Heidrick, Kentucky Property Taxes
The median property tax rate in Heidrick, KY is 1.14%, which is considerably higher than both the national median of 0.99% and the Kentucky state median of 1.02%. With the median home value in Heidrick at $40,900, the typical annual property tax bill reaches $484, still below the national median of $2,690. Property taxes in Heidrick are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Heidrick'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 Heidrick 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
Heidrick, 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 HEIDRICK Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in HEIDRICK with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in HEIDRICK 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 Heidrick, Kentucky
Property taxes in Heidrick, Kentucky, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Heidrick is 0.74%, significantly lower than both the Kentucky state median of 0.83% and the U.S. national median of 0.99%. Local government entities within Heidrick set these rates annually, and they can vary across different neighborhoods. Each year, Heidrick 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 Heidrick's effective property tax rate to other counties in Kentucky and the national median. For comparison, the 40949 zip code has the highest median property tax rate of 0.74%, while the same 40949 zip code also has the lowest median tax rate of 0.74%. Understanding how these cities compare with Heidrick provides valuable insights into the varying tax landscape across Knox County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Heidrick Tax Rate
1.14%
Average Knox County Tax Rate
1.14%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Heidrick, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40949 | 1.09% | 1.11% | 1.14% | 1.21% | 1.42% |
Source: Ownwell
Property Tax Assessment Values Across Heidrick, Kentucky
In Heidrick, 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 Knox 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 Heidrick, 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 Heidrick helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the area are both $484.00, found in the 40949 zip code.
Average Heidrick Assessed Value
$40,900
Average Knox County Assessed Value
$35,000
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Heidrick, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40949 | $8,900 | $20,000 | $40,900 | $90,000 | $123,500 |
Source: Ownwell
Property Tax Bills Across Heidrick, Kentucky
In Heidrick, located in Knox County, KY, property tax bills are calculated based on the assessed value of a home. The assessed value is determined by the local tax assessor and may differ from the market value. Homeowners in Heidrick typically face property tax bills that vary significantly. For example, the 25th percentile tax bill is around $250, while the 75th percentile tax bill is approximately $997. At the higher end, the 90th percentile tax bill reaches up to $1,342. These tax bills are influenced by several factors, including the assessed value of the property and the tax rate set by local authorities. The median home price in Heidrick is relatively low at $40,900, which contributes to the variability in tax bills. Compared to the national median property tax rate of 0.99%, the property tax rates in Heidrick can be considered moderate, impacting homeowners differently depending on their property's assessed value. Understanding these factors can help homeowners anticipate their annual tax obligations and plan accordingly.
Average Heidrick Tax Bill
$484
Average Knox County Tax Bill
$358
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Heidrick, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40949 | $109 | $250 | $484 | $997 | $1,342 |
Source: Ownwell