Hickory, Kentucky Property Taxes
The median property tax rate in Hickory, KY is 0.80%, which is lower than both the national median of 0.99% and the Kentucky state median of 1.02%. With a median home value of $85,000 in Hickory, the typical annual property tax bill amounts to $522, significantly below the national median of $2,690. Property taxes in Hickory are calculated based on the tax assessed value, which often falls below the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Hickory'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 Hickory 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
Hickory, 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 Hickory Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Hickory with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Hickory 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 Hickory, Kentucky
Property taxes in Hickory, Kentucky, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Hickory is 0.80%, which is lower than the U.S. national median of 0.99%. Local government entities within Hickory set these rates annually, and they can vary significantly across different neighborhoods. Each year, Hickory 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 Hickory's effective property tax rate to other regions in Kentucky and the national median. For comparison, the 42051 zip code has both the highest and lowest median property tax rate of 0.80%. Understanding how these areas compare with Hickory 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 Hickory Tax Rate
0.80%
Average Graves County Tax Rate
0.67%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Hickory, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42051 | 0.20% | 0.51% | 0.80% | 0.86% | 0.93% |
Source: Ownwell
Property Tax Assessment Values Across Hickory, Kentucky
In Hickory, 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 Property Valuation Administrator 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 Hickory, 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. The median home price in Hickory is $85,000, with tax bills ranging significantly. For instance, the 25th percentile tax bill is $169, while the 75th percentile reaches $1,063. The highest median tax bill recorded is $522 in the 42051 zip code, which also has the lowest median tax bill. By understanding 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 Hickory helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Hickory Assessed Value
$85,000
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 Hickory, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42051 | $8,000 | $30,000 | $85,000 | $169,500 | $275,800 |
Source: Ownwell
Property Tax Bills Across Hickory, Kentucky
In Hickory, Graves County, 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. Homeowners in Hickory typically see a range of property tax bills. For instance, the tax bill at the 25th percentile is $169, while the 75th percentile tax bill is $1,063, and the 90th percentile reaches up to $1,608. Several factors influence these tax bills, including the property's location, size, and condition. The tax rate applied to the assessed value also plays a crucial role. Compared to the national median property tax rate of 0.99%, Graves County's tax rates can vary significantly. For example, the highest median tax bill in the area is $522.00, which is relatively moderate. These property tax bills directly impact homeowners by contributing to local services such as schools, public safety, and infrastructure. Understanding these components helps homeowners in Hickory anticipate their annual financial obligations more accurately.
Average Hickory Tax Bill
$522
Average Graves County Tax Bill
$394
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Hickory, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42051 | $48 | $169 | $522 | $1,063 | $1,608 |
Source: Ownwell