Olive Hill, Elliott County, Kentucky Property Taxes
The median property tax rate in Olive Hill, KY is 0.96%, slightly below both the national median of 0.99% and the Kentucky state median of 1.02%. With a median home value of $53,100 in Olive Hill, the typical annual property tax bill is approximately $295, significantly lower than the national median of $2,690. Property taxes in Olive Hill are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Olive Hill'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 Olive Hill 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
Olive Hill, Elliott County, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.96%
Estimate Property Tax Bill
$510
$473
Ownwell’s Olive Hill Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Olive Hill with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Olive Hill 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 Olive Hill, Elliott County, Kentucky
Property taxes in Olive Hill, Kentucky, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Olive Hill is 0.96%, slightly lower than the U.S. national median of 0.99%. Local government entities within Olive Hill set these rates annually, and they can vary significantly across different neighborhoods. Each year, Olive Hill 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 Olive Hill's effective property tax rate to other counties in Kentucky and the national median. For comparison, the zip code 41164 has the highest median property tax rate of 0.96%, while the same zip code also has the lowest median tax rate of 0.96%. Understanding how these cities compare with Olive Hill provides valuable insights into the varying tax landscape across Elliott County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Olive Hill Tax Rate
0.96%
Average Elliott County Tax Rate
0.96%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Olive Hill, Elliott County, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41164 | 0.14% | 0.38% | 0.96% | 0.97% | 0.97% |
Source: Ownwell
Property Tax Assessment Values Across Olive Hill, Elliott County, Kentucky
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Olive Hill, Kentucky. 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 Elliott 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 Olive Hill, 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. The median home price in Olive Hill is $53,100, with tax bills ranging from $106 at the 25th percentile to $999 at the 90th percentile. Awareness 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 Olive Hill, Elliott County, Kentucky
Source: Ownwell
$51,500
$52,300
$53,100
Average Olive Hill Assessed Value
$53,100
Average Elliott County Assessed Value
$52,000
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Olive Hill, Elliott County, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41164 | $8,860 | $20,412 | $53,100 | $105,000 | $161,344 |
Source: Ownwell
Property Tax Bills Across Olive Hill, Elliott County, Kentucky
In Olive Hill, Elliott County, KY, property tax bills are determined based on the assessed value of a home. The assessed value is typically a percentage of the market value, which is determined by local tax assessors. Once the assessed value is established, it is multiplied by the local property tax rate to calculate the annual tax bill. Homeowners in Olive Hill see a range of tax bills depending on their property values. For instance, the 25th percentile of tax bills is approximately $106, while the 75th percentile reaches around $617. At the higher end, the 90th percentile tax bill is about $999. These figures indicate the variability in tax obligations based on property values within the area. The highest median tax bill in Olive Hill is $295, which is relatively low compared to the national median property tax rate of 0.99%. This lower tax burden can make homeownership more affordable, but it also reflects the generally lower property values in the region.
Average Olive Hill Tax Bill
$295
Average Elliott County Tax Bill
$286
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Olive Hill, Elliott County, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41164 | $50 | $106 | $295 | $617 | $999 |
Source: Ownwell