Hyden, Kentucky Property Taxes
The median property tax rate in Hyden, KY is 1.40%, significantly higher than both the national median of 0.99% and Kentucky's state median of 1.02%. With a median home value of $31,500 in Hyden, the typical annual property tax bill amounts to $332, which is well below the national median of $2,690. Property taxes in Hyden are calculated based on the tax assessed value, often lower than the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Hyden'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 Hyden or another part of Leslie County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Hyden, 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 Hyden Property Tax Bill Calculator is a valuable tool for homeowners, real estate investors, and potential buyers looking to estimate their annual property taxes in Hyden. By simply entering your property's estimated assessed value, the calculator uses the median tax rate in Hyden to provide an accurate estimate of your property tax bill. This allows you to understand your potential tax liabilities with ease. For those interested in more detailed trends at the neighborhood level, additional localized information is available below. Your property’s assessed value, which is the value assigned by Leslie County for tax calculations, takes into account any applicable exemptions.
Property Tax Rates Across Hyden, Kentucky
Property taxes in Hyden, Kentucky, are essential for funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Hyden is 1.40%, significantly higher than both the Kentucky state median and the U.S. national median of 0.99%. Local government entities within Hyden set these rates annually, and they can vary significantly across different neighborhoods. Each year, Hyden 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 Hyden's effective property tax rate to other areas in Kentucky and the national median. For comparison, the 41749 zip code has the highest median property tax rate of 1.40%, while the 41762 zip code has the lowest median tax rate of 0.84%. Understanding how these areas compare with Hyden 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 Hyden 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 Hyden, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41749 | 0.52% | 1.30% | 1.40% | 1.40% | 1.40% |
| 41762 | 0.77% | 0.80% | 0.84% | 0.89% | 0.92% |
Source: Ownwell
Property Tax Assessment Values Across Hyden, Kentucky
In Hyden, 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 Property Valuation Administrator 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 Hyden, 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 Hyden helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. In Leslie County, the highest median tax bill is $335 in the 41749 zip code, while the lowest is $249 in the 41762 zip code. This range highlights the variability in property tax bills within the region.
Average Hyden Assessed Value
$31,500
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 Hyden, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41749 | $2,800 | $9,000 | $31,500 | $52,000 | $85,000 |
| 41762 | $26,180 | $27,650 | $30,100 | $32,550 | $34,020 |
Source: Ownwell
Property Tax Bills Across Hyden, Kentucky
Property tax bills in Hyden, located in Leslie County, KY, are determined based on the assessed value of a property and the local tax rate. The median home price in Hyden stands at $31,500. To calculate the property tax bill, the assessed value is multiplied by the local tax rate, which is then adjusted based on any exemptions or deductions the homeowner may qualify for. Several factors influence the tax bill, including the property's assessed value, local tax rates, and applicable exemptions. For example, tax bills in Hyden range from the 25th percentile at $105 to the 75th percentile at $695, with the 90th percentile tax bill reaching up to $1,172. The highest median tax bill in the area is $335 in the 41749 zip code, while the lowest median tax bill is $249 in the 41762 zip code. Homeowners in Hyden benefit from comparatively low property tax rates, especially when compared to the national median property tax rate of 0.99%. This can make homeownership more affordable and financially manageable for residents.
Average Hyden Tax Bill
$332
Average Leslie County Tax Bill
$267
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Hyden, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41749 | $42 | $105 | $335 | $695 | $1,176 |
| 41762 | $239 | $243 | $249 | $256 | $260 |
Source: Ownwell