Hinkle, Kentucky Property Taxes
The median property tax rate in Hinkle, KY is 1.18%, considerably higher than both the national median of 0.99% and the Kentucky state median of 1.02%. With the median home value in Hinkle, the typical annual property tax bill reaches $151, which is significantly lower than the national median of $2,690. Property taxes in Hinkle are calculated based on the assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Hinkle'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 Hinkle or another part of Knox County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Hinkle, 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 Hinkle Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Hinkle with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Hinkle 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 Hinkle, Kentucky
Property taxes in Hinkle, Kentucky, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Hinkle is 1.18%, which is significantly higher than both the Kentucky state median and the U.S. national median of 0.99%. Local government entities within Hinkle set these rates annually, and they can vary significantly across different neighborhoods. Each year, Hinkle 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 Hinkle's effective property tax rate to other counties in Kentucky and the national median. For comparison, the 40953 zip code has the highest median property tax rate of 1.18%, while the 40953 zip code also has the lowest median tax rate of 1.18%. Understanding how these cities compare with Hinkle provides valuable insights into the varying tax landscape across Knox County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Hinkle Tax Rate
1.18%
Average Knox County Tax Rate
1.14%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Hinkle, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40953 | 0.24% | 1.10% | 1.18% | 1.43% | 1.94% |
Source: Ownwell
Property Tax Assessment Values Across Hinkle, Kentucky
In Hinkle, 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 Knox County 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 Hinkle, 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 Hinkle helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 40953 has the highest and lowest median tax bill at $151.
Average Hinkle Assessed Value
$19,650
Average Knox County Assessed Value
$35,000
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Hinkle, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40953 | $3,900 | $8,000 | $19,650 | $43,000 | $90,300 |
Source: Ownwell
Property Tax Bills Across Hinkle, Kentucky
In Hinkle, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. This assessed value is then multiplied by the local property tax rate to determine the annual tax bill. For homeowners in Hinkle, the median home price stands at $19,650, significantly lower than the national median. Consequently, the property tax bills vary widely. At the 25th percentile, homeowners can expect to pay around $76, while those at the 75th percentile face bills closer to $467. At the higher end, the 90th percentile tax bill reaches $1,025. Several factors influence these tax bills, including property size, location, and any applicable exemptions. These tax bills directly affect homeowners by adding an annual financial obligation that must be met to maintain ownership of the property. Compared to the national median property tax rate of 0.99%, Hinkle's property tax landscape offers a relatively affordable option for homeowners, making it an attractive region for those looking to minimize their tax burden.
Average Hinkle Tax Bill
$151
Average Knox County Tax Bill
$358
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Hinkle, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40953 | $35 | $76 | $151 | $467 | $1,025 |
Source: Ownwell