Olympia, Kentucky Property Taxes
The median property tax rate in Olympia, KY is 1.17%, considerably higher than both the national median of 0.99% and the Kentucky state median of 1.02%. With the median home value in Olympia at $60,391, the typical annual property tax bill reaches $524, which is below the national median of $2,690. Property taxes in Olympia 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 Olympia'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 Olympia 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
Olympia, 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 Olympia Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Olympia with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Olympia 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 Olympia, Kentucky
Property taxes in Olympia, Kentucky, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Olympia is 0.74%, significantly lower than both the Kentucky state median of 0.83% and the U.S. national median of 0.99%. Local government entities within Olympia set these rates annually, and they can vary significantly across different neighborhoods. Each year, Olympia 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 Olympia's effective property tax rate to other counties in Kentucky and the national median. For comparison, the highest median property tax rate in Bath County is 0.83%, while the lowest median tax rate is also 0.83%. Understanding how these cities compare with Olympia provides valuable insights into the varying tax landscape across Bath County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Olympia Tax Rate
1.17%
Average Bath County Tax Rate
1.17%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Olympia, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40358 | 0.35% | 0.65% | 1.17% | 1.17% | 1.17% |
Source: Ownwell
Property Tax Assessment Values Across Olympia, Kentucky
In Olympia, 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 Bath 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 Olympia, 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. The median home price in Olympia is $60,391, with tax bills varying significantly across different percentiles. The 25th percentile tax bill is $268, while the 75th percentile tax bill is $1,123, and the 90th percentile tax bill reaches $1,742. The zip code 40358 has the highest median tax bill of $524. 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 Olympia helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Olympia Assessed Value
$60,391
Average Bath County Assessed Value
$55,200
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Olympia, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40358 | $15,000 | $30,000 | $60,391 | $122,575 | $178,480 |
Source: Ownwell
Property Tax Bills Across Olympia, Kentucky
Property tax bills in Olympia, KY, are calculated based on the assessed value of a property, which is determined by the local tax assessor. This assessed value is then multiplied by the local property tax rate to determine the annual tax bill. Various factors influence the assessed value, including the property's market value, location, and any improvements made. For homeowners in Olympia, the median home price is $60,391. Tax bills can vary significantly within the city. Homeowners at the 25th percentile of tax bills pay around $268 annually, while those at the 75th percentile pay approximately $1,123. The tax bill for the 90th percentile reaches up to $1,742. Comparatively, the national median property tax rate stands at 0.99%, which provides a benchmark for understanding local tax burdens. These property taxes fund essential public services such as schools, infrastructure, and emergency services, thereby directly impacting the community's quality of life.
Average Olympia Tax Bill
$524
Average Bath County Tax Bill
$496
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Olympia, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40358 | $118 | $268 | $524 | $1,123 | $1,742 |
Source: Ownwell