Hazel, Kentucky Property Taxes
The median property tax rate in Hazel, KY is 0.60%, considerably lower than both the national median of 0.99% and the Kentucky state median of 1.02%. With the median home value in Hazel at $43,400, the typical annual property tax bill is $203, significantly below the national median of $2,690. Property taxes in Hazel are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Hazel'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 Hazel 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
Hazel, 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 Hazel Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Hazel with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Hazel 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 Hazel, Kentucky
Property taxes in Hazel, Kentucky, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Hazel is 0.60%, lower than both the Kentucky state median of 0.83% and the U.S. national median of 0.99%. Local government entities within Hazel set these rates annually, and they can vary significantly across different neighborhoods. Each year, Hazel 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 Hazel's effective property tax rate to other counties in Kentucky and the national median. For comparison, the 42049 zip code has the highest median property tax rate of 0.60%, while the 42049 zip code also has the lowest median tax rate of 0.60%. Understanding how these cities compare with Hazel provides valuable insights into the varying tax landscape across Graves County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Hazel Tax Rate
0.60%
Average Graves County Tax Rate
0.67%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Hazel, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42049 | 0.32% | 0.43% | 0.60% | 0.78% | 0.88% |
Source: Ownwell
Property Tax Assessment Values Across Hazel, Kentucky
In Hazel, 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 Graves 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 Hazel, 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. The zip code with the highest and lowest median tax bill is 42049, both at $203. Being aware of these valuation processes in Hazel helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Hazel Assessed Value
$43,400
Average Graves County Assessed Value
$80,000
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Hazel, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42049 | $30,120 | $35,100 | $43,400 | $51,700 | $56,680 |
Source: Ownwell
Property Tax Bills Across Hazel, Kentucky
In Hazel, Kentucky, property tax bills are calculated based on the assessed value of a property. The local assessor determines this value, which is then multiplied by the local tax rate to calculate the annual tax bill. For example, with a median home price of $43,400, homeowners can expect to pay a median property tax bill of around $203, as seen in the zip code 42049. This figure is notably lower than the national median property tax rate of 0.99%, reflecting the relatively low property values in the area. Several factors influence the tax bill, including property size, location, and any applicable exemptions. The tax bill can vary significantly; at the 25th percentile, homeowners might pay around $176, while those at the 75th percentile could see bills closer to $229. At the 90th percentile, the tax bill reaches approximately $245. These taxes are crucial for funding local services such as schools, public safety, and infrastructure, impacting homeowners by contributing to the overall quality of community life.
Average Hazel Tax Bill
$203
Average Graves County Tax Bill
$394
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Hazel, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42049 | $160 | $176 | $203 | $229 | $245 |
Source: Ownwell