Harrodsburg, Mercer County, Kentucky Property Taxes
The median property tax rate in Harrodsburg, KY is 1.13%, higher than both the national median of 0.99% and Kentucky's state median of 1.02%. With a median home value of $125,000 in Harrodsburg, the typical annual property tax bill amounts to $995, which is below the national median of $2,690. Property taxes in Harrodsburg are calculated based on the tax assessed value, which often falls below the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Harrodsburg'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 Harrodsburg 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
Harrodsburg, Mercer County, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.13%
Estimate Property Tax Bill
$1,413
$1,311
Ownwell’s Harrodsburg Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Harrodsburg with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Harrodsburg 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 Harrodsburg, Mercer County, Kentucky
Property taxes in Harrodsburg, Kentucky, are essential in funding vital local services such as public schools, road maintenance, and emergency services. The median tax rate in Harrodsburg is 1.13%, significantly higher than the U.S. national median of 0.99%. Local government entities within Harrodsburg set these rates annually, and they can vary across different neighborhoods. Each year, Harrodsburg 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 Harrodsburg's effective property tax rate to other counties in Kentucky and the national median. For comparison, the 40330 zip code has the highest median property tax rate of 1.13%, while the same zip code also has the lowest median tax rate of 1.13%. Understanding how these cities compare with Harrodsburg provides valuable insights into the varying tax landscape across Mercer County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Harrodsburg Tax Rate
1.13%
Average Mercer County Tax Rate
1.13%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Harrodsburg, Mercer County, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40330 | 0.40% | 0.49% | 1.13% | 1.13% | 1.21% |
Source: Ownwell
Property Tax Assessment Values Across Harrodsburg, Mercer County, Kentucky
In Harrodsburg, 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 Mercer 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 Harrodsburg, 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 Harrodsburg helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 40330 has the highest and lowest median tax bill, both at $995.
Property Tax Assessment Values Across Harrodsburg, Mercer County, Kentucky
Source: Ownwell
$53,718
$103,000
$152,282
Average Harrodsburg Assessed Value
$125,000
Average Mercer County Assessed Value
$125,484
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Harrodsburg, Mercer County, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40330 | $20,000 | $63,758 | $125,000 | $202,030 | $308,063 |
Source: Ownwell
Property Tax Bills Across Harrodsburg, Mercer County, Kentucky
In Harrodsburg, property tax bills are calculated based on the assessed value of a home, which is determined by the Mercer County property assessor. The assessed value is then multiplied by the local tax rate to determine the annual tax bill. For instance, with a median home price of $125,000, homeowners can expect varying tax bills. The 25th percentile tax bill is around $450, while the 75th percentile tax bill can reach $1,671. At the 90th percentile, tax bills can go up to $2,573. Several factors influence the tax bill, including property location, home size, and market conditions. The highest and lowest median tax bills in Harrodsburg are both $995, indicating a relatively consistent tax rate within the 40330 zip code. Compared to the national median property tax rate of 0.99%, Harrodsburg’s tax rates can significantly impact homeowners, making it essential to understand how these taxes are calculated and managed.
Average Harrodsburg Tax Bill
$995
Average Mercer County Tax Bill
$1,011
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Harrodsburg, Mercer County, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40330 | $141 | $450 | $995 | $1,671 | $2,573 |
Source: Ownwell