Olive Hill, Kentucky Property Taxes
The median property tax rate in Olive Hill, KY is 1.01%, slightly higher than the national median of 0.99%, yet just below the Kentucky state median of 1.02%. With a median home value of $30,000 in Olive Hill, the typical annual property tax bill amounts to $283, 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 those for primary residences and agricultural properties. Understanding Olive Hill'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 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, Kentucky Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
1.02%
Estimate Property Tax Bill
$2,040
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, Kentucky
Property taxes in Olive Hill, Kentucky, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Olive Hill is 1.01%, higher than both the Kentucky state median and 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 41164 zip code has the highest median property tax rate of 1.01%, while the 41164 zip code also has the lowest median tax rate of 1.01%. Understanding how these cities compare with Olive Hill provides valuable insights into the varying tax landscape across Lewis County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Olive Hill Tax Rate
1.01%
Average Lewis County Tax Rate
1.02%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Olive Hill, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41164 | 0.78% | 1.01% | 1.01% | 1.01% | 1.01% |
Source: Ownwell
Property Tax Assessment Values Across Olive Hill, Kentucky
In Olive Hill, 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 Lewis 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. The median home price in Olive Hill stands at $30,000, with tax bills ranging significantly across different percentiles—from $45 at the 25th percentile to $761 at the 90th percentile. The zip code 41164 has the highest and lowest median tax bill, both at $283. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Olive Hill Assessed Value
$30,000
Average Lewis County Assessed Value
$28,800
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Olive Hill, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41164 | $1,160 | $6,000 | $30,000 | $55,000 | $79,220 |
Source: Ownwell
Property Tax Bills Across Olive Hill, Kentucky
Property tax bills in Olive Hill, located in Lewis County, KY, are calculated based on the assessed value of a property. The assessed value is determined by local county assessors who evaluate the property's market value. Once the value is assessed, the local tax rate is applied to this amount to calculate the tax bill. For instance, the median home price in Olive Hill is $30,000. Several factors influence the assessed value, including the property's size, location, and condition. In Olive Hill, property tax bills can vary significantly. For example, the 25th percentile tax bill is $45, while the 75th percentile tax bill is $503, and the 90th percentile tax bill reaches $761. The highest median tax bill in the area is $283, found in the 41164 zip code. These property taxes directly impact homeowners by contributing to local services such as schools, public safety, and infrastructure. Understanding these factors can help homeowners anticipate their tax liabilities and manage their finances more effectively.
Average Olive Hill Tax Bill
$283
Average Lewis County Tax Bill
$218
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Olive Hill, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41164 | $11 | $45 | $283 | $503 | $761 |
Source: Ownwell