Hampton, Kentucky Property Taxes
The median property tax rate in Hampton, KY is 0.86%, which is lower than both the national median of 0.99% and the Kentucky state median of 1.02%. With the median home value in Hampton at $52,500, the typical annual property tax bill is $308, significantly below the national median of $2,690. Property taxes in Hampton are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like primary residence and agricultural exemptions. Understanding Hampton's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Hampton or another part of the city, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Hampton, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.86%
Estimate Property Tax Bill
$452
Ownwell’s Hampton Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Hampton with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Hampton 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 Hampton, Kentucky
Property taxes in Hampton, Kentucky, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Hampton is 0.86%, which is lower than the U.S. national median of 0.99%. Local government entities within Hampton set these rates annually, and they can vary significantly across different neighborhoods. Each year, Hampton 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 Hampton's effective property tax rate to other counties in Kentucky and the national median. For comparison, the 42047 zip code has both the highest and lowest median property tax rate of 0.86%. Understanding how these cities compare with Hampton provides valuable insights into the varying tax landscape across Livingston County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Hampton Tax Rate
0.86%
Average Livingston County Tax Rate
0.92%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Hampton, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42047 | 0.21% | 0.47% | 0.86% | 0.93% | 0.93% |
Source: Ownwell
Property Tax Assessment Values Across Hampton, Kentucky
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Hampton, Kentucky. 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 Livingston 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 Hampton, 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, zip code 42047 has the highest median tax bill at $308. 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 Hampton helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Hampton Assessed Value
$52,500
Average Livingston County Assessed Value
$67,000
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Hampton, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42047 | $5,000 | $18,250 | $52,500 | $116,500 | $268,500 |
Source: Ownwell
Property Tax Bills Across Hampton, Kentucky
In Hampton, located in Livingston County, KY, property tax bills are calculated based on the assessed value of a home. The median home price in Hampton is $52,500, and the property tax rate is applied to this value to determine the tax bill. Factors such as the property's location, size, and improvements can influence the assessed value. Homeowners in Hampton can expect their tax bills to vary significantly. For instance, the 25th percentile tax bill is around $108, while the 75th percentile tax bill reaches approximately $742. At the 90th percentile, tax bills can go up to $1,253. Compared to the national median property tax rate of 0.99%, Hampton's property tax bills are relatively moderate. The highest and lowest median tax bills in the area are both $308, which is tied to the zip code 42047. These tax bills impact homeowners by contributing to local services and infrastructure, but they also represent a recurring cost that must be budgeted for annually.
Average Hampton Tax Bill
$308
Average Livingston County Tax Bill
$417
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Hampton, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42047 | $46 | $108 | $308 | $742 | $1,253 |
Source: Ownwell