Oneida, Kentucky Property Taxes
The median property tax rate in Oneida, KY is 1.09%, slightly higher than both the national median of 0.99% and the Kentucky state median of 1.02%. With the median home value in Oneida, the typical annual property tax bill reaches $465, which is significantly lower than the national median of $2,690. Property taxes in Oneida 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 Oneida'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 Oneida 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
Oneida, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.09%
Estimate Property Tax Bill
$670
Ownwell’s Oneida Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Oneida with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Oneida 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 Oneida, Kentucky
Property taxes in Oneida, Kentucky, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Oneida 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 Oneida set these rates annually, and they can vary significantly across different neighborhoods. Each year, Oneida 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 Oneida's effective property tax rate to other counties in Kentucky and the national median. For comparison, the 40972 zip code has the highest median property tax rate of 0.74%, while the same zip code also has the lowest median tax rate of 0.74%. Understanding how these cities compare with Oneida provides valuable insights into the varying tax landscape across Leslie County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Oneida Tax Rate
1.09%
Average Leslie County Tax Rate
1.40%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Oneida, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40972 | 0.39% | 0.65% | 1.09% | 1.40% | 1.40% |
Source: Ownwell
Property Tax Assessment Values Across Oneida, Kentucky
In Oneida, 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 local 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 Oneida, 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 Oneida helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest median tax bill is 40972, with a median tax bill of $465.
Average Oneida Assessed Value
$61,500
Average Leslie County Assessed Value
$28,300
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Oneida, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40972 | $13,750 | $31,100 | $61,500 | $84,875 | $98,360 |
Source: Ownwell
Property Tax Bills Across Oneida, Kentucky
In Oneida, Kentucky, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. The assessed value is then multiplied by the local property tax rate to determine the annual tax bill. For homeowners in Oneida, the median home price is $61,500. Property tax bills in this area vary, with the 25th percentile being $276 and the 75th percentile reaching $858. At the 90th percentile, homeowners can expect to pay around $1,070 annually. These property tax bills can significantly impact homeowners, influencing their monthly mortgage payments and overall housing affordability. Compared to the national median property tax rate of 0.99%, the property tax rates in Oneida may offer some relief to homeowners, but the exact rate can vary within the county. Understanding these factors is crucial for homeowners to budget effectively and anticipate their annual expenses.
Average Oneida Tax Bill
$465
Average Leslie County Tax Bill
$267
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Oneida, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40972 | $127 | $276 | $465 | $858 | $1,070 |
Source: Ownwell