Elizabethtown, Kentucky Property Taxes
The median property tax rate in Elizabethtown, KY is 0.93%, slightly below both the national median of 0.99% and the Kentucky state median of 1.02%. With a median home value of $31,550 in Elizabethtown, the typical annual property tax bill is $216, significantly lower than the national median of $2,690. Property taxes in Elizabethtown are calculated based on the assessed value, which often falls below the market value due to various exemptions like primary residence and agricultural exemptions. Understanding Elizabethtown'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 Elizabethtown 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
Elizabethtown, 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 Elizabethtown Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Elizabethtown with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Elizabethtown 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 Elizabethtown, Kentucky
Property taxes in Elizabethtown, Kentucky, are essential for funding crucial local services, including public schools, road maintenance, and emergency services. The median tax rate in Elizabethtown is 0.93%, which is slightly below the U.S. national median of 0.99%. Local government entities within Elizabethtown set these rates annually, and they can vary considerably across different neighborhoods. Each year, Elizabethtown 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 Elizabethtown's effective property tax rate to other areas and the national median. For comparison, the zip code 42701 has the highest median property tax rate of 0.93%, while the same zip code also has the lowest median tax rate of 0.93%. Understanding how these areas compare with Elizabethtown provides valuable insights into the varying tax landscape across Hardin County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Elizabethtown Tax Rate
0.93%
Average Hardin County Tax Rate
0.93%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Elizabethtown, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42701 | 0.35% | 0.67% | 0.93% | 1.05% | 1.21% |
Source: Ownwell
Property Tax Assessment Values Across Elizabethtown, Kentucky
In Elizabethtown, 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 Hardin County PVA 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 Elizabethtown, 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 Elizabethtown helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median tax bill in Elizabethtown is $216, with the highest and lowest tax bills both reported in the 42701 zip code.
Average Elizabethtown Assessed Value
$31,550
Average Hardin County Assessed Value
$21,400
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Elizabethtown, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42701 | $5,000 | $15,000 | $31,550 | $90,000 | $158,090 |
Source: Ownwell
Property Tax Bills Across Elizabethtown, Kentucky
In Elizabethtown, located in Hardin County, KY, property tax bills are calculated based on the assessed value of the property. The local tax rate is applied to this assessed value to determine the final tax bill. Factors considered in the assessment include the property's market value, location, and any improvements made. Homeowners in Elizabethtown can expect a wide range of tax bills. For example, the 25th percentile tax bill is $98, while the 75th percentile reaches $796, and the 90th percentile can be as high as $1,453. This variation highlights how different factors influence the final amount owed. The highest median tax bill in the area is $216, which is relatively low compared to the national median property tax rate of 0.99%. Understanding these calculations is crucial for homeowners as it impacts their annual financial planning and the affordability of their property.
Average Elizabethtown Tax Bill
$216
Average Hardin County Tax Bill
$132
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Elizabethtown, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42701 | $37 | $98 | $216 | $796 | $1,453 |
Source: Ownwell