Harrods Creek, Kentucky Property Taxes
The median property tax rate in Harrods Creek, KY is 1.11%, which is significantly higher than both the national median of 0.99% and the Kentucky state median of 1.02%. With the median home value in Harrods Creek at $994,710, the typical annual property tax bill reaches $10,982, far exceeding the national median of $2,690. Property taxes in Harrods Creek 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 Harrods Creek'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 Harrods Creek or another part of Jefferson County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Harrods Creek, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.11%
Estimate Property Tax Bill
$11,041
Ownwell’s Harrods Creek Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Harrods Creek with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Harrods Creek 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 Harrods Creek, Kentucky
Property taxes in Harrods Creek, Kentucky, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Harrods Creek is 1.11%, notably higher than the U.S. national median of 0.99%. Local government entities within Harrods Creek set these rates annually, and they can vary significantly across different neighborhoods. Each year, Harrods Creek 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 Harrods Creek's effective property tax rate to other areas in Jefferson County and the national median. For comparison, the zip code 40027 has the highest median property tax rate of 1.11%, while the same zip code also has the lowest median tax rate of 1.11%. Understanding how these areas compare with Harrods Creek provides valuable insights into the varying tax landscape across Jefferson County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Harrods Creek Tax Rate
1.11%
Average Jefferson County Tax Rate
1.17%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Harrods Creek, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40027 | 1.11% | 1.11% | 1.11% | 1.14% | 1.15% |
Source: Ownwell
Property Tax Assessment Values Across Harrods Creek, Kentucky
In Harrods Creek, 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 Jefferson 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 Harrods Creek, 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 Harrods Creek helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Harrods Creek is $994,710, with the highest and lowest median tax bills both recorded at $10,982 in zip code 40027.
Property Tax Assessment Values Across Harrods Creek, Kentucky
Source: Ownwell
$6,750
$618,600
$1,230,450
Average Harrods Creek Assessed Value
$994,710
Average Jefferson County Assessed Value
$181,690
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Harrods Creek, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40027 | $920,526 | $948,345 | $994,710 | $1,103,765 | $1,169,198 |
Source: Ownwell
Property Tax Bills Across Harrods Creek, Kentucky
In Harrods Creek, Jefferson County, KY, property tax bills are calculated by multiplying the assessed value of a home by the local tax rate. The assessed value is determined by the county assessor and typically reflects a percentage of the property's market value. Various factors, such as the home's location, size, and condition, influence this assessment. For instance, in Harrods Creek, the median home price is $994,710, which significantly impacts the tax bill. Homeowners in Harrods Creek can expect their property tax bills to vary, with the 25th percentile at $10,713 and the 75th percentile at $12,245. Those in the 90th percentile face bills as high as $13,003. These figures are notably higher than the national median property tax rate of 0.99%, reflecting the area's higher property values. Understanding these factors helps homeowners anticipate their tax obligations, ensuring they can budget accordingly and avoid surprises. The property tax system in Harrods Creek thus plays a crucial role in local funding and services, impacting both individual finances and community resources.
Average Harrods Creek Tax Bill
$10,982
Average Jefferson County Tax Bill
$2,069
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Harrods Creek, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40027 | $10,552 | $10,713 | $10,982 | $12,245 | $13,003 |
Source: Ownwell