Hardin, Marshall County, Kentucky Property Taxes
The median property tax rate in Hardin, KY is 0.83%, which is significantly lower than both the national median of 0.99% and the Kentucky state median of 0.93%. With the median home value in Hardin, the typical annual property tax bill amounts to $183, substantially below the national median of $2,690. Property taxes in Hardin are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Hardin'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 Hardin 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
Hardin, Marshall County, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.14%
Estimate Property Tax Bill
$399
$370
Ownwell’s HARDIN Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in HARDIN with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in HARDIN 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 Hardin, Marshall County, Kentucky
Property taxes in Hardin, Kentucky, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Hardin is 0.71%, lower than both the Kentucky state median of 0.83% and the U.S. national median of 0.99%. Local government entities within Hardin set these rates annually, and they can vary significantly across different neighborhoods. Each year, Hardin 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 Hardin's effective property tax rate to other counties in Kentucky and the national median. For comparison, the 40160 zip code has the highest median property tax rate of 0.71%, while the 40160 zip code also has the lowest median tax rate of 0.71%. Understanding how these cities compare with Hardin provides valuable insights into the varying tax landscape across Hardin County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Hardin Tax Rate
1.14%
Average Marshall County Tax Rate
1.08%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Hardin, Marshall County, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42048 | 1.08% | 1.08% | 1.14% | 1.27% | 2.70% |
Source: Ownwell
Property Tax Assessment Values Across Hardin, Marshall County, Kentucky
In Hardin, 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 local 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 Hardin, 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 Hardin helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Hardin is $453.00 in the 42048 zip code, while the lowest median tax bill is also $453.00 in the same zip code.
Property Tax Assessment Values Across Hardin, Marshall County, Kentucky
Source: Ownwell
$23,500
$54,250
$85,000
Average Hardin Assessed Value
$35,000
Average Marshall County Assessed Value
$60,000
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Hardin, Marshall County, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42048 | $9,785 | $17,875 | $35,000 | $59,125 | $116,000 |
Source: Ownwell
Property Tax Bills Across Hardin, Marshall County, Kentucky
In Hardin, KY, property tax bills are calculated based on the assessed value of a home and the local tax rate. The median home price in Hardin is $35,000, and property taxes are levied accordingly. The tax bill typically falls within a range, with the 25th percentile at $226 and the 75th percentile reaching $817. For higher-valued properties, the 90th percentile tax bill can go up to $1,508. Factors such as property size, location, and any applicable exemptions play a crucial role in determining the final tax bill. Homeowners in Hardin experience a relatively moderate tax burden compared to the national median property tax rate of 0.99%. The highest and lowest median tax bills in the region are both $453, found in zip code 42048. Understanding these factors helps homeowners better anticipate their annual tax obligations and manage their finances effectively.
Average Hardin Tax Bill
$453
Average Marshall County Tax Bill
$728
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Hardin, Marshall County, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42048 | $126 | $226 | $453 | $817 | $1,508 |
Source: Ownwell