Oakland, Warren County, Kentucky Property Taxes
The median property tax rate in Oakland, KY is 0.83%, notably lower than both the national median of 0.99% and the Kentucky state median of 1.02%. With the median home value in Oakland at $135,000, the typical annual property tax bill amounts to $1,044, which is below the national median of $2,690. Property taxes in Oakland are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Oakland'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 Oakland 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
Oakland, Warren County, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.83%
Estimate Property Tax Bill
$1,121
$1,040
Ownwell’s Oakland Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Oakland with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Oakland 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 Oakland, Warren County, Kentucky
Property taxes in Oakland, Kentucky, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Oakland is 0.83%, which is below the U.S. national median of 0.99%. Local government entities within Oakland set these rates annually, and they can vary significantly across different neighborhoods. Each year, Oakland 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 Oakland's effective property tax rate to other counties in Kentucky and the national median. For comparison, the zip code 42159 has both the highest and lowest median property tax rate of 0.83%. Understanding how these cities compare with Oakland provides valuable insights into the varying tax landscape across Warren County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Oakland Tax Rate
0.83%
Average Warren County Tax Rate
0.80%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Oakland, Warren County, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42159 | 0.57% | 0.70% | 0.83% | 0.85% | 0.88% |
Source: Ownwell
Property Tax Assessment Values Across Oakland, Warren County, Kentucky
In Oakland, 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 Warren 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 Oakland, 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. For instance, in the zip code 42159, the highest median tax bill is $1,044. 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 Oakland helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Oakland, Warren County, Kentucky
Source: Ownwell
$112,185
$156,093
$200,000
Average Oakland Assessed Value
$135,000
Average Warren County Assessed Value
$150,000
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Oakland, Warren County, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42159 | $45,000 | $80,625 | $135,000 | $178,750 | $265,000 |
Source: Ownwell
Property Tax Bills Across Oakland, Warren County, Kentucky
In Oakland, KY, property tax bills are calculated based on the assessed value of a home, which is determined by local tax assessors. The median home price in Oakland is $135,000. Homeowners' tax bills can vary significantly, with the 25th percentile tax bill at $610 and the 75th percentile at $1411. For those at the 90th percentile, the tax bill can reach up to $2107. Several factors influence these tax bills, including the property's assessed value, local tax rates, and any applicable exemptions or deductions. The property tax rate in Oakland is compared to the national median property tax rate of 0.99%. This rate is applied to the assessed value of the property to determine the annual tax bill. High property taxes can significantly impact homeowners, affecting their overall housing costs and financial planning. Understanding how these taxes are calculated helps homeowners budget more effectively and explore potential savings through exemptions or appeals.
Average Oakland Tax Bill
$1,044
Average Warren County Tax Bill
$1,091
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Oakland, Warren County, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42159 | $326 | $610 | $1,044 | $1,411 | $2,107 |
Source: Ownwell