Owenton, Kentucky Property Taxes
The median property tax rate in Owenton, KY is 1.17%, higher than both the national median of 0.99% and the Kentucky state median of 1.02%. With a median home value of $70,600 in Owenton, the typical annual property tax bill is around $692, which is below the national median of $2,690. Property taxes in Owenton are calculated based on the tax assessed value, often lower than the market value due to exemptions such as primary residence and agricultural exemptions. Understanding Owenton'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 Owenton 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
Owenton, 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 Owenton Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Owenton with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Owenton 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 Owenton, Kentucky
Property taxes in Owenton, Kentucky, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Owenton is 1.17%, higher than both the Kentucky state median and the U.S. national median of 0.99%. Local government entities within Owenton set these rates annually, and they can vary significantly across different neighborhoods. Each year, Owenton 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 Owenton's effective property tax rate to other counties in Kentucky and the national median. For comparison, the 40359 zip code has the highest median property tax rate of 1.17%, while the 40359 zip code also has the lowest median tax rate of 1.17%. Understanding how these cities compare with Owenton provides valuable insights into the varying tax landscape across Owen County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Owenton Tax Rate
1.17%
Average Owen County Tax Rate
1.18%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Owenton, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40359 | 0.72% | 1.15% | 1.17% | 1.24% | 1.73% |
Source: Ownwell
Property Tax Assessment Values Across Owenton, Kentucky
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Owenton, 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 Owen 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 Owenton, 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. For instance, the median property tax bill in Owenton is $692, with the highest and lowest median tax bills both being in the 40359 zip code. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Owenton Assessed Value
$70,600
Average Owen County Assessed Value
$55,000
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Owenton, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40359 | $3,000 | $22,000 | $70,600 | $125,000 | $202,900 |
Source: Ownwell
Property Tax Bills Across Owenton, Kentucky
In Owenton, Owen County, KY, property tax bills are calculated based on the assessed value of a homeowner's property. The assessed value is determined by the local tax assessor and reflects the market value of the home. Once the assessed value is established, it is multiplied by the local property tax rate to calculate the annual tax bill. In comparison to the national median property tax rate of 0.99%, Owenton homeowners experience a relatively moderate tax burden. Several factors influence the final tax bill, including property size, location, and any applicable exemptions or deductions. For instance, the median home price in Owenton is $70,600, and property tax bills can vary significantly. Homeowners at the 25th percentile pay around $240, while those at the 75th percentile face bills up to $1,373. At the 90th percentile, tax bills can reach as high as $2,309. Understanding these factors can help homeowners anticipate their property tax obligations and manage their finances more effectively.
Average Owenton Tax Bill
$692
Average Owen County Tax Bill
$541
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Owenton, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40359 | $58 | $240 | $692 | $1,373 | $2,309 |
Source: Ownwell