Hebron, Kentucky Property Taxes
The median property tax rate in Hebron, KY is 1.09%, slightly higher than both the national median of 0.99% and the Kentucky state median of 1.02%. With the median home value in Hebron, the typical annual property tax bill reaches $2,318, which is below the national median of $2,690. Property taxes in Hebron are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Hebron'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 Hebron or another part of Boone County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Hebron, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.09%
Estimate Property Tax Bill
$2,376
Ownwell’s Hebron Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Hebron with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Hebron 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 Hebron, Kentucky
Property taxes in Hebron, Kentucky, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Hebron is 1.09%, higher than the U.S. national median of 0.99%. Local government entities within Hebron set these rates annually, and they can vary significantly across different neighborhoods. Each year, Hebron 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 Hebron's effective property tax rate to other counties in Kentucky and the national median. For comparison, the 41048 zip code has the highest median property tax rate of 1.09%, while the same zip code also has the lowest median tax rate of 1.09%. Understanding how these cities compare with Hebron provides valuable insights into the varying tax landscape across Boone County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Hebron Tax Rate
1.09%
Average Boone County Tax Rate
1.12%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Hebron, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41048 | 0.91% | 1.07% | 1.09% | 1.11% | 1.12% |
Source: Ownwell
Property Tax Assessment Values Across Hebron, Kentucky
In Hebron, 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 Boone 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 Hebron, 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. The median home price in Hebron is $218,000, with tax bills ranging from the 25th percentile at $1,689 to the 90th percentile at $4,293. The zip code 41048 has both the highest and lowest median tax bill at $2,318. 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 Hebron helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Hebron Assessed Value
$218,000
Average Boone County Assessed Value
$200,000
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Hebron, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41048 | $98,790 | $158,538 | $218,000 | $302,200 | $403,000 |
Source: Ownwell
Property Tax Bills Across Hebron, Kentucky
In Hebron, Boone County, KY, property tax bills are calculated based on the property's assessed value, which is determined by the local tax assessor. The assessed value is typically a percentage of the property's market value. For instance, if the median home price in Hebron is $218,000, the assessed value will be a fraction of this amount as per local regulations. Once the assessed value is determined, the local tax rate is applied to calculate the tax bill. Homeowners in Hebron can expect their tax bills to vary significantly. For example, the 25th percentile tax bill is around $1,689, while the 75th percentile tax bill reaches $3,227. At the higher end, the 90th percentile tax bill can be as much as $4,293. These variations depend on factors such as property size, location, and any applicable exemptions. Compared to the national median property tax rate of 0.99%, Hebron's tax rates reflect the local economic conditions and funding needs, directly impacting homeowners' annual expenses.
Average Hebron Tax Bill
$2,318
Average Boone County Tax Bill
$2,154
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Hebron, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41048 | $908 | $1,689 | $2,318 | $3,227 | $4,293 |
Source: Ownwell