Hickman County, Kentucky Property Taxes
The median property tax rate in Hickman County is 1.04%, which is slightly higher than both the national median of 0.99% and the Kentucky state median of 1.02%. With a median home value of $50,000 in Hickman County, the typical annual property tax bill is $412, considerably lower than the national median of $2,690. Property taxes in Hickman County are determined based on the tax assessed value, which often falls below the actual market value due to various property tax exemptions such as primary residence and agricultural exemptions. Understanding Hickman County's specific property tax system, exploring available exemptions, and identifying opportunities for property tax reductions can lead to significant annual savings. Whether you reside in Clinton or another part of Hickman County, having a comprehensive knowledge of local property taxes will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Hickman County, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.04%
Estimate Property Tax Bill
$520
$483
Ownwell’s Hickman County Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner to estimate their annual property taxes in Hickman County with just 2 data points. Enter your property's estimated assessed value, and our calculator applies the median tax rate in Hickman County to estimate your property tax bill. This insight helps you understand potential tax liabilities. If you’d like to see trends on a city level, scroll down to navigate to a more local informational page. Your property assessed value is the value assigned to your property by your county for property tax calculations. Assessed value takes into account any exemptions you may have on your property.
Property Tax Rates Across Hickman County, Kentucky
Property taxes in Hickman County play a crucial role in funding essential local services like public schools, road maintenance, and emergency services. The median tax rate in Hickman County is 1.04%, which is higher than both the Kentucky state median and the U.S. national median of 0.99%. Local government entities within Hickman County set these rates annually, and they can vary significantly between different areas within the county. Each year, Hickman County estimates its required budget to maintain services for the upcoming fiscal year, and divides this budget by the total value of all taxable property in the jurisdiction, resulting in the property tax rate. Although tax rates and budgets are influenced by laws and voter input, this calculation forms the basic process for setting property tax rates. The following data compares Hickman County's effective property tax rate with other counties in Kentucky and the national median. For comparison, the city of Arlington has one of the higher property tax rates in Kentucky at 1.09%, while the city of Water Valley boasts one of the lowest at 0.99%. Analyzing how Hickman County's tax rates stack up against these benchmarks can give homeowners a better understanding of the local tax landscape.
Average Hickman County Tax Rate
1.04%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Hickman County, Kentucky
| City | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| Arlington | 0.33% | 0.77% | 1.09% | 1.09% | 1.09% |
| Clinton | 0.37% | 0.94% | 1.04% | 1.05% | 1.14% |
| Columbus | 1.04% | 1.04% | 1.04% | 1.04% | 1.09% |
| Fancy Farm | 0.48% | 0.93% | 1.04% | 1.15% | 1.45% |
| Fulton | 0.33% | 0.64% | 1.00% | 1.06% | 1.20% |
| Water Valley | 0.46% | 0.73% | 0.99% | 1.04% | 1.09% |
| Wingo | 0.39% | 0.94% | 1.03% | 1.13% | 1.21% |
Source: Ownwell
Property Tax Assessment Values Across Hickman County, Kentucky
Understanding the difference between "market value" and "assessed value" is key to comprehending property taxes in Hickman. The market value represents the price a willing buyer would pay to a willing seller in an open, competitive market, considering location, property condition, and current economic trends. For tax purposes, this value is estimated by the Hickman Appraisal District. The assessed value, however, 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. Assessment notices in Hickman are typically mailed in the spring, usually by the middle of April. These notices provide homeowners with both the market and assessed values, along with an estimate of the annual property tax bill. By distinguishing between these valuation concepts, property owners can better navigate their tax responsibilities and understand how their property taxes are affected. Being aware of these valuation processes in Hickman will help you identify opportunities for appealing assessments or applying for exemptions to manage your tax burden more effectively. In Hickman, the median home price stands at $50,000. Cities like Water Valley and Columbus show a range in tax bills, with Water Valley having the highest median tax bill at $645 and Columbus the lowest at $285. Understanding these differences can further assist homeowners in managing their property taxes.
Average Hickman County Assessed Value
$50,000
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Hickman County, Kentucky
| City | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| Arlington | $6,400 | $20,250 | $39,250 | $65,250 | $90,100 |
| Clinton | $9,000 | $22,000 | $48,000 | $88,500 | $160,000 |
| Columbus | $4,200 | $15,750 | $29,800 | $46,250 | $72,620 |
| Fancy Farm | $11,000 | $28,500 | $64,000 | $116,500 | $190,000 |
| Fulton | $14,800 | $31,500 | $58,000 | $87,500 | $140,500 |
| Water Valley | $25,200 | $40,500 | $72,000 | $111,750 | $155,600 |
| Wingo | $15,000 | $28,250 | $53,250 | $92,500 | $161,100 |
Source: Ownwell
Property Tax Bills Across Hickman County, Kentucky
Property tax bills in Hickman County, KY are calculated based on the assessed value of the property. The assessed value is determined by local tax assessors who evaluate the market value of the property. Homeowners in Hickman County see a range of tax bills, with the 25th percentile at $197 and the 75th percentile at $846, reflecting the variability in property values and tax rates. The highest median tax bill in the county is found in Water Valley at $645, while Columbus has the lowest median tax bill at $285. These tax bills are influenced by several factors including property size, location, and improvements made to the property. Compared to the national median property tax rate of 0.99%, Hickman County's tax rates can be seen as relatively moderate, offering some relief to homeowners. However, the impact on homeowners varies; those with higher-value properties may face significantly higher tax bills, up to $1,527 at the 90th percentile, affecting their overall financial planning and housing affordability.
Average Hickman County Tax Bill
$412
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Hickman County, Kentucky
| City | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| Arlington | $38 | $133 | $343 | $553 | $943 |
| Clinton | $65 | $174 | $392 | $859 | $1,624 |
| Columbus | $38 | $140 | $285 | $462 | $735 |
| Fancy Farm | $135 | $269 | $577 | $1,140 | $1,938 |
| Fulton | $149 | $235 | $462 | $787 | $1,261 |
| Water Valley | $167 | $377 | $645 | $995 | $1,366 |
| Wingo | $130 | $264 | $470 | $848 | $1,333 |
Source: Ownwell