Bonnieville, Kentucky Property Taxes
The median property tax rate in Bonnieville, KY is 1.00%, slightly above the national median of 0.99% but just below the Kentucky state median of 1.02%. With a median home value of $50,000 in Bonnieville, the typical annual property tax bill is $377, significantly lower than the national median of $2,690. Property taxes in Bonnieville are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Bonnieville'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 Bonnieville or another part of Hart County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Bonnieville, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1%
Estimate Property Tax Bill
$500
Ownwell’s Bonnieville Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Bonnieville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Bonnieville 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 Bonnieville, Kentucky
Property taxes in Bonnieville, Kentucky, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Bonnieville is 1.00%, higher than the U.S. national median of 0.99%. Local government entities within Bonnieville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Bonnieville 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 Bonnieville's effective property tax rate to other counties in Kentucky and the national median. For comparison, the 42713 zip code has both the highest and lowest median property tax rate of 1.00%. Understanding how these cities compare with Bonnieville provides valuable insights into the varying tax landscape across Hart County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Bonnieville Tax Rate
1.00%
Average Hart County Tax Rate
0.99%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Bonnieville, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42713 | 0.29% | 0.97% | 1.00% | 1.15% | 1.65% |
Source: Ownwell
Property Tax Assessment Values Across Bonnieville, Kentucky
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Bonnieville, Kentucky. 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 Hart 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 Bonnieville, 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. For instance, the median home price in Bonnieville is $50,000, with tax bills ranging widely, from $124 at the 25th percentile to $1,272 at the 90th percentile. The zip code 42713 has both the highest and lowest median tax bills at $377. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Bonnieville Assessed Value
$50,000
Average Hart County Assessed Value
$61,600
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Bonnieville, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42713 | $5,000 | $16,950 | $50,000 | $94,000 | $144,680 |
Source: Ownwell
Property Tax Bills Across Bonnieville, Kentucky
In Bonnieville, located in Hart County, KY, property tax bills are calculated based on the assessed value of the property. The tax rate is applied to this assessed value to determine the amount owed. For instance, with a median home price of $50,000, homeowners can expect their tax bills to vary significantly. At the 25th percentile, tax bills are around $124, while at the 75th percentile, they can reach up to $815. In some cases, they go as high as $1,272 at the 90th percentile. Several factors influence the tax bill, including property location, improvements made, and local tax rates. It's important to note that the highest and lowest median tax bills in the area are both $377, which is notably lower than the national median property tax rate of 0.99%. This relatively low tax burden can be beneficial for homeowners, making property ownership more affordable compared to other regions.
Average Bonnieville Tax Bill
$377
Average Hart County Tax Bill
$492
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Bonnieville, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42713 | $49 | $124 | $377 | $815 | $1,272 |
Source: Ownwell