highest median property tax rate of 1.24%, while the same zip code also has the lowest median tax rate of 1.24%. Understanding how these cities compare with Crestwood provides valuable insights into the varying tax landscape across Oldham County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Crestwood Tax Rate
1.24%
Average Oldham County Tax Rate
1.24%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Crestwood, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40014 | 1.03% | 1.13% | 1.24% | 1.25% | 1.27% |
Source: Ownwell
Property Tax Assessment Values Across Crestwood, Kentucky
In Crestwood, 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 Oldham County Property Valuation Administrator 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. Assessment notices in Crestwood 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 Crestwood helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median property tax bill in Crestwood is $3,427, with the highest and lowest median tax bills both found in the 40014 zip code.
Average Crestwood Assessed Value
$285,000
Average Oldham County Assessed Value
$277,000
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Crestwood, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40014 | $140,000 | $193,125 | $285,000 | $385,000 | $500,000 |
Source: Ownwell
Property Tax Bills Across Crestwood, Kentucky
In Crestwood, located in Oldham County, KY, property tax bills are determined by multiplying the assessed value of a home by the local tax rate. The assessed value is derived from the market value of the property, which is periodically evaluated by county assessors. Homeowners in Crestwood face varying tax bills depending on their property's assessed value. For instance, the median home price in Crestwood is $285,000. When comparing Crestwood's property tax rates with the national median property tax rate of 0.99%, homeowners in this area often see different tax bills based on their property values. For example, the tax bill at the 25th percentile is approximately $2,361, while at the 75th percentile, it rises to around $4,635. At the 90th percentile, it can reach up to $6,056. The highest and lowest median tax bills in Crestwood are both reported at $3,427, indicating a level of consistency within certain neighborhoods. This system ensures that tax contributions are proportionate to property values, impacting homeowners' annual expenses.
Average Crestwood Tax Bill
$3,427
Average Oldham County Tax Bill
$3,306
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Crestwood, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40014 | $1,647 | $2,361 | $3,427 | $4,635 | $6,056 |
Source: Ownwell