Hagerhill, Kentucky Property Taxes
The median property tax rate in Hagerhill, KY is 1.01%, which is slightly higher than the national median of 0.99% but just below the Kentucky state median of 1.02%. With a median home value of $53,950 in Hagerhill, the typical annual property tax bill is $440, significantly lower than the national median of $2,690. Property taxes in Hagerhill are calculated based on the assessed value, which is often lower than the market value due to exemptions like those for primary residences and agricultural properties. Understanding Hagerhill'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 Hagerhill or another part of Johnson County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Hagerhill, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.01%
Estimate Property Tax Bill
$545
Ownwell’s Hagerhill Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Hagerhill with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Hagerhill 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 Hagerhill, Kentucky
Property taxes in Hagerhill, Kentucky, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Hagerhill is 0.62%, lower than both the Kentucky state median of 0.83% and the U.S. national median of 0.99%. Local government entities within Hagerhill set these rates annually, and they can vary significantly across different neighborhoods. Each year, Hagerhill 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 Hagerhill's effective property tax rate to other counties in Kentucky and the national median. For comparison, the 41222 zip code has the highest median property tax rate of 0.62%, while the 41222 zip code has the lowest median tax rate of 0.62%. Understanding how these cities compare with Hagerhill provides valuable insights into the varying tax landscape across Johnson County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Hagerhill Tax Rate
1.01%
Average Johnson County Tax Rate
1.01%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Hagerhill, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41222 | 0.28% | 0.56% | 1.01% | 1.05% | 1.10% |
Source: Ownwell
Property Tax Assessment Values Across Hagerhill, Kentucky
In Hagerhill, 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 Johnson 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 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 Hagerhill helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 41222 has both the highest and lowest median tax bill, valued at $440, reflecting the local property tax dynamics.
Average Hagerhill Assessed Value
$53,950
Average Johnson County Assessed Value
$56,700
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Hagerhill, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41222 | $8,880 | $24,975 | $53,950 | $98,925 | $172,030 |
Source: Ownwell
Property Tax Bills Across Hagerhill, Kentucky
In Hagerhill, Johnson County, KY, property tax bills are calculated based on the assessed value of your home. The median home price in this area is $53,950. Tax rates are applied to this assessed value to determine the annual tax bill. For example, homeowners in the 25th percentile can expect a tax bill around $170, while those in the 75th percentile may see bills closer to $868. In some cases, tax bills can reach up to $1,496 for the 90th percentile. Several factors influence the final tax bill, including the property’s assessed value, local tax rates, and any applicable exemptions. The highest and lowest median tax bill in the region is $440, indicating a relatively stable tax environment. Compared to the national median property tax rate of 0.99%, Hagerhill's rates can be considered moderate, providing a balanced approach for homeowners. This calculation method ensures that property taxes are equitable and reflect the value of the property.
Average Hagerhill Tax Bill
$440
Average Johnson County Tax Bill
$379
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Hagerhill, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41222 | $54 | $170 | $440 | $868 | $1,496 |
Source: Ownwell