Hazard, Kentucky Property Taxes
The median property tax rate in Hazard, KY is 1.04%, slightly higher than both the national median of 0.99% and the Kentucky state median of 1.02%. With a median home value of $15,000 in Hazard, the typical annual property tax bill is $147, which is significantly lower than the national median of $2,690. Property taxes in Hazard 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 Hazard'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 Hazard or another part of the city, comprehending the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Hazard, 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 Hazard Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Hazard with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Hazard 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 Hazard, Kentucky
Property taxes in Hazard, Kentucky, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Hazard is 1.04%, which is higher than the U.S. national median of 0.99%. Local government entities within Hazard set these rates annually, and they can vary significantly across different neighborhoods. Each year, Hazard 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 Hazard's effective property tax rate to other counties in Kentucky and the national median. For comparison, the zip code 41701 has the highest median property tax rate of 1.04%, while the same zip code also has the lowest median tax rate of 1.04%. Understanding how these cities compare with Hazard provides valuable insights into the varying tax landscape across Perry County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Hazard Tax Rate
1.04%
Average Perry County Tax Rate
1.04%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Hazard, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41701 | 0.71% | 1.04% | 1.04% | 1.04% | 1.13% |
Source: Ownwell
Property Tax Assessment Values Across Hazard, Kentucky
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Hazard, Kentucky. 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 Perry 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 Hazard, 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 instance, the median home price in Hazard is $15,000, with tax bills ranging from $53 at the 25th percentile to $1,352 at the 90th percentile. The zip code 41701 has both the highest and lowest median tax bill of $147. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Hazard Assessed Value
$15,000
Average Perry County Assessed Value
$11,075
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Hazard, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41701 | $2,000 | $5,000 | $15,000 | $50,000 | $115,000 |
Source: Ownwell
Property Tax Bills Across Hazard, Kentucky
In Hazard, located in Perry County, KY, property tax bills are calculated based on the assessed value of the property. The assessed value is determined by local tax assessors and reflects the estimated market value of the property. Homeowners in Hazard see their tax bills influenced by factors such as property size, location, and any improvements made to the property. For instance, the median home price in Hazard is $15,000, and property tax bills can range significantly. Homeowners at the 25th percentile pay around $53, while those at the 75th percentile face bills of up to $510. At the 90th percentile, tax bills can escalate to $1,352. The highest and lowest median tax bills in Hazard are both recorded at $147 in the 41701 zip code. These property tax bills impact homeowners by contributing to local services such as schools, infrastructure, and emergency services. Compared to the national median property tax rate of 0.99%, Hazard's property tax rates can be seen as relatively modest, reflecting the lower property values in the area.
Average Hazard Tax Bill
$147
Average Perry County Tax Bill
$104
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Hazard, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41701 | $31 | $53 | $147 | $510 | $1,352 |
Source: Ownwell