Henderson, Kentucky Property Taxes
The median property tax rate in HENDERSON, KY is 1.12%, higher than both the national median of 0.99% and the Kentucky state median of 1.02%. With the median home value in HENDERSON at $104,000, the typical annual property tax bill reaches $1,061, which is below the national median of $2,690. Property taxes in HENDERSON 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 HENDERSON'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 HENDERSON 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
Henderson, 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 Henderson Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Henderson with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Henderson 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 Henderson, Kentucky
Property taxes in Henderson, Kentucky, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Henderson is 1.12%, higher than both the Kentucky state median and the U.S. national median of 0.99%. Local government entities within Henderson set these rates annually, and they can vary significantly across different neighborhoods. Each year, Henderson 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 Henderson's effective property tax rate to other counties in Kentucky and the national median. For comparison, the 42420 zip code has the highest median property tax rate of 1.12%, while the 42420 zip code also has the lowest median tax rate of 1.12%. Understanding how these cities compare with Henderson provides valuable insights into the varying tax landscape across Henderson County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Henderson Tax Rate
1.12%
Average Henderson County Tax Rate
1.12%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Henderson, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42420 | 0.65% | 0.93% | 1.12% | 1.12% | 1.16% |
Source: Ownwell
Property Tax Assessment Values Across Henderson, Kentucky
In Henderson, 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 local 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 Henderson, 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. For instance, the median home price in Henderson is $104,000. The zip code with the highest median tax bill of $1,061 is 42420, which also has the lowest median tax bill of $1,061. 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 Henderson helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Henderson Assessed Value
$104,000
Average Henderson County Assessed Value
$98,900
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Henderson, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42420 | $24,000 | $52,000 | $104,000 | $164,000 | $250,000 |
Source: Ownwell
Property Tax Bills Across Henderson, Kentucky
Property tax bills in Henderson, KY, are calculated based on the assessed value of a property, which is determined by the local assessor's office. This assessed value is then multiplied by the local tax rate to determine the annual tax bill. In Henderson, the median home price is $104,000. The tax bill can vary significantly depending on the value of the property. For instance, homeowners at the 25th percentile pay around $503 annually, while those at the 75th percentile see bills closer to $1,745. At the 90th percentile, the tax bill can reach up to $2,738. The tax rate in Henderson compares favorably with the national median property tax rate of 0.99%. The highest and lowest median tax bills in Henderson are both $1,061, indicating a relatively uniform tax rate within the area. These property taxes fund essential local services such as schools, public safety, and infrastructure, directly impacting the quality of life for homeowners. Understanding these factors helps homeowners anticipate their tax obligations and plan their finances accordingly.
Average Henderson Tax Bill
$1,061
Average Henderson County Tax Bill
$1,006
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Henderson, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42420 | $224 | $503 | $1,061 | $1,745 | $2,738 |
Source: Ownwell