Mount Hermon, Kentucky Property Taxes
The median property tax rate in Mount Hermon, KY is 1.12%, which is notably higher than both the national median of 0.99% and Kentucky's state median of 1.02%. With a median home value of $60,100 in Mount Hermon, the typical annual property tax bill amounts to $660, surpassing the national median of $2,690. Property taxes in Mount Hermon are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like primary residence and agricultural exemptions. Understanding Mount Hermon'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 Mount Hermon or another part of the county, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Mount Hermon, Kentucky Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
1.02%
Estimate Property Tax Bill
$2,040
Ownwell’s Mount Hermon Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Mount Hermon with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Mount Hermon 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 Mount Hermon, Kentucky
Property taxes in Mount Hermon, Kentucky, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Mount Hermon is 1.12%, significantly higher than the U.S. national median of 0.99%. Local government entities within Mount Hermon set these rates annually, and they can vary across different neighborhoods. Each year, Mount Hermon 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 Mount Hermon's effective property tax rate to other areas in Kentucky and the national median. For comparison, the 42157 zip code has the highest median property tax rate of 1.12%, while the same zip code also has the lowest median tax rate of 1.12%. Understanding how these cities compare with Mount Hermon provides valuable insights into the varying tax landscape across Barren County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Mount Hermon Tax Rate
1.12%
Average Barren County Tax Rate
1.04%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Mount Hermon, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42157 | 1.08% | 1.10% | 1.12% | 1.15% | 1.16% |
Source: Ownwell
Property Tax Assessment Values Across Mount Hermon, Kentucky
In Mount Hermon, 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 Barren County property valuation administrator 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 Mount Hermon, 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 Mount Hermon helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. For instance, the zip code with the highest median tax bill in Mount Hermon is 42157, with a median tax bill of $660. By knowing these figures, homeowners can better strategize their property tax management.
Average Mount Hermon Assessed Value
$60,100
Average Barren County Assessed Value
$90,000
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Mount Hermon, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42157 | $37,780 | $46,150 | $60,100 | $74,050 | $82,420 |
Source: Ownwell
Property Tax Bills Across Mount Hermon, Kentucky
Property tax bills in Mount Hermon, Barren County, KY, are calculated based on the assessed value of a property. The assessed value is determined by local tax assessors who evaluate the market value of the property. Once the market value is assessed, the tax rate, which is set by the local government, is applied to calculate the tax bill. For homeowners in Mount Hermon, the median home price is $60,100. Property tax bills can vary, with the 25th percentile tax bill at $518 and the 75th percentile at $802. The 90th percentile tax bill reaches $887, indicating a range of property tax obligations depending on property values and specific circumstances. These property tax bills impact homeowners by contributing to local services such as schools, infrastructure, and emergency services. Comparing these figures to the national median property tax rate of 0.99%, Mount Hermon’s property tax rates are relatively moderate, offering a balanced financial responsibility for homeowners while supporting essential community services.
Average Mount Hermon Tax Bill
$660
Average Barren County Tax Bill
$755
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Mount Hermon, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42157 | $433 | $518 | $660 | $802 | $887 |
Source: Ownwell