Hiram, Kentucky Property Taxes
The median property tax rate in Hiram, KY is 1.35%, considerably higher than both the national median of 0.99% and the Kentucky state median of 1.02%. With the median home value in Hiram, the typical annual property tax bill reaches $186, significantly below the national median of $2,690. Property taxes in Hiram 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 Hiram'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 Hiram 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
Hiram, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.35%
Estimate Property Tax Bill
$243
Ownwell’s Hiram Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Hiram with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Hiram 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 Hiram, Kentucky
Property taxes in Hiram, Kentucky, are essential in funding crucial local services like public schools, road maintenance, and emergency services. The median tax rate in Hiram is 1.35%, significantly higher than the U.S. national median of 0.99%. Local government entities within Hiram set these rates annually, leading to potential variations across different neighborhoods. Each year, Hiram estimates its required budget to maintain services for the upcoming fiscal year. This budget is then divided 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. For comparison, the 40823 zip code has the highest median property tax rate of 1.35%, while the same zip code also has the lowest median tax rate of 1.35%. Understanding how these cities compare with Hiram provides valuable insights into the varying tax landscape across Harlan County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Hiram Tax Rate
1.35%
Average Harlan County Tax Rate
1.35%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Hiram, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40823 | 1.31% | 1.35% | 1.35% | 1.35% | 1.35% |
Source: Ownwell
Property Tax Assessment Values Across Hiram, Kentucky
In Hiram, 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 Harlan 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 Hiram, 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 Hiram helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest median tax bill is 40823, with a tax bill of $186.00, which is also the lowest median tax bill in the region.
Average Hiram Assessed Value
$18,000
Average Harlan County Assessed Value
$35,000
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Hiram, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40823 | $1,500 | $3,500 | $18,000 | $35,000 | $50,000 |
Source: Ownwell
Property Tax Bills Across Hiram, Kentucky
In Hiram, Kentucky, property tax bills are determined by assessing the market value of a property and applying the local tax rate. The assessed value is a critical factor, reflecting the property's market value, which serves as the basis for the tax calculation. Homeowners in Hiram experience a range of tax bills, with the 25th percentile at $47 and the 75th percentile at $412. This range indicates variability based on property values and potential exemptions. For example, a home with a median market price of $18,000 would have its tax bill calculated by multiplying the assessed value by the local tax rate. Compared to the national median property tax rate of 0.99%, Hiram's tax bills are relatively modest. The highest median tax bill recorded in the area is $186, found in the 40823 zip code, which aligns with the lowest median tax bill, highlighting a consistent taxation approach within the region. These factors collectively impact homeowners by influencing their annual financial obligations and potentially affecting property affordability.
Average Hiram Tax Bill
$186
Average Harlan County Tax Bill
$386
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Hiram, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40823 | $18 | $47 | $186 | $412 | $670 |
Source: Ownwell