Fordsville, Kentucky Property Taxes
The median property tax rate in Fordsville, KY is 1.05%, slightly above both the national median of 0.99% and the Kentucky state median of 1.02%. With a median home value of $32,500 in Fordsville, the typical annual property tax bill is $243, which is significantly lower than the national median of $2,690. Property taxes in Fordsville are calculated based on the tax assessed value, which is often lower than the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Fordsville'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 Fordsville or another part of Hancock County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Fordsville, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.05%
Estimate Property Tax Bill
$341
Ownwell’s Fordsville Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Fordsville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Fordsville 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 Fordsville, Kentucky
Property taxes in Fordsville, Kentucky, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Fordsville is 1.05%, higher than both the Kentucky state median and the U.S. national median of 0.99%. Local government entities within Fordsville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Fordsville 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 Fordsville's effective property tax rate to other counties in Kentucky and the national median. For comparison, the 42343 zip code has the highest median property tax rate of 1.05%, while the same zip code has the lowest median tax rate of 1.05%. Understanding how these cities compare with Fordsville provides valuable insights into the varying tax landscape across Hancock County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Fordsville Tax Rate
1.05%
Average Hancock County Tax Rate
1.05%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Fordsville, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42343 | 0.34% | 1.05% | 1.05% | 1.05% | 1.05% |
Source: Ownwell
Property Tax Assessment Values Across Fordsville, Kentucky
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Fordsville, Kentucky. 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 Hancock 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 Fordsville, 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 Fordsville helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest median tax bill is 42343, with a median bill of $243.00, which also represents the lowest median tax bill in the area.
Average Fordsville Assessed Value
$32,500
Average Hancock County Assessed Value
$64,400
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Fordsville, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42343 | $2,000 | $5,900 | $32,500 | $70,600 | $102,880 |
Source: Ownwell
Property Tax Bills Across Fordsville, Kentucky
Property tax bills in Fordsville, located in Hancock County, KY, are calculated based on the assessed value of a property. The assessed value is determined by the local tax assessor and reflects the property's market value. In Fordsville, the median home price is $32,500, which serves as a baseline for calculating property taxes. The tax rate is then applied to this assessed value to determine the annual tax bill. Several factors influence the final tax bill, including the property's location, size, and any applicable exemptions or deductions. For example, in Fordsville, the tax bill ranges significantly, with the 25th percentile at $34 and the 75th percentile at $634, indicating a wide variance based on individual property assessments and applicable tax rates. The highest median tax bill recorded in the area is $243, which aligns with the national median property tax rate of 0.99%. Homeowners in Fordsville should be aware of these factors, as they directly impact their annual financial obligations and overall cost of homeownership. Understanding how property taxes are calculated can help homeowners plan and budget more effectively.
Average Fordsville Tax Bill
$243
Average Hancock County Tax Bill
$525
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Fordsville, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42343 | $10 | $34 | $243 | $634 | $1,076 |
Source: Ownwell