New Hope, Kentucky Property Taxes
The median property tax rate in New Hope, KY is 0.62%, significantly lower than both the national median of 0.99% and the Kentucky state median of 1.02%. With the median home value in New Hope at $85,000, the typical annual property tax bill is $457, well below the national median of $2,690. Property taxes in New Hope are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding New Hope'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 New Hope or another part of Marion County, understanding 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
$2,500,000
$5,000,000
Average Tax Rate
1.02%
Estimate Property Tax Bill
$2,040
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 essential in funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in New Hope is 0.62%, which is 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 zip code 40052 in Marion County has the same median property tax rate of 0.62%. Understanding how these cities compare with New Hope provides valuable insights into the varying tax landscape across Marion County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average New Hope Tax Rate
0.62%
Average Marion County Tax Rate
0.90%
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 | 0.23% | 0.45% | 0.62% | 0.90% | 0.90% |
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 Marion 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 New Hope, 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 New Hope helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in New Hope is $85,000, with tax bills ranging from $305 at the 25th percentile to $1,659 at the 90th percentile. The zip code 40052 has both the highest and lowest median tax bill at $457.
Average New Hope Assessed Value
$85,000
Average Marion County Assessed Value
$120,000
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 | $25,000 | $40,000 | $85,000 | $192,000 | $296,000 |
Source: Ownwell
Property Tax Bills Across New Hope, Kentucky
In New Hope, KY, property tax bills are calculated by multiplying the assessed value of a home by the local tax rate. For homeowners in Marion County, where New Hope is located, the median home price stands at $85,000. This assessed value forms the basis of the tax calculation. Tax authorities then apply the local property tax rate to this assessed value to determine the annual tax bill. Several factors influence the final tax amount, including property size, location, and any applicable exemptions. For instance, tax bills in New Hope range significantly, with the 25th percentile at $305 and the 75th percentile at $1,178. The 90th percentile sees tax bills as high as $1,659. These variations highlight how individual property characteristics and local tax policies can impact homeowners differently. Compared to the national median property tax rate of 0.99%, New Hope's property taxes can be relatively moderate, offering potential savings. However, understanding these factors is crucial for homeowners aiming to manage their property tax obligations effectively.
Average New Hope Tax Bill
$457
Average Marion County Tax Bill
$852
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 | $108 | $305 | $457 | $1,178 | $1,659 |
Source: Ownwell