Oak Grove, Kentucky Property Taxes
The median property tax rate in Oak Grove, KY is 0.86%, which is lower than both the national median of 0.99% and the Kentucky state median of 1.02%. With a median home value of $115,000 in Oak Grove, the typical annual property tax bill amounts to $955, significantly below the national median of $2,690. Property taxes in Oak Grove are calculated based on the tax assessed value, which is often lower than the market value due to exemptions such as primary residence and agricultural exemptions. Understanding Oak Grove's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you reside in the heart of Oak Grove or another part of the city, gaining insight into the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Oak Grove, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.86%
Estimate Property Tax Bill
$989
Ownwell’s Oak Grove Property Tax Bill Calculator is a valuable tool for homeowners, real estate investors, and potential buyers to estimate their annual property taxes with just two inputs. By entering your property's estimated assessed value, the calculator uses the median tax rate in Oak Grove to provide an estimate of your property tax bill. This tool is designed to help you understand your potential tax liabilities more clearly. For those interested in more detailed insights, you can explore trends at the neighborhood level by scrolling down. Your property’s assessed value is determined by Christian County for tax purposes and includes any applicable exemptions.
Property Tax Rates Across Oak Grove, Kentucky
Property taxes in Oak Grove, Kentucky, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Oak Grove is 0.86%, which is lower than the U.S. national median of 0.99%. Local government entities within Oak Grove set these rates annually, and they can vary significantly across different neighborhoods. Each year, Oak Grove 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. For comparison, the zip code 42262 in Christian County has the same median property tax rate of 0.86%. Understanding how these cities compare with Oak Grove provides valuable insights into the varying tax landscape across Christian County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Oak Grove Tax Rate
0.86%
Average Christian County Tax Rate
0.78%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Oak Grove, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42262 | 0.78% | 0.84% | 0.86% | 0.88% | 0.91% |
Source: Ownwell
Property Tax Assessment Values Across Oak Grove, Kentucky
In Oak Grove, 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 Christian 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 Oak Grove, 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 Oak Grove helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 42262 has the highest and lowest median tax bill in the area, both at $955.
Average Oak Grove Assessed Value
$115,000
Average Christian County Assessed Value
$110,000
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Oak Grove, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42262 | $70,000 | $90,000 | $115,000 | $145,000 | $186,910 |
Source: Ownwell
Property Tax Bills Across Oak Grove, Kentucky
In Oak Grove, Christian County, KY, property tax bills are calculated based on the assessed value of a home. The median home price in the area is $115,000, which plays a significant role in determining property taxes. The tax rate is applied to this assessed value to calculate the annual tax bill. For example, homeowners in Oak Grove can expect a tax bill ranging from $776 at the 25th percentile to $1517 at the 90th percentile. Several factors influence the final tax bill, including the assessed value of the property, local tax rates, and any applicable exemptions. Homeowners may find their tax bills vary significantly within the same region due to differences in property values and specific tax rates applied in different parts of the county. The highest and lowest median tax bills in Oak Grove are both $955, indicating a relatively stable tax rate in the area. These property taxes impact homeowners by contributing to the cost of owning and maintaining a home in Oak Grove.
Average Oak Grove Tax Bill
$955
Average Christian County Tax Bill
$788
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Oak Grove, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42262 | $595 | $776 | $955 | $1,206 | $1,517 |
Source: Ownwell