Hustonville, Kentucky Property Taxes
The median property tax rate in Hustonville, KY is 1.04%, slightly above both the national median of 0.99% and the Kentucky state median of 1.02%. With a median home value of $65,400 in Hustonville, the typical annual property tax bill is $543, which is significantly lower than the national median of $2,690. Property taxes in Hustonville are calculated based on the tax assessed value, which often falls below the market value due to various exemptions, such as those for primary residences and agricultural properties. Understanding Hustonville'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 Hustonville or another part of Lincoln County, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Hustonville, 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 Hustonville Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Hustonville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Hustonville 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 Hustonville, Kentucky
Property taxes in Hustonville, Kentucky, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Hustonville 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 Hustonville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Hustonville 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 Hustonville's effective property tax rate to other areas in Kentucky and the national median. For comparison, the 40437 zip code has the highest median property tax rate of 1.04%, while the same zip code also has the lowest median tax rate of 1.04%. Understanding how these areas compare with Hustonville provides valuable insights into the varying tax landscape across Lincoln County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Hustonville Tax Rate
1.04%
Average Lincoln County Tax Rate
1.04%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Hustonville, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40437 | 0.52% | 0.97% | 1.04% | 1.04% | 1.04% |
Source: Ownwell
Property Tax Assessment Values Across Hustonville, Kentucky
In Hustonville, 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 Lincoln 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 Hustonville, 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 example, the highest median tax bill in Hustonville is $543.00 in the 40437 zip code, while the lowest median tax bill is also $543.00 in the same zip code. 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 Hustonville helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Hustonville Assessed Value
$65,400
Average Lincoln County Assessed Value
$67,000
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Hustonville, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40437 | $6,000 | $15,000 | $65,400 | $130,000 | $189,000 |
Source: Ownwell
Property Tax Bills Across Hustonville, Kentucky
In Hustonville, located in Lincoln County, KY, property tax bills are calculated based on the assessed value of the property. The local tax rate is applied to this assessed value, which is typically lower than the market value. For instance, the median home price in Hustonville is $65,400, and property taxes can vary significantly. Homeowners might see tax bills at the 25th percentile around $136, while those at the 75th percentile could be as high as $1,252. At the 90th percentile, tax bills can reach up to $1,850. These tax bills are influenced by several factors, including the property's assessed value, any applicable exemptions, and the specific tax rate set by local authorities. Compared to the national median property tax rate of 0.99%, Hustonville's property taxes offer a range of affordability and financial impact. Homeowners in the zip code 40437 experience a median tax bill of $543, highlighting the variability within the region. Understanding these factors helps homeowners anticipate their annual tax obligations and manage their finances accordingly.
Average Hustonville Tax Bill
$543
Average Lincoln County Tax Bill
$557
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Hustonville, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40437 | $52 | $136 | $543 | $1,252 | $1,850 |
Source: Ownwell