New Hope, Kentucky Property Taxes
The median property tax rate in New Hope, KY is 0.79%, which is notably lower than both the national median of 0.99% and the Kentucky state median of 1.02%. With a median home value of $83,750 in New Hope, the typical annual property tax bill amounts to $391, significantly below the national median of $2,690. Property taxes in New Hope are calculated based on the tax assessed value, which is often lower than the market value due to various exemptions such as those for primary residences and agricultural properties. Understanding New Hope's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of New Hope or another part of the city, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
New Hope, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.79%
Estimate Property Tax Bill
$662
Ownwell’s New Hope Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in New Hope with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in New Hope 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 New Hope, Kentucky
Property taxes in New Hope, Kentucky, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in New Hope is 0.79%, lower than the U.S. national median of 0.99%. Local government entities within New Hope set these rates annually, and they can vary significantly across different neighborhoods. Each year, New Hope 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 New Hope's effective property tax rate to other counties in Kentucky and the national median. For comparison, the 40052 zip code has the highest median property tax rate of 0.79%, while the 40052 zip code also has the lowest median tax rate of 0.79%. Understanding how these cities compare with New Hope provides valuable insights into the varying tax landscape across Larue County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average New Hope Tax Rate
0.79%
Average Larue County Tax Rate
0.98%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across New Hope, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40052 | 0.12% | 0.30% | 0.79% | 1.07% | 2.08% |
Source: Ownwell
Property Tax Assessment Values Across New Hope, Kentucky
In New Hope, 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 Larue 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. 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, in New Hope, the highest median tax bill is $391, found in the 40052 zip code, which is the same as the lowest median tax bill. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average New Hope Assessed Value
$83,750
Average Larue County Assessed Value
$95,000
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across New Hope, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40052 | $3,220 | $29,750 | $83,750 | $200,000 | $354,600 |
Source: Ownwell
Property Tax Bills Across New Hope, Kentucky
In New Hope, KY, property tax bills are calculated based on the assessed value of a property, which is determined by the local tax assessor. The assessed value is then multiplied by the local property tax rate to determine the annual tax bill. With a median home price of $83,750, homeowners in New Hope can expect varying tax bills depending on their property's assessed value and applicable exemptions. For example, the 25th percentile tax bill is around $74, while the 75th percentile tax bill is approximately $998. At the higher end, the 90th percentile tax bill reaches up to $1,231. These figures illustrate the range of property tax obligations in the area, which can significantly impact homeowners' annual expenses. Comparatively, the highest and lowest median tax bills in the region are both $391, highlighting a degree of consistency within the local tax structure. Understanding these factors can help homeowners better anticipate their property tax responsibilities and manage their finances accordingly.
Average New Hope Tax Bill
$391
Average Larue County Tax Bill
$717
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across New Hope, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40052 | $49 | $74 | $391 | $998 | $1,231 |
Source: Ownwell