Mount Olivet, Kentucky Property Taxes
The median property tax rate in Mount Olivet, KY is 1.37%, considerably higher than both the national median of 0.99% and the Kentucky state median of 1.02%. With the median home value in Mount Olivet at $62,000, the typical annual property tax bill reaches $655, which is below the national median of $2,690. Property taxes in Mount Olivet are calculated based on the assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Mount Olivet'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 Mount Olivet 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
Mount Olivet, Kentucky Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
1.02%
Estimate Property Tax Bill
$2,040
Ownwell’s Mount Olivet Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Mount Olivet with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Mount Olivet 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 Mount Olivet, Kentucky
Property taxes in Mount Olivet, Kentucky, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Mount Olivet is 0.58%, which is lower than both the Kentucky state median of 0.83% and the U.S. national median of 0.99%. Local government entities within Mount Olivet set these rates annually, and they can vary significantly across different neighborhoods. Each year, Mount Olivet 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 Mount Olivet's effective property tax rate to other counties in Kentucky and the national median. For comparison, the 41064 zip code has both the highest and lowest median property tax rate of 0.58%. Understanding how these cities compare with Mount Olivet provides valuable insights into the varying tax landscape across Robertson County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Mount Olivet Tax Rate
1.37%
Average Robertson County Tax Rate
1.37%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Mount Olivet, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41064 | 0.51% | 1.36% | 1.36% | 1.37% | 1.37% |
Source: Ownwell
Property Tax Assessment Values Across Mount Olivet, Kentucky
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Mount Olivet, KY. 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 Robertson 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. Assessment notices in Mount Olivet 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 Mount Olivet helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in the area is $655.00 in the 41064 zip code, while the lowest median tax bill is also $655.00 in the same zip code.
Average Mount Olivet Assessed Value
$62,000
Average Robertson County Assessed Value
$62,975
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Mount Olivet, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41064 | $14,047 | $32,500 | $62,000 | $93,750 | $138,591 |
Source: Ownwell
Property Tax Bills Across Mount Olivet, Kentucky
In Mount Olivet, property tax bills are calculated based on the assessed value of a home and the local tax rate. The median home price in the area is $62,000. Property taxes in Mount Olivet are influenced by both the assessed value of the property and the applicable tax rate set by local authorities. Homeowners in Mount Olivet can expect a range of property tax bills, with the 25th percentile at around $299 and the 75th percentile at approximately $1,126. For those in the 90th percentile, tax bills can reach up to $1,715. The median property tax bill in Mount Olivet is $655, which is significantly lower than the national median property tax rate of 0.99%. This relatively lower tax burden can make homeownership more affordable in Mount Olivet compared to other regions. However, the exact amount a homeowner will pay can vary based on the specific assessed value of their property and any applicable exemptions or deductions. Understanding these factors is crucial for homeowners to manage their expenses effectively.
Average Mount Olivet Tax Bill
$655
Average Robertson County Tax Bill
$674
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Mount Olivet, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41064 | $136 | $299 | $655 | $1,126 | $1,715 |
Source: Ownwell