Hope, Kentucky Property Taxes
The median property tax rate in Hope, KY is 0.95%, slightly below both the national median of 0.99% and the Kentucky state median of 1.02%. With the median home value in Hope, the typical annual property tax bill reaches $426, significantly lower than the national median of $2,690. Property taxes in Hope 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 Hope'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 Hope 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
Hope, 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 HOPE Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in HOPE with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in HOPE 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 Hope, Kentucky
Property taxes in Hope, Kentucky, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Hope is 0.95%, slightly below the U.S. national median of 0.99%. Local government entities within Hope set these rates annually, and they can vary significantly across different neighborhoods. Each year, Hope 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 Hope's effective property tax rate to other areas in Kentucky and the national median. For comparison, the ZIP code 40334 has both the highest and lowest median property tax rate of 0.95%. Understanding how these areas compare with Hope provides valuable insights into the varying tax landscape across Bath County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Hope Tax Rate
0.95%
Average Bath County Tax Rate
1.17%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Hope, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40334 | 0.24% | 0.58% | 0.95% | 1.17% | 1.17% |
Source: Ownwell
Property Tax Assessment Values Across Hope, Kentucky
In Hope, 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 Bath 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 Hope, 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 Hope helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest median tax bill is 40334, with a tax bill of $426, while the lowest median tax bill is also in zip code 40334, with the same value of $426.
Average Hope Assessed Value
$40,000
Average Bath County Assessed Value
$55,200
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Hope, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40334 | $15,000 | $23,000 | $40,000 | $93,000 | $198,000 |
Source: Ownwell
Property Tax Bills Across Hope, Kentucky
In Hope, Kentucky, property tax bills are determined based on the assessed value of a home, which is typically a percentage of its market value. For instance, with a median home price of $40,000, the tax rate is applied to this assessed value to calculate the annual tax bill. Factors influencing the tax bill include the property's location, its assessed value, and applicable exemptions or deductions. Homeowners in Hope can expect property tax bills that vary significantly. The 25th percentile tax bill is around $185, while the 75th percentile tax bill reaches $927. For those at the higher end, the 90th percentile tax bill can be as much as $1,946. These figures show a wide range of potential tax liabilities, reflecting differences in property values and applicable exemptions. Compared to the national median property tax rate of 0.99%, Hope's property taxes can be relatively manageable for many homeowners, but the exact impact will depend heavily on individual property assessments and any qualifying exemptions.
Average Hope Tax Bill
$426
Average Bath County Tax Bill
$496
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Hope, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40334 | $152 | $185 | $426 | $927 | $1,946 |
Source: Ownwell