White Mills, Kentucky Property Taxes
The median property tax rate in White Mills, KY is 0.93%, which is slightly lower than both the national median of 0.99% and the Kentucky state median of 1.02%. With a median home value of $15,750 in White Mills, the typical annual property tax bill is $158, significantly below the national median of $2,690. Property taxes in White Mills are based on the tax assessed value, which often falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding White Mills' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of White Mills or another part of Hardin County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
White Mills, 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 White Mills Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in White Mills with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in White Mills 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 White Mills, Kentucky
Property taxes in White Mills, Kentucky, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in White Mills is 0.93%, just below the U.S. national median of 0.99%. Local government entities within White Mills set these rates annually, and they can vary significantly across different neighborhoods. Each year, White Mills 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 White Mills' effective property tax rate to other counties in Kentucky and the national median. For comparison, the 42788 zip code 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 cities compare with White Mills 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 White Mills 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 White Mills, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42788 | 0.47% | 0.93% | 0.93% | 1.18% | 1.54% |
Source: Ownwell
Property Tax Assessment Values Across White Mills, Kentucky
In White Mills, 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 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 White Mills, 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 White Mills is $15,750, with tax bills ranging from $72 at the 25th percentile to $554 at the 90th percentile. 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 White Mills helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average White Mills Assessed Value
$15,750
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 White Mills, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42788 | $2,730 | $7,650 | $15,750 | $22,375 | $66,330 |
Source: Ownwell
Property Tax Bills Across White Mills, Kentucky
In White Mills, located in Hardin County, KY, property tax bills are calculated based on the assessed value of a home. The assessed value is determined by local tax authorities and reflects the market value of the property. Homeowners in White Mills can expect their property tax bills to vary significantly depending on their property's assessed value. For instance, the median home price in the area is $15,750, which influences the overall tax bill. Tax bills in White Mills range from the 25th percentile at $72 to the 75th percentile at $207, with the 90th percentile reaching up to $554. The highest median tax bill recorded in the area is $158, which is relatively low compared to the national median property tax rate of 0.99%. These variations in tax bills can significantly impact homeowners, as lower property taxes can make homeownership more affordable, while higher tax bills may require more careful financial planning. The assessed value and corresponding tax rates directly affect the financial burden on homeowners in White Mills.
Average White Mills Tax Bill
$158
Average Hardin County Tax Bill
$132
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across White Mills, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42788 | $29 | $72 | $158 | $207 | $554 |
Source: Ownwell