Hitchins, Kentucky Property Taxes
The median property tax rate in Hitchins, KY is 0.86%, which is lower than both the national median of 0.99% and the Kentucky state median of 1.02%. With the median home value in Hitchins at $29,000, the typical annual property tax bill is $203, significantly below the national median of $2,690. Property taxes in Hitchins are calculated based on the tax assessed value, often lower than the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Hitchins' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Hitchins 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
Hitchins, 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 HITCHINS Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in HITCHINS with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in HITCHINS 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 Hitchins, Kentucky
Property taxes in Hitchins, Kentucky, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Hitchins is 0.86%, which is lower than the U.S. national median of 0.99%. Local government entities within Hitchins set these rates annually, and they can vary significantly across different neighborhoods. Each year, Hitchins 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 Hitchins's effective property tax rate to other counties in Kentucky and the national median. For comparison, the 41146 zip code has the highest median property tax rate of 0.86%, while the 41146 zip code also has the lowest median tax rate of 0.86%. Understanding how these cities compare with Hitchins provides valuable insights into the varying tax landscape across Carter County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Hitchins Tax Rate
0.86%
Average Carter County Tax Rate
0.86%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Hitchins, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41146 | 0.36% | 0.86% | 0.86% | 0.86% | 0.86% |
Source: Ownwell
Property Tax Assessment Values Across Hitchins, Kentucky
In Hitchins, 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 Carter 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 Hitchins, 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 Hitchins helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. In Hitchins, zip code 41146 has the highest median tax bill of $203.
Average Hitchins Assessed Value
$29,000
Average Carter County Assessed Value
$55,000
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Hitchins, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41146 | $5,000 | $12,250 | $29,000 | $50,140 | $81,712 |
Source: Ownwell
Property Tax Bills Across Hitchins, Kentucky
Property tax bills in Hitchins, Carter County, KY, are calculated based on the assessed value of a property, which is determined by the local tax assessor. The median home price in Hitchins is $29,000. The property tax rate is applied to this assessed value to determine the annual tax bill. Factors such as the property's location, size, and improvements can influence its assessed value, thereby impacting the tax bill. Homeowners in Hitchins experience a range of property tax bills. For example, those in the 25th percentile pay around $81 annually, while those in the 75th percentile face a tax bill of approximately $385. At the higher end, the 90th percentile sees tax bills reaching up to $611. Comparing these figures to the national median property tax rate of 0.99%, Hitchins' tax rates are relatively modest, providing some financial relief to homeowners. The highest median tax bill in the area is $203, found in the 41146 zip code, reflecting the localized variations within the county.
Average Hitchins Tax Bill
$203
Average Carter County Tax Bill
$333
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Hitchins, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41146 | $43 | $81 | $203 | $385 | $611 |
Source: Ownwell