Smithfield, Oldham County, Kentucky Property Taxes
The median property tax rate in Smithfield, KY is 1.25%, considerably higher than both the national median of 0.99% and the Kentucky state median of 1.02%. With the median home value in Smithfield at $415,000, the typical annual property tax bill reaches $4,864, significantly exceeding the national median of $2,690. Property taxes in Smithfield 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 Smithfield'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 Smithfield 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
Smithfield, Oldham County, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.25%
Estimate Property Tax Bill
$5,188
$4,814
Ownwell’s Smithfield Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Smithfield with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Smithfield 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 Smithfield, Oldham County, Kentucky
Property taxes in Smithfield, Kentucky, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Smithfield is 1.25%, significantly higher than both the Kentucky state median and the U.S. national median of 0.99%. Local government entities within Smithfield set these rates annually, and they can vary significantly across different neighborhoods. Each year, Smithfield 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 Smithfield's effective property tax rate to other counties in Kentucky and the national median. For comparison, the 40068 zip code has the highest median property tax rate of 1.25%, while the same 40068 zip code also has the lowest median tax rate of 1.25%. Understanding how these cities compare with Smithfield provides valuable insights into the varying tax landscape across Oldham County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Smithfield Tax Rate
1.25%
Average Oldham County Tax Rate
1.24%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Smithfield, Oldham County, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40068 | 0.88% | 1.15% | 1.25% | 1.25% | 1.25% |
Source: Ownwell
Property Tax Assessment Values Across Smithfield, Oldham County, Kentucky
In Smithfield, 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 Oldham 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 Smithfield, 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 Smithfield helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the area are both $4,864, found in the 40068 zip code.
Property Tax Assessment Values Across Smithfield, Oldham County, Kentucky
Source: Ownwell
$150,000
$295,000
$440,000
Average Smithfield Assessed Value
$415,000
Average Oldham County Assessed Value
$277,000
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Smithfield, Oldham County, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40068 | $265,000 | $320,000 | $415,000 | $520,000 | $588,700 |
Source: Ownwell
Property Tax Bills Across Smithfield, Oldham County, Kentucky
In Smithfield, KY, located in Oldham County, property tax bills are calculated based on the assessed value of a home and the local tax rate. The median home price in this area is $415,000, which serves as a key factor in determining the tax bill. The assessed value is multiplied by the local property tax rate to arrive at the annual tax obligation. For homeowners in Smithfield, the property tax bill can vary significantly. For instance, the 25th percentile tax bill is around $3,727, while the 75th percentile tax bill reaches approximately $5,991. At the higher end, the 90th percentile tax bill is about $6,914. These variations depend on the specific assessed value of the property and any applicable exemptions or deductions. Compared to the national median property tax rate of 0.99%, the tax rates in Smithfield can have a substantial impact on homeowners, influencing their overall cost of living. Understanding these factors is crucial for homeowners to manage their expenses effectively.
Average Smithfield Tax Bill
$4,864
Average Oldham County Tax Bill
$3,306
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Smithfield, Oldham County, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40068 | $2,725 | $3,727 | $4,864 | $5,991 | $6,914 |
Source: Ownwell