Holland, Kentucky Property Taxes
The median property tax rate in Holland, KY is 0.96%, slightly below both the national median of 0.99% and the Kentucky state median of 1.02%. With the median home value in Holland, the typical annual property tax bill reaches $650, which is significantly lower than the national median of $2,690. Property taxes in Holland are calculated based on the tax assessed value, which generally falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Holland'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 Holland 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
Holland, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.96%
Estimate Property Tax Bill
$639
Ownwell’s Holland Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Holland with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Holland 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 Holland, Kentucky
Property taxes in Holland, Kentucky, play a crucial role in funding essential local services, including public schools, road maintenance, and emergency services. The median tax rate in Holland is 0.96%, which is slightly below the U.S. national median of 0.99%. Local government entities in Holland set these rates annually, and they can vary significantly across different neighborhoods. Each year, Holland 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 Holland's effective property tax rate to other counties in Kentucky and the national median. For comparison, the zip code 42153 has both the highest and the lowest median property tax rate of 0.96%, aligning with Holland's rate. Understanding how these cities compare with Holland provides valuable insights into the varying tax landscape across Allen County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Holland Tax Rate
0.96%
Average Allen County Tax Rate
0.94%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Holland, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42153 | 0.59% | 0.94% | 0.96% | 0.97% | 0.99% |
Source: Ownwell
Property Tax Assessment Values Across Holland, Kentucky
In Holland, 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 Allen 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 Holland, 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. Being aware of these valuation processes in Holland helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest and lowest median tax bill in Holland is 42153, with a median tax bill of $650.
Average Holland Assessed Value
$66,579
Average Allen County Assessed Value
$66,500
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Holland, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42153 | $27,240 | $38,761 | $66,579 | $88,877 | $119,898 |
Source: Ownwell
Property Tax Bills Across Holland, Kentucky
In Holland, Kentucky, property tax bills are calculated based on the assessed value of a home. The local assessor determines this value, which is then multiplied by the local tax rate to produce the tax bill. Factors such as the property's size, location, and condition can influence its assessed value. For example, the median home price in Holland is $66,579. Homeowners in Holland typically see a range of property tax bills. At the 25th percentile, the tax bill is around $281, while at the 75th percentile, it reaches approximately $858. For those in the 90th percentile, the tax bill can be as high as $1,147. These figures demonstrate the variability in property tax amounts due to differences in property values and assessments. Compared to the national median property tax rate of 0.99%, Holland's property taxes are relatively modest. Understanding these factors helps homeowners anticipate their tax responsibilities and manage their financial planning accordingly.
Average Holland Tax Bill
$650
Average Allen County Tax Bill
$516
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Holland, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42153 | $96 | $281 | $650 | $858 | $1,147 |
Source: Ownwell