Hazel Green, Kentucky Property Taxes
The median property tax rate in Hazel Green, KY is 1.24%, notably higher than both the national median of 0.99% and the Kentucky state median of 1.02%. With the median home value in Hazel Green at $41,250, the typical annual property tax bill is $294, which falls significantly below the national median of $2,690. Property taxes in Hazel Green are determined based on the tax assessed value, which is often lower than the market value due to exemptions such as those for primary residences and agricultural properties. Familiarizing yourself with Hazel Green's property tax system, exploring available exemptions, and finding opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Hazel Green or another part of the city, understanding the local property tax system is advantageous for both homeowners and real estate investors.
Last Updated June 14, 2024
Hazel Green, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.24%
Estimate Property Tax Bill
$512
Ownwell’s Hazel Green Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Hazel Green with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Hazel Green 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 Hazel Green, Kentucky
Property taxes in Hazel Green, Kentucky, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Hazel Green is 1.24%, higher than both the Kentucky state median of 0.83% and the U.S. national median of 0.99%. Local government entities within Hazel Green set these rates annually, and they can vary significantly across different neighborhoods. Each year, Hazel Green 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 Hazel Green's effective property tax rate to other counties in Kentucky and the national median. For comparison, the 41332 zip code has the highest median property tax rate of 1.24%, while the same zip code also has the lowest median tax rate of 1.24%. Understanding how these cities compare with Hazel Green provides valuable insights into the varying tax landscape across Morgan County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Hazel Green Tax Rate
1.24%
Average Morgan County Tax Rate
1.24%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Hazel Green, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41332 | 0.24% | 0.70% | 1.24% | 1.24% | 1.24% |
Source: Ownwell
Property Tax Assessment Values Across Hazel Green, Kentucky
In Hazel Green, 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 Morgan 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 Hazel Green, 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 Hazel Green helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in the area is $294.00 in the 41332 zip code, and the lowest median tax bill is also $294.00 in the same zip code.
Average Hazel Green Assessed Value
$41,250
Average Morgan County Assessed Value
$35,000
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Hazel Green, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41332 | $3,550 | $12,375 | $41,250 | $75,000 | $124,500 |
Source: Ownwell
Property Tax Bills Across Hazel Green, Kentucky
In Hazel Green, KY, property tax bills are calculated based on the assessed value of a home. The assessed value is determined by the local tax assessor and reflects the market value of the property. Homeowners in Hazel Green typically see a range of property tax bills, with the 25th percentile paying around $84 and the 75th percentile facing bills of up to $747. At the higher end, the 90th percentile of homeowners may pay as much as $1,234. These tax bills are influenced by several factors, including the property's assessed value, local tax rates, and any applicable exemptions or deductions. For example, the highest median tax bill in the area is $294, which is significantly lower than the national median property tax rate of 0.99%. This relatively low tax burden can make Hazel Green an attractive place for homeowners, offering a more affordable living experience compared to many other regions. Understanding these factors can help homeowners better anticipate their annual property tax obligations.
Average Hazel Green Tax Bill
$294
Average Morgan County Tax Bill
$263
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Hazel Green, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41332 | $22 | $84 | $294 | $747 | $1,234 |
Source: Ownwell