Hopkinsville, Kentucky Property Taxes
The median property tax rate in Hopkinsville, KY is 0.78%, notably lower than both the national median of 0.99% and the Kentucky state median of 1.02%. With the median home value in Hopkinsville at $105,000, the typical annual property tax bill is $728, which is significantly below the national median of $2,690. Property taxes in Hopkinsville are calculated based on the tax assessed value, which generally falls below the market value due to various exemptions, such as those for primary residences and agricultural properties. Understanding Hopkinsville'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 Hopkinsville or another part of the city, familiarizing yourself with the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Hopkinsville, 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 Hopkinsville Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Hopkinsville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Hopkinsville 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 Hopkinsville, Kentucky
Property taxes in Hopkinsville, Kentucky, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Hopkinsville is 0.78%, which is lower than the U.S. national median of 0.99%. Local government entities within Hopkinsville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Hopkinsville 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 Hopkinsville's effective property tax rate to other counties in Kentucky and the national median. For comparison, the 42240 zip code has both the highest and lowest median property tax rate of 0.78%. Understanding how these cities compare with Hopkinsville provides valuable insights into the varying tax landscape across Christian County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Hopkinsville Tax Rate
0.78%
Average Christian County Tax Rate
0.78%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Hopkinsville, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42240 | 0.45% | 0.65% | 0.78% | 0.78% | 0.81% |
Source: Ownwell
Property Tax Assessment Values Across Hopkinsville, Kentucky
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Hopkinsville, Kentucky. 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 Christian 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. Assessment notices in Hopkinsville 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. The median home price in Hopkinsville is $105,000, with tax bills ranging from $350 at the 25th percentile to $1,217 at the 75th percentile, and $1,826 at the 90th percentile. The zip code 42240 has the highest and lowest median tax bill of $728. Being aware of these valuation processes in Hopkinsville helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Hopkinsville Assessed Value
$105,000
Average Christian County Assessed Value
$110,000
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Hopkinsville, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42240 | $23,000 | $55,000 | $105,000 | $174,104 | $250,840 |
Source: Ownwell
Property Tax Bills Across Hopkinsville, Kentucky
In Hopkinsville, located in Christian County, KY, property tax bills are calculated based on the assessed value of a home, which is determined by the local property assessor. The median home price in the area is $105,000. Property taxes are influenced by several factors, including the assessed value of the property, local tax rates, and any applicable exemptions. For homeowners in Hopkinsville, the property tax bill can vary significantly. At the 25th percentile, homeowners might expect a tax bill around $350, while those at the 75th percentile could see a bill closer to $1,217. At the 90th percentile, the tax bill can be as high as $1,826. The median tax bill in the 42240 zip code is $728, which is below the national median property tax rate of 0.99%. These taxes fund essential local services such as schools, public safety, and infrastructure. For homeowners, understanding how their property tax bill is calculated can help them plan their finances and potentially seek out exemptions or appeals to reduce their tax burden.
Average Hopkinsville Tax Bill
$728
Average Christian County Tax Bill
$788
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Hopkinsville, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42240 | $146 | $350 | $728 | $1,217 | $1,826 |
Source: Ownwell