Smithfield, Oldham County, Kentucky Property Taxes
Median Smithfield, KY effective property tax rate: 1.25%, significantly higher than the national median of 1.02%, but lower than the Kentucky state median of 1.02%.
Median Smithfield, KY home value: $415,000
Median annual Smithfield, KY tax bill: $4864, $2464 higher than the national median property tax bill of $2,400.
How are property taxes in Oldham calculated?
Property taxes in Smithfield, KY 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 Smithfield’s property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in Smithfield, knowing local tax details benefits homeowners and investors.
Last Updated March 1, 2025
Smithfield, Oldham County, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Median Effective Tax Rate
1.25%
Estimate Property Tax Bill
$5,188
$4,814
Property Tax Rates Across Smithfield, Oldham County, Kentucky
Local government entities in Kentucky set tax rates, which can vary widely within the state. Each county estimates its required budget to provide services and divides that by the total value of all taxable property within its jurisdiction. This calculation results in the property tax rate. While there are votes and laws involved in setting tax rates and budgets, in a nutshell, this is the annual process.
In Smithfield, located in Oldham County, the effective property tax rate stands at 1.25%, which aligns with the highest and lowest median tax rates in the state. This rate is notably higher than the national median property tax rate of 1.02%. When comparing the property tax burden, residents in Smithfield may find themselves paying more than the national average, which can impact their overall cost of living. Understanding these dynamics is crucial for homeowners looking to manage their property expenses effectively. By staying informed about local tax rates and how they compare to state and national averages, property owners can make more strategic decisions regarding their investments and financial planning.
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 Smithfield Tax Rate
1.25%
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 Oldham County Tax Rate
1.24%
Median Effective Kentucky Tax Rate
1.02%
Median Effective United States Tax Rate
1.02%
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
When examining property taxes in Smithfield, 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 Oldham 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.
Assessment notices: In Oldham County, assessment notices are sent in the spring each year. They’ll typically reach your mailbox by the middle of April. 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 Smithfield. For example, the median home price in Smithfield is $415,000, with tax bills ranging significantly across the county. Zip code 40068 has the highest median home price at $415,000.
Property Tax Assessment Values Across Smithfield, Oldham County, Kentucky
Source: Ownwell
$150,000
$295,000
$440,000
Median Smithfield Market Value
$415,000
Median Oldham County Market Value
$277,000
Median Kentucky Market Value
$110,000
Median United States Market Value
$235,294
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, located in Oldham County, KY, property tax bills are determined by multiplying the assessed value of a property by the local tax rate. The assessed value is typically a percentage of the property's market value. Homeowners in Smithfield experience a range of property tax bills, with the 25th percentile at $3,727 and the 75th percentile at $5,991. The 90th percentile reaches $6,914, indicating a significant variation based on property value and location. The median home price in Smithfield is $415,000, which influences the tax bill homeowners receive. Compared to the national median property tax rate of 1.02% and a median bill of $2,400, Smithfield's property taxes can be higher, impacting homeowners' financial planning.
Ownwell assists homeowners in Smithfield by providing property tax appeal and exemption services, ensuring they are not overpaying. By analyzing assessed values and identifying discrepancies, Ownwell helps homeowners potentially lower their tax bills, making property ownership more affordable and manageable.
Median Smithfield Tax Bill
$4,864
Median Oldham County Tax Bill
$3,306
Median Kentucky Tax Bill
$1,031
Median United States Tax Bill
$2,400
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