Hestand, Kentucky Property Taxes
The median property tax rate in Hestand, KY is 0.92%, slightly below the national median of 0.99% and the Kentucky state median of 1.02%. With the median home value in Hestand at $30,000, the typical annual property tax bill is $280, which is significantly lower than the national median of $2,690. Property taxes in Hestand are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Hestand'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 Hestand or another part of Monroe County, comprehending the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Hestand, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.92%
Estimate Property Tax Bill
$276
Ownwell’s Hestand Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Hestand with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Hestand 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 Hestand, Kentucky
Property taxes in Hestand, Kentucky, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Hestand is 0.92%, slightly lower than the U.S. national median of 0.99%. Local government entities within Hestand set these rates annually, and they can vary significantly across different neighborhoods. Each year, Hestand 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 Hestand's effective property tax rate to other counties in Kentucky and the national median. For comparison, the 42151 zip code has both the highest and lowest median property tax rate of 0.92%, reflecting the uniformity in property tax rates within this region. Understanding how these cities compare with Hestand provides valuable insights into the varying tax landscape across Monroe County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Hestand Tax Rate
0.92%
Average Monroe County Tax Rate
0.92%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Hestand, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42151 | 0.58% | 0.92% | 0.92% | 0.92% | 0.93% |
Source: Ownwell
Property Tax Assessment Values Across Hestand, Kentucky
In Hestand, 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 Monroe 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 Hestand, 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. For instance, the median home price in Hestand is $30,000, with tax bills varying widely—from the 25th percentile at $76 to the 90th percentile at $861. The highest and lowest median tax bills are both $280 in zip code 42151. By understanding 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 helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Hestand Assessed Value
$30,000
Average Monroe County Assessed Value
$42,000
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Hestand, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42151 | $1,880 | $10,000 | $30,000 | $79,750 | $100,900 |
Source: Ownwell
Property Tax Bills Across Hestand, Kentucky
In Hestand, located in Monroe County, KY, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. The median home price in Hestand stands at $30,000. The property tax rate is applied to this assessed value to determine the annual tax bill. Various factors influence the final tax bill, including the property's assessed value and any applicable exemptions or deductions. Homeowners in Hestand experience a range of property tax bills. At the 25th percentile, tax bills are around $76, while at the 75th percentile, they rise to approximately $646. The highest tax bills, at the 90th percentile, can reach up to $861. These figures reflect the variability in property values and the impact of local tax rates. Compared to the national median property tax rate of 0.99%, Hestand's property tax bills are relatively modest, providing some financial relief to homeowners in the region.
Average Hestand Tax Bill
$280
Average Monroe County Tax Bill
$328
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Hestand, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42151 | $13 | $76 | $280 | $646 | $861 |
Source: Ownwell