Oil Springs, Kentucky Property Taxes
The median property tax rate in Oil Springs, KY is 1.01%, slightly higher than the national median of 0.99% but just below the Kentucky state median of 1.02%. With a median home value of $60,000 in Oil Springs, the typical annual property tax bill amounts to $432, significantly lower than the national median of $2,690. Property taxes in Oil Springs are calculated based on the tax assessed value, which usually falls below the market value due to various exemptions such as those for primary residences and agricultural properties. Understanding Oil Springs' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Oil Springs 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
Oil Springs, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.01%
Estimate Property Tax Bill
$606
Ownwell’s OIL SPRINGS Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in OIL SPRINGS with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in OIL SPRINGS 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 Oil Springs, Kentucky
Property taxes in Oil Springs, Kentucky, are essential for funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Oil Springs is 0.63%, 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 Oil Springs set these rates annually, and they can vary significantly across different neighborhoods. Each year, Oil Springs 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 Oil Springs's effective property tax rate to other counties in Kentucky and the national median. For comparison, the 41238 zip code has the highest median property tax rate of 0.63%, while the same 41238 zip code also has the lowest median tax rate of 0.63%. Understanding how these cities compare with Oil Springs provides valuable insights into the varying tax landscape across Johnson County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Oil Springs Tax Rate
1.01%
Average Johnson County Tax Rate
1.01%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Oil Springs, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41238 | 0.24% | 0.50% | 1.01% | 1.05% | 1.10% |
Source: Ownwell
Property Tax Assessment Values Across Oil Springs, Kentucky
In Oil Springs, 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 Johnson 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 Oil Springs, 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 Oil Springs helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest and lowest median tax bill is 41238, both at $432.
Average Oil Springs Assessed Value
$60,000
Average Johnson County Assessed Value
$56,700
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Oil Springs, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41238 | $12,000 | $30,000 | $60,000 | $105,325 | $179,700 |
Source: Ownwell
Property Tax Bills Across Oil Springs, Kentucky
Property tax bills in Oil Springs, Johnson County, KY, are calculated based on the assessed value of the property and the local tax rate. The assessed value is determined by the county assessor and reflects the property's market value. Homeowners in this region experience varying property tax bills depending on the assessed value of their homes. For instance, the median home price in Oil Springs is $60,000. The property tax rate in Johnson County is lower than the national median rate of 0.99%. As a result, homeowners can expect their tax bills to be significantly lower. The 25th percentile tax bill is around $180, while the 75th percentile reaches up to $900. For those at the higher end, the 90th percentile tax bill can be as much as $1,657. These variations in tax bills impact homeowners differently, with those owning higher-valued properties paying more in taxes. Understanding how these factors come together helps homeowners better anticipate their annual property tax obligations and manage their finances accordingly.
Average Oil Springs Tax Bill
$432
Average Johnson County Tax Bill
$379
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Oil Springs, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41238 | $77 | $180 | $432 | $900 | $1,657 |
Source: Ownwell