Goshen, Kentucky Property Taxes
The median property tax rate in Goshen, 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 Goshen at $312,000, the typical annual property tax bill reaches $3,727, exceeding the national median of $2,690. Property taxes in Goshen 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 Goshen'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 Goshen 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
Goshen, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.24%
Estimate Property Tax Bill
$3,869
Ownwell’s Goshen Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Goshen with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Goshen 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 Goshen, Kentucky
Property taxes in Goshen, Kentucky, are essential in funding crucial local services like public schools, road maintenance, and emergency services. The median tax rate in Goshen is 1.24%, significantly higher than the U.S. national median of 0.99%. Local government entities within Goshen set these rates annually, and they can vary significantly across different neighborhoods. Each year, Goshen 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 Goshen's effective property tax rate to other counties in Kentucky and the national median. For comparison, the 40026 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 Goshen 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 Goshen 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 Goshen, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40026 | 1.00% | 1.17% | 1.24% | 1.24% | 1.25% |
Source: Ownwell
Property Tax Assessment Values Across Goshen, Kentucky
In Goshen, 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 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 Goshen, 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 Goshen helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the area are both $3,727, found in zip code 40026.
Average Goshen Assessed Value
$312,000
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 Goshen, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40026 | $190,000 | $225,000 | $312,000 | $500,000 | $735,000 |
Source: Ownwell
Property Tax Bills Across Goshen, Kentucky
In Goshen, KY, property tax bills are calculated based on the assessed value of the home, which is determined by the local tax assessor. The assessed value is then multiplied by the tax rate set by local authorities. For example, with a median home price of $312,000, homeowners can expect varying tax bills depending on the exact assessed value and applicable exemptions. Factors such as property size, location, and improvements can influence the assessed value, thereby affecting the tax bill. In Oldham County, where Goshen is located, the tax bill at the 25th percentile is around $2,708, while at the 75th percentile, it rises to approximately $5,816. For those at the 90th percentile, the tax bill can be as high as $8,342. Comparatively, the national median property tax rate is 0.99%, making the property taxes in Goshen a significant consideration for homeowners. Understanding these factors can help residents anticipate their financial obligations and plan accordingly.
Average Goshen Tax Bill
$3,727
Average Oldham County Tax Bill
$3,306
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Goshen, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40026 | $2,133 | $2,708 | $3,727 | $5,816 | $8,342 |
Source: Ownwell