Hardy, Kentucky Property Taxes
The median property tax rate in Hardy, KY is 1.37%, considerably higher than both the national median of 0.99% and the Kentucky state median of 1.02%. With the median home value in Hardy, the typical annual property tax bill reaches $351, which is significantly lower than the national median of $2,690. Property taxes in Hardy are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Hardy'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 Hardy or another part of the city, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Hardy, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.37%
Estimate Property Tax Bill
$518
Ownwell’s Hardy Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Hardy with just two data points. By entering your property's estimated assessed value, the calculator uses the median tax rate in Hardy to estimate your property tax bill. This valuable 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 Hardy, Kentucky
Property taxes in Hardy, Kentucky, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Hardy is 0.67%, significantly lower than both the Kentucky state median of 0.83% and the U.S. national median of 0.99%. Local government entities within Hardy set these rates annually, and they can vary significantly across different neighborhoods. Each year, Hardy 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 Hardy's effective property tax rate to other counties in Kentucky and the national median. For comparison, the highest median property tax rate in Kentucky is 1.10%, while the lowest median tax rate is 0.51%. Understanding how these cities compare with Hardy provides valuable insights into the varying tax landscape across Pike County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Hardy Tax Rate
1.37%
Average Pike County Tax Rate
1.37%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Hardy, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41531 | 0.15% | 0.47% | 1.37% | 1.49% | 1.72% |
Source: Ownwell
Property Tax Assessment Values Across Hardy, Kentucky
In Hardy, 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 Pike 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 Hardy, 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 Hardy helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Hardy is $37,800. Notably, the highest median tax bill is found in zip code 41531, amounting to $351.00.
Average Hardy Assessed Value
$37,800
Average Pike County Assessed Value
$25,000
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Hardy, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41531 | $4,000 | $15,000 | $37,800 | $63,000 | $95,000 |
Source: Ownwell
Property Tax Bills Across Hardy, Kentucky
In Hardy, located in Pike County, KY, property tax bills are calculated based on the assessed value of a home, which is often lower than its market value. For homeowners, this means the tax bill is determined by multiplying the assessed value by the local property tax rate. Various factors influence the assessed value, such as the property's size, age, location, and condition. The median home price in Hardy is $37,800, and property tax bills can vary significantly. For instance, the tax bill at the 25th percentile is $84, while at the 75th percentile, it rises to $731. Homeowners in the 90th percentile can expect to pay around $1,291. These figures show that property taxes in Hardy can have a wide range, impacting homeowners differently depending on their property's assessed value. Compared to the national median property tax rate of 0.99%, Hardy's property taxes are relatively modest, making it an affordable location for many residents.
Average Hardy Tax Bill
$351
Average Pike County Tax Bill
$205
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Hardy, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41531 | $48 | $84 | $351 | $731 | $1,291 |
Source: Ownwell