Sonora, Kentucky Property Taxes
The median property tax rate in Sonora, KY is 1.02%, aligning with the state median but slightly above the national median of 0.99%. With a median home value of $14,400, the typical annual property tax bill in Sonora is around $146, significantly lower than the national median of $2,690. Property taxes in Sonora are calculated based on the tax assessed value, which often falls below the market value due to exemptions such as the primary residence and agricultural exemptions. Understanding Sonora'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 Sonora or another part of Hardin County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Sonora, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.02%
Estimate Property Tax Bill
$147
Ownwell’s Sonora Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Sonora with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Sonora 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 Hardin County for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Sonora, Kentucky
Property taxes in Sonora, Kentucky, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Sonora is 1.02%, higher than both the Kentucky state median and the U.S. national median of 0.99%. Local government entities within Sonora set these rates annually, and they can vary significantly across different neighborhoods. Each year, Sonora 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 Sonora's effective property tax rate to other counties in Kentucky and the national median. For comparison, the 42776 zip code has the highest median property tax rate of 1.02%, while the 42776 zip code has the lowest median tax rate of 1.02%. Understanding how these cities compare with Sonora provides valuable insights into the varying tax landscape across Hardin County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Sonora Tax Rate
1.02%
Average Hardin County Tax Rate
0.93%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Sonora, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42776 | 0.84% | 0.93% | 1.02% | 1.13% | 1.23% |
Source: Ownwell
Property Tax Assessment Values Across Sonora, Kentucky
In Sonora, 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 Hardin 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 Sonora, 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 Sonora is $14,400, with tax bills ranging from $85 at the 25th percentile to $884 at the 90th percentile. The zip code with both the highest and lowest median tax bill is 42776, with a median tax bill of $146. 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 helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Sonora Assessed Value
$14,400
Average Hardin County Assessed Value
$21,400
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Sonora, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42776 | $2,910 | $8,175 | $14,400 | $34,375 | $119,600 |
Source: Ownwell
Property Tax Bills Across Sonora, Kentucky
In Sonora, Hardin County, KY, property tax bills are calculated based on the assessed value of the property. The local tax assessor determines this value, which reflects the property's market value. The tax rate is then applied to this assessed value to calculate the annual property tax bill. Several factors influence the tax bill, including property size, location, and any improvements made to the property. In Sonora, the median home price stands at $14,400, resulting in varying tax bills across different percentiles. Homeowners in the 25th percentile pay around $85, while those in the 75th percentile face bills of approximately $334. At the 90th percentile, the tax bill can reach up to $884. Compared to the national median property tax rate of 0.99%, Sonora's property taxes are relatively low, making it an attractive option for homeowners. However, these taxes still play a significant role in funding local services, impacting the overall cost of homeownership.
Average Sonora Tax Bill
$146
Average Hardin County Tax Bill
$132
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Sonora, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42776 | $30 | $85 | $146 | $334 | $884 |
Source: Ownwell