Owsley County Property Taxes
The median property tax rate in Owsley County is 1.39%, which is significantly higher than both the national median of 0.99% and the Kentucky state median of 1.02%. With the median home value in Owsley County, the typical annual property tax bill reaches $355, which is well below the national median of $2,690. Property taxes in Owsley County are calculated based on the tax assessed value, which generally falls below the actual market value due to various property tax exemptions like the primary residence and agricultural exemptions. Understanding Owsley County's specific property tax system, exploring available exemptions, and identifying opportunities for property tax reductions can provide significant annual savings. Whether you live in Booneville or another part of Owsley County, gaining a comprehensive knowledge of local property taxes will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Owsley County Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.39%
Estimate Property Tax Bill
$500
Ownwell’s Owsley County Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner to estimate their annual property taxes in Owsley County with just 2 data points. Enter your property's estimated assessed value, and our calculator applies the median tax rate in Owsley County to estimate your property tax bill. This insight helps you understand potential tax liabilities. If you’d like to see trends on a city level, scroll down to navigate to a more local informational page. Your property assessed value is the value assigned to your property by your county for property tax calculations. Assessed value takes into account any exemptions you may have on your property.
Property Tax Rates Across Owsley County, Kentucky
Property taxes in Owsley County play a crucial role in funding essential local services like public schools, road maintenance, and emergency services. The median tax rate in Owsley County is 1.39%, which is significantly higher than the U.S. national median of 0.99%. Local government entities within Owsley County set these rates annually, and they can vary significantly between different areas within the county. Each year, Owsley County estimates its required budget to maintain services for the upcoming fiscal year and divides this budget by the total value of all taxable property in the jurisdiction, resulting in the property tax rate. Although tax rates and budgets are influenced by laws and voter input, this calculation forms the basic process for setting property tax rates. For comparison, the city of Mc Kee has one of the higher property tax rates in the region at 1.39%, while the city of Booneville also has a rate of 1.39%. Analyzing how Owsley County's tax rates stack up against these benchmarks can give homeowners a better understanding of the local tax landscape.
Average Owsley County Tax Rate
1.39%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Owsley County, Kentucky
| City | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| Booneville | 0.33% | 0.90% | 1.39% | 1.39% | 1.40% |
| Mc Kee | 1.39% | 1.39% | 1.39% | 1.39% | 1.39% |
| Ricetown | N/A | N/A | N/A | N/A | N/A |
| Sextons Creek | N/A | N/A | N/A | N/A | N/A |
| Vincent | 0.40% | 0.77% | 1.39% | 1.39% | 1.39% |
Source: Ownwell
Property Tax Assessment Values Across Owsley County, Kentucky
In Owsley County, understanding the difference between "market value" and "assessed value" is key to comprehending property taxes. The market value represents the price a willing buyer would pay to a willing seller in an open, competitive market, considering location, property condition, and current economic trends. For tax purposes, this value is estimated by the Owsley County Appraisal District. The assessed value, however, 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 Owsley County are typically mailed in the spring, usually by the middle of April. These notices provide homeowners with both the market and assessed values, along with an estimate of the annual property tax bill. By distinguishing between these valuation concepts, property owners can better navigate their tax responsibilities and understand how their property taxes are affected. Being aware of these valuation processes in Owsley County will help you identify opportunities for appealing assessments or applying for exemptions to manage your tax burden more effectively. In Owsley County, Booneville has the highest median tax bill at $376, while Vincent has the lowest at $153.
Average Owsley County Assessed Value
$36,000
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Owsley County, Kentucky
| City | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| Booneville | $7,500 | $18,500 | $36,500 | $64,625 | $92,350 |
| Mc Kee | $19,000 | $20,500 | $23,000 | $25,500 | $27,000 |
| Ricetown | N/A | N/A | N/A | N/A | N/A |
| Sextons Creek | N/A | N/A | N/A | N/A | N/A |
| Vincent | $17,920 | $28,300 | $45,600 | $90,300 | $117,120 |
Source: Ownwell
Property Tax Bills Across Owsley County, Kentucky
In Owsley County, KY, property tax bills are calculated based on the assessed value of a home. The county's median home price is $36,000, which is significantly lower than the national median. Tax rates are applied to the assessed value to determine the final tax bill. Various factors such as property location and improvements can influence the assessed value. For instance, the median tax bill in Booneville, the city with the highest median tax bill in the county, is $376, while Vincent has the lowest median tax bill at $153. Homeowners in Owsley County can expect their property tax bills to vary widely. At the 25th percentile, tax bills are around $139, climbing to $708 at the 75th percentile, and reaching up to $1,188 at the 90th percentile. These variations highlight the importance of understanding how property assessments and local tax rates impact the overall tax burden. Lower property values in the county generally result in lower tax bills compared to the national median property tax rate of 0.99%.
Average Owsley County Tax Bill
$355
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Owsley County, Kentucky
| City | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| Booneville | $58 | $147 | $376 | $745 | $1,228 |
| Mc Kee | $265 | $286 | $321 | $356 | $377 |
| Ricetown | N/A | N/A | N/A | N/A | N/A |
| Sextons Creek | N/A | N/A | N/A | N/A | N/A |
| Vincent | $88 | $112 | $153 | $1,017 | $1,536 |
Source: Ownwell