Hickman, Kentucky Property Taxes
The median property tax rate in Hickman, KY is 1.04%, slightly higher than both the national median of 0.99% and the Kentucky state median of 1.02%. With the median home value in Hickman at $32,900, the typical annual property tax bill is $260, which is significantly lower than the national median of $2,690. Property taxes in Hickman are calculated based on the assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Hickman'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 Hickman 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
Hickman, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.04%
Estimate Property Tax Bill
$342
Ownwell’s Hickman Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Hickman with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Hickman 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 Hickman, Kentucky
Property taxes in Hickman, Kentucky, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Hickman is 1.04%, which is higher than the U.S. national median of 0.99%. Local government entities within Hickman set these rates annually, and they can vary significantly across different neighborhoods. Each year, Hickman 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 Hickman's effective property tax rate to other counties in Kentucky and the national median. For comparison, the 42050 zip code 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 Hickman provides valuable insights into the varying tax landscape across Fulton County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Hickman Tax Rate
1.04%
Average Fulton County Tax Rate
1.04%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Hickman, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42050 | 0.36% | 1.04% | 1.04% | 1.04% | 1.04% |
Source: Ownwell
Property Tax Assessment Values Across Hickman, Kentucky
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Hickman, KY. 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 Fulton 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 Hickman, 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 highest median tax bill in Hickman is $260.00 in the zip code 42050, which contrasts with the national median property tax rate of 0.99%. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Hickman Assessed Value
$32,900
Average Fulton County Assessed Value
$42,500
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Hickman, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42050 | $4,272 | $15,500 | $32,900 | $56,750 | $93,735 |
Source: Ownwell
Property Tax Bills Across Hickman, Kentucky
In Hickman, 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 of the property. For homeowners in Hickman, the property tax rate is applied to this assessed value to determine the annual tax bill. Factors such as the size of the property, location, and any improvements made can influence the assessed value. Homeowners in Hickman can expect a median home price of $32,900. Property tax bills can vary significantly; for instance, the 25th percentile tax bill is $111, while the 75th percentile reaches $521. At the higher end, the 90th percentile tax bill can be as much as $922. These variations illustrate how property taxes can impact homeowners differently depending on their property's assessed value. Compared to the national median property tax rate of 0.99%, Hickman's rates and resulting bills can offer some financial relief to homeowners.
Average Hickman Tax Bill
$260
Average Fulton County Tax Bill
$379
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Hickman, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42050 | $26 | $111 | $260 | $521 | $922 |
Source: Ownwell