Hillsboro, Kentucky Property Taxes
The median property tax rate in Hillsboro, KY is 1.00%, slightly higher than the national median of 0.99% but lower than the Kentucky state median of 1.02%. With the median home value in Hillsboro at $85,000, the typical annual property tax bill amounts to $645, which is significantly below the national median of $2,690. Property taxes in Hillsboro are calculated based on the tax assessed value, which often falls below the market value due to exemptions such as those for primary residences and agricultural uses. Understanding Hillsboro'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 Hillsboro or another part of the city, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Hillsboro, 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 Hillsboro Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Hillsboro with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Hillsboro 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 Hillsboro, Kentucky
Property taxes in Hillsboro, Kentucky, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Hillsboro is 1.00%, which is higher than the U.S. national median of 0.99%. Local government entities within Hillsboro set these rates annually, and they can vary significantly across different neighborhoods. Each year, Hillsboro 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 Hillsboro's effective property tax rate to other counties in Kentucky and the national median. For comparison, the zip code 41049 has both the highest and lowest median property tax rate of 1.00%. Understanding how these cities compare with Hillsboro provides valuable insights into the varying tax landscape across Fleming County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Hillsboro Tax Rate
1.00%
Average Fleming County Tax Rate
1.00%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Hillsboro, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41049 | 0.29% | 0.49% | 1.00% | 1.00% | 1.00% |
Source: Ownwell
Property Tax Assessment Values Across Hillsboro, Kentucky
In Hillsboro, 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 local 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. 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 Hillsboro helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. In Hillsboro, the highest median tax bill is $645 in the 41049 zip code, while the lowest median tax bill is also $645 in the same zip code.
Average Hillsboro Assessed Value
$85,000
Average Fleming County Assessed Value
$78,000
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Hillsboro, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41049 | $18,000 | $39,225 | $85,000 | $165,000 | $265,000 |
Source: Ownwell
Property Tax Bills Across Hillsboro, Kentucky
In Hillsboro, 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 then multiplied by the local property tax rate to determine the annual tax bill. For homeowners in Hillsboro, the median home price is $85,000. Property tax bills can vary significantly, with the 25th percentile tax bill at $287 and the 75th percentile reaching $1,144. The 90th percentile tax bill can go as high as $1,698. These property tax bills are influenced by several factors, including the assessed value of the property, any applicable exemptions, and the specific tax rate set by local authorities. For comparison, the national median property tax rate is 0.99%. High property taxes can impact homeowners by increasing their overall housing costs, while lower taxes can make homeownership more affordable. Understanding these factors is crucial for homeowners to effectively manage their property expenses and financial planning.
Average Hillsboro Tax Bill
$645
Average Fleming County Tax Bill
$620
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Hillsboro, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41049 | $126 | $287 | $645 | $1,144 | $1,698 |
Source: Ownwell