Hoskinston, Kentucky Property Taxes
The median property tax rate in Hoskinston, KY is 1.40%, significantly higher than both the national median of 0.99% and the Kentucky state median of 1.02%. With the median home value in Hoskinston at $25,000, the typical annual property tax bill amounts to $185, which is considerably lower than the national median of $2,690. Property taxes in Hoskinston are calculated based on the tax assessed value, which is usually lower than the market value due to exemptions like primary residence and agricultural exemptions. Understanding Hoskinston'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 Hoskinston 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
Hoskinston, 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 Hoskinston Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Hoskinston with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Hoskinston 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 Hoskinston, Kentucky
Property taxes in Hoskinston, Kentucky, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Hoskinston is 1.40%, significantly higher than the U.S. national median of 0.99%. Local government entities within Hoskinston set these rates annually, and they can vary significantly across different neighborhoods. Each year, Hoskinston 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 Hoskinston's effective property tax rate to other counties in Kentucky and the national median. For comparison, the 40844 zip code has the highest median property tax rate of 1.40%, while the same 40844 zip code also has the lowest median tax rate of 1.40%. Understanding how these cities compare with Hoskinston provides valuable insights into the varying tax landscape across Leslie County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Hoskinston Tax Rate
1.40%
Average Leslie County Tax Rate
1.40%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Hoskinston, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40844 | 0.53% | 1.40% | 1.40% | 1.40% | 1.40% |
Source: Ownwell
Property Tax Assessment Values Across Hoskinston, Kentucky
In Hoskinston, 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 Leslie 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 Hoskinston, 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 Hoskinston helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Hoskinston is $185 in the 40844 zip code.
Average Hoskinston Assessed Value
$25,000
Average Leslie County Assessed Value
$28,300
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Hoskinston, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40844 | $2,465 | $6,100 | $25,000 | $40,750 | $57,000 |
Source: Ownwell
Property Tax Bills Across Hoskinston, Kentucky
In Hoskinston, property tax bills are calculated based on the assessed value of the property and the local tax rate. The assessed value is determined by the county's property assessor and typically reflects a percentage of the market value. For example, with a median home price of $25,000, homeowners can expect their property tax bill to vary significantly. At the 25th percentile, the tax bill is around $56, while at the 75th percentile, it rises to $491. For those in the 90th percentile, the tax bill can reach up to $758. Factors that influence the tax bill include the property's assessed value, local tax rates, and any applicable exemptions or deductions. Compared to the national median property tax rate of 0.99%, Hoskinston's rates can be relatively moderate or steep, depending on individual circumstances. This variability affects homeowners by impacting their annual financial obligations and can influence decisions related to property investment and homeownership in the area.
Average Hoskinston Tax Bill
$185
Average Leslie County Tax Bill
$267
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Hoskinston, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40844 | $17 | $56 | $185 | $491 | $758 |
Source: Ownwell