Owensboro, Daviess County, Kentucky Property Taxes
The median property tax rate in Owensboro, KY is 0.75%, which is notably 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 Owensboro, the typical annual property tax bill amounts to $696, significantly below the national median of $2,690. Property taxes in Owensboro are calculated based on the tax assessed value, which often falls below the market value due to various exemptions, such as the primary residence and agricultural exemptions. Understanding Owensboro's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Owensboro or another part of the city, comprehending the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Owensboro, Daviess County, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.75%
Estimate Property Tax Bill
$863
$800
Ownwell’s Owensboro Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Owensboro with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Owensboro 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 Owensboro, Daviess County, Kentucky
Property taxes in Owensboro, Kentucky, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Owensboro is 0.75%, which is lower than both the Kentucky state median and the U.S. national median of 0.99%. Local government entities within Owensboro set these rates annually, and they can vary significantly across different neighborhoods. Each year, Owensboro 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 Owensboro's effective property tax rate to other areas in Daviess County and the national median. For comparison, the 42303 zip code has the highest median property tax rate of 0.81%, while the 42301 zip code has the lowest median tax rate of 0.69%. Understanding how these areas compare with Owensboro provides valuable insights into the varying tax landscape across Daviess County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Owensboro Tax Rate
0.75%
Average Daviess County Tax Rate
0.81%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Owensboro, Daviess County, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42301 | 0.21% | 0.34% | 0.69% | 1.04% | 1.07% |
| 42303 | 0.22% | 0.34% | 0.81% | 1.04% | 1.11% |
Source: Ownwell
Property Tax Assessment Values Across Owensboro, Daviess County, Kentucky
In Owensboro, 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 Daviess County Property Valuation Administrator 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 Owensboro, 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. For instance, the zip code with the highest median tax bill is 42303 at $802, while the lowest is 42301 at $628. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Owensboro, Daviess County, Kentucky
Source: Ownwell
$40,750
$79,425
$118,100
Average Owensboro Assessed Value
$115,000
Average Daviess County Assessed Value
$110,800
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Owensboro, Daviess County, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42301 | $18,000 | $61,400 | $112,800 | $174,600 | $252,700 |
| 42303 | $10,000 | $55,000 | $118,100 | $196,600 | $297,010 |
Source: Ownwell
Property Tax Bills Across Owensboro, Daviess County, Kentucky
In Owensboro, located in Daviess County, KY, property tax bills are calculated based on the assessed value of a property. The assessed value is determined by the local tax assessor and reflects a percentage of the property's market value. Several factors influence this assessed value, including the property's size, location, and condition. Once the assessed value is established, the local tax rate is applied to calculate the tax bill. For homeowners in Owensboro, the median home price is $115,000. Tax bills can vary significantly, with the 25th percentile tax bill at $222 and the 75th percentile tax bill at $1,427. The 90th percentile tax bill can reach up to $2,524. The highest median tax bill in the area is $802 in the 42303 zip code, while the lowest median tax bill is $628 in the 42301 zip code. These property taxes impact homeowners by contributing to community services and infrastructure but also represent a significant annual expense.
Average Owensboro Tax Bill
$696
Average Daviess County Tax Bill
$710
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Owensboro, Daviess County, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42301 | $86 | $226 | $628 | $1,205 | $2,215 |
| 42303 | $86 | $218 | $802 | $1,702 | $2,796 |
Source: Ownwell