Hodgenville, Kentucky Property Taxes
The median property tax rate in Hodgenville, KY is 0.98%, slightly below the national median of 0.99% and the Kentucky state median of 1.02%. With a median home value of $100,000 in Hodgenville, the typical annual property tax bill is $788, which is significantly lower than the national median of $2,690. Property taxes in Hodgenville 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 Hodgenville'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 Hodgenville or another part of Larue County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Hodgenville, 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 Hodgenville Property Tax Bill Calculator is an essential tool for homeowners, real estate investors, and potential buyers to estimate annual property taxes in Hodgenville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Hodgenville to provide an estimate of your property tax bill. This insightful tool helps you understand potential tax liabilities. For those 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 Larue County for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Hodgenville, Kentucky
Property taxes in Hodgenville, Kentucky, are essential in funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Hodgenville is 0.98%, which is slightly below the U.S. national median of 0.99%. Local government entities within Hodgenville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Hodgenville 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 Hodgenville's effective property tax rate to other counties in Kentucky and the national median. For comparison, the zip code 42748 has the highest median property tax rate of 0.98%, while the same zip code also has the lowest median tax rate of 0.98%. Understanding how these areas compare with Hodgenville provides valuable insights into the varying tax landscape across Larue County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Hodgenville Tax Rate
0.98%
Average Larue County Tax Rate
0.98%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Hodgenville, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42748 | 0.28% | 0.60% | 0.98% | 1.01% | 1.08% |
Source: Ownwell
Property Tax Assessment Values Across Hodgenville, Kentucky
In Hodgenville, 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 Larue 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 Hodgenville, 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. Hodgenville's median home price is $100,000, with the 25th percentile tax bill at $388 and the 75th percentile at $1312. The highest median tax bill is $788 in the 42748 zip code. Being aware of these valuation processes in Hodgenville helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Hodgenville Assessed Value
$100,000
Average Larue County Assessed Value
$95,000
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Hodgenville, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42748 | $17,250 | $55,000 | $100,000 | $175,000 | $300,000 |
Source: Ownwell
Property Tax Bills Across Hodgenville, Kentucky
In Hodgenville, KY, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. The median home price in Hodgenville is $100,000. Property tax rates in the area can vary, but the median tax bill is $788, which is significantly lower than the national median property tax rate of 0.99%. The tax bill is influenced by several factors, including the assessed value of the property and the specific tax rate set by the local government. Homeowners in Hodgenville can expect their tax bills to fall within a range, with the 25th percentile at $388 and the 75th percentile at $1,312. For those at the higher end, the 90th percentile tax bill reaches $1,950. These property tax bills have a direct impact on homeowners' budgets, affecting their overall cost of living. Lower property taxes can make homeownership more affordable, while higher taxes may require careful financial planning.
Average Hodgenville Tax Bill
$788
Average Larue County Tax Bill
$717
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Hodgenville, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42748 | $146 | $388 | $788 | $1,312 | $1,950 |
Source: Ownwell