Hancock County Property Taxes
The median property tax rate in Hancock County is 1.05%, which is slightly higher than both the national median of 0.99% and Kentucky's state median of 1.02%. With a median home value of $64,400 in Hancock County, the typical annual property tax bill amounts to $525, which is considerably lower than the national median of $2,690. Property taxes in Hancock County are calculated based on the assessed value, which is often less than the actual market value due to various property tax exemptions, such as those for primary residences and agricultural properties. Understanding Hancock County's specific property tax system, exploring available exemptions, and identifying opportunities for property tax reductions can lead to significant annual savings. Whether you reside in Lewisport or another part of Hancock County, gaining a comprehensive knowledge of local property taxes will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Hancock County Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.05%
Estimate Property Tax Bill
$676
Ownwell’s Hancock County Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner to estimate their annual property taxes in Hancock County with just 2 data points. Enter your property's estimated assessed value, and our calculator applies the median tax rate in Hancock County to estimate your property tax bill. This insightful tool helps you understand potential tax liabilities. If you’d like to see trends on a city level, scroll down to navigate to a more local informational page. Your property assessed value is the value assigned to your property by your county for property tax calculations. Assessed value takes into account any exemptions you may have on your property.
Property Tax Rates Across Hancock County, Kentucky
Property taxes in Hancock County play a crucial role in funding essential local services like public schools, road maintenance, and emergency services. The median tax rate in Hancock County is 1.05%, which is higher than the U.S. national median of 0.99%. Local government entities within Hancock County set these rates annually, and they can vary significantly between different areas within the county. Each year, Hancock County estimates its required budget to maintain services for the upcoming fiscal year and divides this budget by the total value of all taxable property in the jurisdiction, resulting in the property tax rate. Although tax rates and budgets are influenced by laws and voter input, this calculation forms the basic process for setting property tax rates. For comparison, the city of Philpot has one of the higher property tax rates in the region at 1.05%, while the city of Hawesville also has one of the lowest at 1.05%. Analyzing how Hancock County's tax rates stack up against these benchmarks can give homeowners a better understanding of the local tax landscape.
Average Hancock County Tax Rate
1.05%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Hancock County, Kentucky
| City | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| Fordsville | 0.34% | 1.05% | 1.05% | 1.05% | 1.05% |
| Hawesville | 0.42% | 0.97% | 1.05% | 1.05% | 1.05% |
| Lewisport | 0.46% | 0.97% | 1.05% | 1.05% | 1.05% |
| Philpot | 0.79% | 1.05% | 1.05% | 1.05% | 1.05% |
| Reynolds Station | 0.32% | 0.97% | 1.05% | 1.05% | 1.05% |
Source: Ownwell
Property Tax Assessment Values Across Hancock County, Kentucky
Understanding the difference between "market value" and "assessed value" is key to comprehending property taxes in Hancock County, KY. The market value represents the price a willing buyer would pay to a willing seller in an open, competitive market, considering location, property condition, and current economic trends. For tax purposes, this value is estimated by the Hancock County Appraisal District. The assessed value, however, 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 Hancock County are typically mailed in the spring, usually by the middle of April. These notices provide homeowners with both the market and assessed values, along with an estimate of the annual property tax bill. By distinguishing between these valuation concepts, property owners can better navigate their tax responsibilities and understand how their property taxes are affected. For instance, Lewisport has the highest median tax bill at $616, while Fordsville has the lowest at $243. Being aware of these valuation processes will help you identify opportunities for appealing assessments or applying for exemptions to manage your tax burden more effectively.
Average Hancock County Assessed Value
$64,400
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Hancock County, Kentucky
| City | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| Fordsville | $2,000 | $5,900 | $32,500 | $70,600 | $102,880 |
| Hawesville | $5,500 | $22,300 | $65,000 | $109,600 | $164,447 |
| Lewisport | $6,000 | $24,000 | $68,000 | $122,850 | $187,300 |
| Philpot | $4,400 | $9,900 | $41,000 | $86,500 | $179,940 |
| Reynolds Station | $6,530 | $20,800 | $55,300 | $95,600 | $143,200 |
Source: Ownwell
Property Tax Bills Across Hancock County, Kentucky
In Hancock County, KY, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. This assessed value is then multiplied by the local tax rate to determine the tax bill. The median home price in Hancock County is $64,400, which serves as a reference point for tax calculations. Homeowners in this county can expect a wide range of tax bills. For instance, the tax bill at the 25th percentile is $169, while at the 75th percentile, it rises to $1,062. At the 90th percentile, tax bills can reach up to $1,732. The highest median tax bill in the county is $616 in Lewisport, while Fordsville has the lowest median tax bill at $243. These figures illustrate the variability in tax burdens across different areas within the county. Homeowners should be aware that their property tax bills can significantly impact their annual expenses, making it crucial to understand how these taxes are calculated and what factors influence them.
Average Hancock County Tax Bill
$525
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Hancock County, Kentucky
| City | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| Fordsville | $10 | $34 | $243 | $634 | $1,076 |
| Hawesville | $52 | $161 | $513 | $1,050 | $1,656 |
| Lewisport | $68 | $210 | $616 | $1,207 | $1,942 |
| Philpot | $46 | $104 | $367 | $752 | $1,889 |
| Reynolds Station | $49 | $142 | $420 | $846 | $1,509 |
Source: Ownwell