Mount Hermon, Kentucky Property Taxes
The median property tax rate in Mount Hermon, KY is 0.92%, slightly below the national median of 0.99% and the Kentucky state median of 1.02%. With a median home value of $41,000, the typical annual property tax bill in Mount Hermon is $330, significantly lower than the national median of $2,690. Property taxes here are calculated based on the assessed value, which often falls below the market value due to various exemptions like primary residence and agricultural exemptions. Understanding Mount Hermon'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 Mount Hermon or another part of Monroe County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Mount Hermon, 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 Mount Hermon Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Mount Hermon with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Mount Hermon 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 Mount Hermon, Kentucky
Property taxes in Mount Hermon, Kentucky, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Mount Hermon is 0.92%, slightly lower than the U.S. national median of 0.99%. Local government entities within Mount Hermon set these rates annually, and they can vary significantly across different neighborhoods. Each year, Mount Hermon 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 Mount Hermon's effective property tax rate to other counties in Kentucky and the national median. For comparison, the 42157 zip code has both the highest and lowest median property tax rate in the region, which is 0.92%. Understanding how these areas compare with Mount Hermon provides valuable insights into the varying tax landscape across Monroe County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Mount Hermon Tax Rate
0.92%
Average Monroe County Tax Rate
0.92%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Mount Hermon, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42157 | 0.41% | 0.92% | 0.92% | 0.92% | 0.92% |
Source: Ownwell
Property Tax Assessment Values Across Mount Hermon, Kentucky
In Mount Hermon, 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 Monroe 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 Mount Hermon, 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 Mount Hermon helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the area are both $330.00, found in the zip code 42157.
Average Mount Hermon Assessed Value
$41,000
Average Monroe County Assessed Value
$42,000
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Mount Hermon, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42157 | $5,950 | $15,750 | $41,000 | $72,525 | $112,690 |
Source: Ownwell
Property Tax Bills Across Mount Hermon, Kentucky
Property tax bills in Mount Hermon, Monroe County, KY, are calculated based on the assessed value of a property. The local tax rate is applied to this assessed value to determine the annual tax bill. For a median home price of $41,000, homeowners typically see a range of tax bills. At the 25th percentile, the tax bill is around $131, while at the 75th percentile, it rises to $648. For those at the 90th percentile, the tax bill can reach up to $1,044. Several factors influence the tax bill, including the market value of the property, local tax rates, and any applicable exemptions. Compared to the national median property tax rate of 0.99%, Mount Hermon's rates can be considered relatively moderate. This affects homeowners by providing a predictable annual cost, which is crucial for budgeting and financial planning. The highest and lowest median tax bills in the area are both $330, indicating some uniformity in tax assessments within the zip code 42157.
Average Mount Hermon Tax Bill
$330
Average Monroe County Tax Bill
$328
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Mount Hermon, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42157 | $43 | $131 | $330 | $648 | $1,044 |
Source: Ownwell