Hima, Kentucky Property Taxes
The median property tax rate in HIMA, KY is 0.58%, significantly lower than both the national median of 0.99% and the Kentucky state median of 1.02%. With a median home value of $80,000 in HIMA, the typical annual property tax bill is $466, which is well below the national median of $2,690. Property taxes in HIMA are based on the tax assessed value, often lower than the market value due to exemptions like primary residence and agricultural exemptions. Understanding HIMA'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 HIMA or another part of Clay County, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Hima, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.58%
Estimate Property Tax Bill
$464
Ownwell’s HIMA Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in HIMA with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in HIMA 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 Hima, Kentucky
Property taxes in HIMA, Kentucky, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in HIMA is 0.58%, which is lower than both the Kentucky state median and the U.S. national median of 0.99%. Local government entities within HIMA set these rates annually, and they can vary significantly across different neighborhoods. Each year, HIMA 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 HIMA's effective property tax rate to other areas in Kentucky and the national median. For comparison, the zip code 40951 has the highest median property tax rate of 0.58%, while the same zip code also has the lowest median tax rate of 0.58%. Understanding how these areas compare with HIMA provides valuable insights into the varying tax landscape across Clay County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Hima Tax Rate
0.58%
Average Clay County Tax Rate
1.18%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Hima, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40951 | 0.58% | 0.58% | 0.58% | 0.58% | 0.58% |
Source: Ownwell
Property Tax Assessment Values Across Hima, Kentucky
In Hima, 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 Clay 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 Hima, 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 Hima helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the area are both $466, found in the 40951 zip code.
Average Hima Assessed Value
$80,000
Average Clay County Assessed Value
$40,500
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Hima, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40951 | $80,000 | $80,000 | $80,000 | $80,000 | $80,000 |
Source: Ownwell
Property Tax Bills Across Hima, Kentucky
In HIMA, located in Clay County, KY, property tax bills are calculated based on the assessed value of the property. The assessed value is determined by the county assessor and is typically a percentage of the property's market value. For homeowners in HIMA, the median home price is $80,000. The property tax rate in this region is a crucial factor in determining the tax bill, which, in this case, is consistent across various percentiles with a median tax bill of $466. Several factors influence the assessed value, including the property's size, age, location, and any improvements made. For homeowners, this tax bill is a significant annual expense, impacting their overall cost of homeownership. The property tax rate in HIMA is comparatively lower than the national median property tax rate of 0.99%, making it a relatively affordable place for homeowners in terms of property tax obligations. This lower tax burden can be a crucial consideration for potential homebuyers evaluating the total cost of living in HIMA.
Average Hima Tax Bill
$466
Average Clay County Tax Bill
$348
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Hima, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40951 | $466 | $466 | $466 | $466 | $466 |
Source: Ownwell