New Hope, Kentucky Property Taxes
The median property tax rate in New Hope, KY is 1.10%, higher than both the national median of 0.99% and the Kentucky state median of 1.02%. With a median home value of $100,360 in New Hope, the typical annual property tax bill reaches $827, which is significantly lower than the national median of $2,690. Property taxes in New Hope are calculated based on the assessed value, which generally falls below the market value due to exemptions such as those for primary residences and agricultural properties. Understanding New Hope'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 New Hope or another part of Nelson County, comprehending the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
New Hope, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.1%
Estimate Property Tax Bill
$1,104
Ownwell’s New Hope Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in New Hope with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in New Hope 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 New Hope, Kentucky
Property taxes in New Hope, Kentucky, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in New Hope is 1.10%, higher than the U.S. national median of 0.99%. Local government entities within New Hope set these rates annually, and they can vary significantly across different neighborhoods. Each year, New Hope 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 New Hope's effective property tax rate to other areas in Kentucky and the national median. For comparison, the 40052 zip code has the highest median property tax rate of 1.10%, while the same zip code also has the lowest median tax rate of 1.10%. Understanding how these cities compare with New Hope provides valuable insights into the varying tax landscape across Nelson County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average New Hope Tax Rate
1.10%
Average Nelson County Tax Rate
1.06%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across New Hope, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40052 | 0.35% | 0.60% | 1.10% | 1.20% | 1.49% |
Source: Ownwell
Property Tax Assessment Values Across New Hope, Kentucky
In New Hope, 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 Nelson County Property Valuation Administrator 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 New Hope, 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 New Hope helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median tax bill in New Hope is $827, with the same value being the highest and lowest median tax bill in zip code 40052.
Average New Hope Assessed Value
$100,360
Average Nelson County Assessed Value
$145,000
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across New Hope, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40052 | $12,000 | $32,730 | $100,360 | $192,955 | $307,240 |
Source: Ownwell
Property Tax Bills Across New Hope, Kentucky
In New Hope, located in Nelson County, KY, property tax bills are calculated based on the assessed value of a home. The median home price in this area is $100,360. To determine the tax bill, the assessed value is multiplied by the local tax rate. This rate can vary, but it significantly impacts how much homeowners owe annually. Several factors influence the assessed value, including the property's market value, location, and any improvements made to the home. In New Hope, the property tax bill can range widely. For example, homeowners in the 25th percentile pay around $281 annually, while those in the 75th percentile see bills closer to $1,477. The 90th percentile tax bill can reach up to $2,250. Comparatively, the national median property tax rate is 0.99%, which provides a benchmark for understanding local variations. For residents of New Hope, monitoring these factors is crucial for managing annual property tax expenses effectively.
Average New Hope Tax Bill
$827
Average Nelson County Tax Bill
$1,138
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across New Hope, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40052 | $125 | $281 | $827 | $1,477 | $2,250 |
Source: Ownwell