Olive Hill, Rowan County, Kentucky Property Taxes
The median property tax rate in Olive Hill, KY is 0.85%, which is lower than both the national median of 0.99% and the Kentucky state median of 1.02%. With the median home value in Olive Hill being $53,050, the typical annual property tax bill amounts to $289, significantly below 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 like the primary residence and agricultural exemptions. 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, Rowan County, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.85%
Estimate Property Tax Bill
$451
$418
Ownwell’s Olive Hill Property Tax Bill Calculator is a valuable tool for any homeowner, real estate investor, or potential owner looking to estimate their annual property taxes in Olive Hill. By simply entering your property's estimated assessed value, the calculator uses the median tax rate in Olive Hill to provide an accurate estimate of your property tax bill. This insightful tool helps you understand potential tax liabilities, making it easier to plan your finances. For those interested in more granular details, you can find trends and localized information by scrolling down. Your property’s assessed value is determined by the county for property tax calculations, taking into account any applicable exemptions.
Property Tax Rates Across Olive Hill, Rowan County, Kentucky
Property taxes in Olive Hill, KY, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Olive Hill is 0.85%, which is lower 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 zip code 41164 has the highest median property tax rate of 0.85%, while the same zip code also has the lowest median tax rate of 0.85%. Understanding how these cities compare with Olive Hill provides valuable insights into the varying tax landscape across Rowan County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Olive Hill Tax Rate
0.85%
Average Rowan County Tax Rate
0.85%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Olive Hill, Rowan County, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41164 | 0.10% | 0.34% | 0.85% | 0.85% | 0.85% |
Source: Ownwell
Property Tax Assessment Values Across Olive Hill, Rowan County, 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 Rowan 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. Assessment notices in Olive Hill 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 Olive Hill helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Olive Hill are both $289, found in the 41164 zip code.
Property Tax Assessment Values Across Olive Hill, Rowan County, Kentucky
Source: Ownwell
$45,700
$64,913
$84,125
Average Olive Hill Assessed Value
$53,050
Average Rowan County Assessed Value
$78,960
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Olive Hill, Rowan County, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41164 | $7,650 | $30,350 | $53,050 | $96,725 | $135,078 |
Source: Ownwell
Property Tax Bills Across Olive Hill, Rowan County, Kentucky
In Olive Hill, KY, property tax bills are calculated based on the assessed value of a home, which is a percentage of the market value determined by the local tax assessor. For example, with a median home price of $53,050, the property tax bill can vary significantly. Homeowners in the 25th percentile pay around $66, while those in the 75th percentile face bills up to $492. The 90th percentile sees tax bills as high as $844. These figures indicate considerable variability depending on the assessed value and applicable tax rate. Factors influencing these tax bills include the property's assessed value, local tax rates, and any applicable exemptions or deductions. For homeowners, this means that even within the same city, property tax obligations can differ widely. Compared to the national median property tax rate of 0.99%, Olive Hill's rates can be seen as relatively favorable, providing some financial relief to its residents. However, the variability underscores the importance of understanding local assessments and potential exemptions to manage property tax costs effectively.
Average Olive Hill Tax Bill
$289
Average Rowan County Tax Bill
$554
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Olive Hill, Rowan County, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41164 | $54 | $66 | $289 | $492 | $844 |
Source: Ownwell