Hallie, Kentucky Property Taxes
The median property tax rate in Hallie, KY is 1.46%, considerably higher than both the national median of 0.99% and the Kentucky state median of 1.02%. With the median home value in Hallie, the typical annual property tax bill reaches $99, significantly lower than the national median of $2,690. Property taxes in Hallie 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 Hallie'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 Hallie 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
Hallie, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.46%
Estimate Property Tax Bill
$292
Ownwell’s Hallie Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Hallie with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Hallie 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 Hallie, Kentucky
Property taxes in Hallie, Kentucky, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Hallie stands at 1.46%, significantly higher than both the Kentucky state median and the U.S. national median of 0.99%. Local government entities within Hallie set these rates annually, and they can vary significantly across different neighborhoods. Each year, Hallie 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 Hallie's effective property tax rate to other counties in Kentucky and the national median. For comparison, the zip code 41821 has both the highest and lowest median property tax rate of 1.46%. Understanding how these cities compare with Hallie provides valuable insights into the varying tax landscape across Letcher County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Hallie Tax Rate
1.46%
Average Letcher County Tax Rate
1.46%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Hallie, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41821 | 0.18% | 0.53% | 1.46% | 1.46% | 1.46% |
Source: Ownwell
Property Tax Assessment Values Across Hallie, Kentucky
In Hallie, 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 local 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 Hallie, 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 Hallie helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. For instance, the tax bill at the 25th percentile is $36, while at the 75th percentile, it is $291, and at the 90th percentile, it reaches $491.
Average Hallie Assessed Value
$20,000
Average Letcher County Assessed Value
$23,000
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Hallie, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41821 | $2,000 | $5,500 | $20,000 | $39,250 | $61,400 |
Source: Ownwell
Property Tax Bills Across Hallie, Kentucky
In Hallie, located in Letcher County, KY, property tax bills are calculated based on the assessed value of a home. The assessed value is determined by local assessors who evaluate the property's market value. Homeowners in Hallie typically experience property tax bills that range significantly, reflecting the diverse property values within the area. For instance, the 25th percentile tax bill is around $36, while the 75th percentile reaches $291, and the 90th percentile can go up to $491. These figures illustrate the variability in tax obligations, heavily influenced by the home's assessed value and applicable tax rates. Compared to the national median property tax rate of 0.99%, homeowners in Hallie may find their tax rates to be relatively low, which can be a financial relief. However, it's crucial for homeowners to stay informed about their property's assessed value and any changes in local tax rates, as these factors directly impact their annual tax bills. Understanding these elements helps homeowners budget effectively and avoid unexpected financial burdens.
Average Hallie Tax Bill
$99
Average Letcher County Tax Bill
$199
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Hallie, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41821 | $16 | $36 | $99 | $291 | $491 |
Source: Ownwell