Olympia, Bath County, Kentucky Property Taxes
Median Olympia, Kentucky effective property tax rate: 1.17%, significantly higher than the national median of 1.02%, but lower than the Kentucky state median of 1.02%.
Median Olympia, Kentucky home value: $60,391
Median annual Olympia, Kentucky tax bill: $524, $1,876 lower than the national median property tax bill of $2,400.
How are property taxes in Bath County calculated?
Property taxes in Olympia, Kentucky are calculated based on the tax assessed value, which is often lower than the actual market value due to property tax exemptions such as the homestead or senior exemption.
Understanding Olympia’s property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in Olympia, knowing local tax details benefits homeowners and investors.
Last Updated March 1, 2025
Olympia, Bath County, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Median Effective Tax Rate
1.17%
Estimate Property Tax Bill
$707
$656
Property Tax Rates Across Olympia, Bath County, Kentucky
Local government entities determine tax rates, which can significantly differ across regions. Each year, counties estimate their necessary budget to fund essential services and then divide this amount by the total value of all taxable property within their jurisdiction to establish the property tax rate. This process, involving votes and legislation, is how tax rates and budgets are determined annually.
In Olympia, located in Bath County, the effective property tax rate offers an interesting comparison to other cities within Kentucky, as well as the median rates in Kentucky and the U.S. While the national median property tax rate stands at 1.02%, Olympia's rate may reflect the unique economic and budgetary needs of its local government. This variation highlights the importance of understanding local tax rates, as they can impact property affordability and overall living costs. By appealing property taxes, homeowners in Olympia can potentially reduce their tax burden, making homeownership more affordable and financially sustainable.
Our median effective property tax rate (tax bill ÷ assessor's market value) accounts for exemptions and deductions, making it more accurate than the general median tax rate, which is the midpoint of statutory rates before adjustments.
Median Effective Olympia Tax Rate
1.17%
Our median effective property tax rate (tax bill ÷ assessor's market value) accounts for exemptions and deductions, making it more accurate than the general median tax rate, which is the midpoint of statutory rates before adjustments.
Median Effective Bath County Tax Rate
1.17%
Median Effective Kentucky Tax Rate
1.02%
Median Effective United States Tax Rate
1.02%
Property Tax Rates Across Olympia, Bath County, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40358 | 0.35% | 0.65% | 1.17% | 1.17% | 1.17% |
Source: Ownwell
Property Tax Assessment Values Across Olympia, Bath County, Kentucky
When examining property taxes in Olympia, Kentucky, understanding the distinction between "market value" and "assessed value" is crucial. The market value is what a willing buyer would pay to a willing seller in an open and competitive market, often influenced by location, property condition, and economic market trends. The Bath County Appraisal District estimates the market value for tax purposes. The assessed value is the market value minus any applicable exemptions or limits determined by local laws and offerings. The tax assessed value is the figure used to calculate your property taxes or the amount multiplied by your tax rate to get your tax bill.
In Bath County, assessment notices are sent in the spring each year. They’ll typically reach your mailbox by the middle of May. Each property owner receives an assessment notice that contains both the market value and assessed value, along with an estimate of your property tax bill. By providing insights into how assessed and market values are determined, this section helps property owners navigate their tax responsibilities and understand the valuation processes affecting their property taxes in Olympia.
For example, the median home price in Olympia is $60,391, with tax bills ranging significantly across the county. Zip code 40358 has the highest median home price at $60,391.
Property Tax Assessment Values Across Olympia, Bath County, Kentucky
Source: Ownwell
$40,000
$85,750
$131,500
Median Olympia Market Value
$60,391
Median Bath County Market Value
$55,200
Median Kentucky Market Value
$110,000
Median United States Market Value
$235,294
Property Tax Assessment Values Across Olympia, Bath County, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40358 | $15,000 | $30,000 | $60,391 | $122,575 | $178,480 |
Source: Ownwell
Property Tax Bills Across Olympia, Bath County, Kentucky
Median Olympia Tax Bill
$524
Median Bath County Tax Bill
$496
Median Kentucky Tax Bill
$1,031
Median United States Tax Bill
$2,400
Property Tax Bills Across Olympia, Bath County, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40358 | $118 | $268 | $524 | $1,123 | $1,742 |
Source: Ownwell