Rocky Hill, Kentucky Property Taxes
The median property tax rate in Rocky Hill, KY is 0.92%, which is slightly lower than both the national median of 0.99% and Kentucky's state median of 1.02%. With a median home value of $60,000 in Rocky Hill, the typical annual property tax bill amounts to $441, significantly below the national median of $2,690. Property taxes in Rocky Hill 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 Rocky Hill'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 Rocky Hill 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
Rocky Hill, 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 Rocky Hill Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Rocky Hill with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Rocky Hill 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 Rocky Hill, Kentucky
Property taxes in Rocky Hill, Kentucky, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Rocky Hill is 0.92%, which is below the U.S. national median of 0.99%. Local government entities within Rocky Hill set these rates annually, and they can vary significantly across different neighborhoods. Each year, Rocky Hill 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 Rocky Hill's effective property tax rate to other counties in Kentucky and the national median. For comparison, the zip code 42163 has both the highest and lowest median property tax rate of 0.92%. Understanding how these areas compare with Rocky Hill provides valuable insights into the varying tax landscape across Edmonson County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Rocky Hill Tax Rate
0.92%
Average Edmonson County Tax Rate
0.91%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Rocky Hill, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42163 | 0.12% | 0.45% | 0.92% | 0.95% | 1.01% |
Source: Ownwell
Property Tax Assessment Values Across Rocky Hill, Kentucky
In Rocky Hill, 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 Edmonson 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 Rocky Hill, 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 example, the median home price in Rocky Hill is $60,000, with tax bills ranging from $173 at the 25th percentile to $1,253 at the 90th percentile. The zip code 42163 has both the highest and lowest median tax bill at $441. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Rocky Hill Assessed Value
$60,000
Average Edmonson County Assessed Value
$80,500
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Rocky Hill, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42163 | $26,050 | $36,250 | $60,000 | $99,750 | $136,960 |
Source: Ownwell
Property Tax Bills Across Rocky Hill, Kentucky
In Rocky Hill, KY, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. The assessed value is then multiplied by the local property tax rate to determine the annual tax bill. For example, with a median home price of $60,000, homeowners can expect their tax bills to vary significantly. The tax bill at the 25th percentile is around $173, while at the 75th percentile, it can reach up to $892. At the 90th percentile, it may go as high as $1,253. Various factors influence these calculations, including property location, market conditions, and any applicable exemptions or abatements. Compared to the national median property tax rate of 0.99%, Rocky Hill's property taxes can be a financial consideration for homeowners. Understanding these variables is crucial for homeowners to budget effectively and potentially seek appeals or exemptions to manage their tax liabilities better.
Average Rocky Hill Tax Bill
$441
Average Edmonson County Tax Bill
$643
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Rocky Hill, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42163 | $62 | $173 | $441 | $892 | $1,253 |
Source: Ownwell