Hartford, Kentucky Property Taxes
The median property tax rate in Hartford, KY is 0.96%, slightly lower than the national median of 0.99% and the Kentucky state median of 1.02%. With the median home value in Hartford at $25,650, the typical annual property tax bill amounts to $202, which is significantly below the national median of $2,690. Property taxes in Hartford 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 Hartford'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 Hartford 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
Hartford, 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 Hartford Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Hartford with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Hartford 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 Hartford, Kentucky
Property taxes in Hartford, Kentucky, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Hartford is 0.96%, slightly lower than the U.S. national median of 0.99%. Local government entities within Hartford set these rates annually, and they can vary significantly across different neighborhoods. Each year, Hartford 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 Hartford's effective property tax rate to other areas in Kentucky and the national median. For comparison, the 42347 zip code has the median property tax rate of 0.96%. Understanding how these cities compare with Hartford provides valuable insights into the varying tax landscape across Ohio County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Hartford Tax Rate
0.96%
Average Ohio County Tax Rate
0.96%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Hartford, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42347 | 0.77% | 0.96% | 0.96% | 0.96% | 0.96% |
Source: Ownwell
Property Tax Assessment Values Across Hartford, Kentucky
In Hartford, 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 Ohio County Property Valuation Administrator 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 Hartford, 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. For example, in Hartford, the median home price is $25,650, with tax bills ranging from $67 at the 25th percentile to $1,091 at the 90th percentile. The zip code 42347 has the highest and lowest median tax bill at $202. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Hartford Assessed Value
$25,650
Average Ohio County Assessed Value
$23,500
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Hartford, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42347 | $2,500 | $7,925 | $25,650 | $66,862 | $115,000 |
Source: Ownwell
Property Tax Bills Across Hartford, Kentucky
In Hartford, Kentucky, property tax bills are determined by assessing the market value of a property and applying the local tax rate. For Ohio County, the median home price is $25,650. Homeowners can expect their tax bill to fall within a range, depending on their property's specific assessed value and the applicable tax rate. For example, the 25th percentile tax bill is around $67, while the 75th percentile tax bill can reach up to $577. At the 90th percentile, tax bills can be as high as $1,091. Several factors influence the final tax bill, including property size, location, and any applicable exemptions. These property taxes significantly impact homeowners, as they contribute to local services like schools, infrastructure, and public safety. In comparison to the national median property tax rate of 0.99%, Hartford's rates offer a distinct financial landscape for property owners. The highest and lowest median tax bills in the area are both $202, specifically in the 42347 zip code, indicating some level of consistency in tax assessments within that region.
Average Hartford Tax Bill
$202
Average Ohio County Tax Bill
$192
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Hartford, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42347 | $24 | $67 | $202 | $577 | $1,091 |
Source: Ownwell