Harrodsburg, Kentucky Property Taxes
The median property tax rate in Harrodsburg, KY is 0.61%, significantly lower than both the national median of 0.99% and the Kentucky state median of 1.02%. With a median home value of $126,000 in Harrodsburg, the typical annual property tax bill is around $572, which is well below the national median of $2,690. Property taxes in Harrodsburg are calculated based on the tax assessed value, which is often lower than the market value due to various exemptions like those for primary residences and agricultural properties. Understanding Harrodsburg's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Harrodsburg or another part of Washington County, grasping the nuances of the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Harrodsburg, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.61%
Estimate Property Tax Bill
$769
Ownwell’s Harrodsburg Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Harrodsburg with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Harrodsburg 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 Harrodsburg, Kentucky
Property taxes in Harrodsburg, Kentucky, are crucial for funding essential local services, including public schools, road maintenance, and emergency services. The median tax rate in Harrodsburg is 0.61%, which is lower than the U.S. national median of 0.99%. Local government entities within Harrodsburg set these rates annually, and they can vary significantly across different neighborhoods. Each year, Harrodsburg 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 Harrodsburg's effective property tax rate to other counties in Kentucky and the national median. For comparison, the 40330 zip code has the highest median property tax rate of 0.61%, while the same zip code also has the lowest median tax rate of 0.61%. Understanding how these cities compare with Harrodsburg provides valuable insights into the varying tax landscape across Washington County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Harrodsburg Tax Rate
0.61%
Average Washington County Tax Rate
0.86%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Harrodsburg, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40330 | 0.18% | 0.31% | 0.61% | 1.06% | 1.29% |
Source: Ownwell
Property Tax Assessment Values Across Harrodsburg, Kentucky
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Harrodsburg, 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 Washington 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 Harrodsburg, 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 Harrodsburg helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Harrodsburg is $126,000, with the highest median tax bill in zip code 40330 at $572.
Average Harrodsburg Assessed Value
$126,000
Average Washington County Assessed Value
$130,000
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Harrodsburg, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40330 | $15,000 | $53,000 | $126,000 | $208,000 | $319,000 |
Source: Ownwell
Property Tax Bills Across Harrodsburg, Kentucky
In Harrodsburg, KY, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. The assessed value is a percentage of the market value and is used to calculate the tax bill. For example, with a median home price of $126,000, homeowners can expect varying tax bills depending on where they fall within the assessed value range. The 25th percentile tax bill is approximately $238, while the 75th percentile reaches $1,071. At the higher end, the 90th percentile tax bill can go up to $1,617. These tax bills are influenced by factors such as property size, location, and any applicable exemptions. For homeowners, understanding these factors is crucial as they directly impact the annual financial obligations tied to their property. Notably, the highest and lowest median tax bills in Harrodsburg both stand at $572, which is significantly below the national median property tax rate of 0.99%, offering some relief to local homeowners.
Average Harrodsburg Tax Bill
$572
Average Washington County Tax Bill
$877
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Harrodsburg, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40330 | $111 | $238 | $572 | $1,071 | $1,617 |
Source: Ownwell