Madisonville, Hopkins County, Kentucky Property Taxes
Median Madisonville, KY effective property tax rate: 1.01%, significantly lower than the national median of 1.02%, but lower than the Kentucky state median of 1.02%.
Median Madisonville, KY home value: $40,000
Median annual Madisonville, KY tax bill: $424, $1,976 lower than the national median property tax bill of $2,400.
How are property taxes in Hopkins calculated?
Property taxes in Madisonville, KY are calculated based on the tax assessed value, which is often lower than the actual market value due to property tax exemptions such as the homestead or senior exemption.
Understanding Madisonville’s property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in Madisonville, knowing local tax details benefits homeowners and investors.
Last Updated March 1, 2025
Madisonville, Hopkins County, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Median Effective Tax Rate
1.01%
Estimate Property Tax Bill
$404
$375
Property Tax Rates Across Madisonville, Hopkins County, Kentucky
Local government entities determine tax rates, which can differ significantly within a state. This variation occurs because each county annually calculates its budget needs for providing services and divides this by the total value of all taxable property within its area. This calculation establishes the property tax rate. Although setting tax rates and budgets involves votes and legislation, this is the fundamental annual process.
In Madisonville, located in Hopkins County, KY, the effective property tax rate is comparable to other cities in Kentucky. The median property tax rate in Kentucky closely aligns with the national median, providing residents with a relatively balanced tax environment. Compared to the national median property tax rate of 1.02%, Kentucky's median rate offers a slight advantage, potentially easing the financial burden on property owners.
Residents in Madisonville benefit from a tax rate that is in line with state averages, ensuring that property taxes remain manageable while still supporting essential local services. By understanding these dynamics, property owners can better navigate their financial responsibilities and make informed decisions about their investments.
Our median effective property tax rate (tax bill ÷ assessor's market value) accounts for exemptions and deductions, making it more accurate than the general median tax rate, which is the midpoint of statutory rates before adjustments.
Median Effective Madisonville Tax Rate
1.01%
Our median effective property tax rate (tax bill ÷ assessor's market value) accounts for exemptions and deductions, making it more accurate than the general median tax rate, which is the midpoint of statutory rates before adjustments.
Median Effective Hopkins County Tax Rate
1.01%
Median Effective Kentucky Tax Rate
1.02%
Median Effective United States Tax Rate
1.02%
Property Tax Rates Across Madisonville, Hopkins County, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42431 | 1.01% | 1.01% | 1.01% | 1.01% | 1.14% |
Source: Ownwell
Property Tax Assessment Values Across Madisonville, Hopkins County, Kentucky
When examining property taxes in Madisonville, Kentucky, understanding the distinction between "market value" and "assessed value" is crucial. The market value is what a willing buyer would pay to a willing seller in an open and competitive market, often influenced by location, property condition, and economic market trends. The Hopkins County appraisal district estimates the market value for tax purposes. The assessed value is the market value minus any applicable exemptions or limits determined by local laws and offerings. The tax assessed value is the figure used to calculate your property taxes or the amount multiplied by your tax rate to get your tax bill.
In Hopkins County, assessment notices are sent in the spring each year. They’ll typically reach your mailbox by the middle of April. Each property owner receives an assessment notice that contains both the market value and assessed value, along with an estimate of your property tax bill. By providing insights into how assessed and market values are determined, this section helps property owners navigate their tax responsibilities and understand the valuation processes affecting their property taxes in Madisonville.
For example, the median home price in Madisonville is $40,000, with tax bills ranging significantly across the county. Zip code 42431 has the highest median home price at $40,000.
Property Tax Assessment Values Across Madisonville, Hopkins County, Kentucky
Source: Ownwell
$14,000
$27,000
$40,000
Median Madisonville Market Value
$40,000
Median Hopkins County Market Value
$26,000
Median Kentucky Market Value
$110,000
Median United States Market Value
$235,294
Property Tax Assessment Values Across Madisonville, Hopkins County, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42431 | $2,500 | $15,000 | $40,000 | $80,000 | $139,290 |
Source: Ownwell
Property Tax Bills Across Madisonville, Hopkins County, Kentucky
In Madisonville, located in Hopkins County, KY, property tax bills are calculated based on the assessed value of a property, which is determined by the local tax assessor. The assessed value is then multiplied by the local tax rate to determine the annual tax bill. In this region, the median property tax bill is $424, which is significantly lower than the national median of $2,400. Homeowners in Madisonville may find some relief in these lower tax bills, but it's crucial to ensure that their property is assessed accurately to avoid overpaying. Factors such as property improvements or market changes can affect the assessed value, impacting the tax bill.
Ownwell offers valuable assistance to homeowners by providing property tax appeal and exemption services. By analyzing the assessed value and comparing it to similar properties, Ownwell can identify discrepancies and help homeowners file appeals to reduce their tax bills. This service ensures that homeowners in Madisonville pay only their fair share, potentially saving them hundreds of dollars annually.
Median Madisonville Tax Bill
$424
Median Hopkins County Tax Bill
$319
Median Kentucky Tax Bill
$1,031
Median United States Tax Bill
$2,400
Property Tax Bills Across Madisonville, Hopkins County, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42431 | $71 | $217 | $424 | $826 | $1,404 |
Source: Ownwell