New Haven, Kentucky Property Taxes
The median property tax rate in New Haven, KY is 1.00%, slightly above the national median of 0.99% but just below the Kentucky state median of 1.02%. With a median home value in New Haven of $85,000, the typical annual property tax bill amounts to $555, which is significantly lower than the national median of $2,690. Property taxes in New Haven are calculated based on the assessed value, often less than the market value due to exemptions such as those for primary residences and agricultural properties. Gaining a thorough understanding of New Haven's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to considerable annual savings. Whether you're in the heart of New Haven or another part of Larue County, familiarizing yourself with the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
New Haven, 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 New Haven Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in New Haven with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in New Haven 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 New Haven, Kentucky
Property taxes in New Haven, Kentucky, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in New Haven is 1.00%, which is higher than the U.S. national median of 0.99%. Local government entities within New Haven set these rates annually, and they can vary significantly across different neighborhoods. Each year, New Haven 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 New Haven's effective property tax rate to other counties in Kentucky and the national median. For comparison, the 40051 zip code has both the highest and lowest median property tax rate of 1.00%. Understanding how these cities compare with New Haven provides valuable insights into the varying tax landscape across Larue County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average New Haven Tax Rate
1.00%
Average Larue County Tax Rate
0.98%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across New Haven, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40051 | 0.17% | 0.45% | 1.00% | 1.05% | 1.18% |
Source: Ownwell
Property Tax Assessment Values Across New Haven, Kentucky
In New Haven, 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 Larue 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 New Haven, 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 New Haven is $85,000, with tax bills ranging from $229 at the 25th percentile to $1,804 at the 90th percentile. Interestingly, the highest and lowest median tax bills both occur in the 40051 zip code, standing at $555. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average New Haven Assessed Value
$85,000
Average Larue County Assessed Value
$95,000
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across New Haven, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40051 | $12,000 | $34,988 | $85,000 | $150,000 | $263,500 |
Source: Ownwell
Property Tax Bills Across New Haven, Kentucky
In New Haven, KY, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is determined by the county assessor and reflects the market value of the property. Homeowners in New Haven can expect their property tax bill to fall within a wide range, influenced by the assessed value and the specific tax rate applied. For example, the median home price in New Haven is $85,000. Property tax bills in this area range significantly, with the 25th percentile at $229 and the 75th percentile at $1,118. At the higher end, the 90th percentile reaches $1,804. The median tax bill in the zip code 40051 stands at $555, highlighting a considerable variation depending on the property's assessed value. Compared to the national median property tax rate of 0.99%, New Haven's tax bills can be seen as relatively moderate, though they still represent a substantial expense for homeowners. These taxes fund essential local services, impacting the overall cost of homeownership.
Average New Haven Tax Bill
$555
Average Larue County Tax Bill
$717
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across New Haven, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40051 | $74 | $229 | $555 | $1,118 | $1,804 |
Source: Ownwell