Forest Hills, Kentucky Property Taxes
The median property tax rate in Forest Hills, KY is 1.39%, considerably higher than both the national median of 0.99% and the Kentucky state median of 1.02%. With a median home value of $82,000 in Forest Hills, the typical annual property tax bill reaches $993, which is still below the national median of $2,690. Property taxes in Forest Hills are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Forest Hills' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Forest Hills 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
Forest Hills, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.39%
Estimate Property Tax Bill
$1,140
Ownwell’s Forest Hills Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Forest Hills with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Forest Hills 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 Forest Hills, Kentucky
Property taxes in Forest Hills, Kentucky, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Forest Hills is 0.61%, lower than both the Kentucky state median of 0.83% and the U.S. national median of 0.99%. Local government entities within Forest Hills set these rates annually, and they can vary significantly across different neighborhoods. Each year, Forest Hills 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 Forest Hills' effective property tax rate to other counties in Kentucky and the national median. For comparison, the 41527 zip code has the highest median property tax rate of 0.61%, while the same zip code also has the lowest median tax rate of 0.61%. Understanding how these cities compare with Forest Hills provides valuable insights into the varying tax landscape across Pike County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Forest Hills Tax Rate
1.39%
Average Pike County Tax Rate
1.37%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Forest Hills, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41527 | 0.65% | 1.03% | 1.39% | 1.43% | 1.63% |
Source: Ownwell
Property Tax Assessment Values Across Forest Hills, Kentucky
In Forest Hills, 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 Forest Hills, 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 Forest Hills 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 $993, found in the 41527 zip code.
Average Forest Hills Assessed Value
$82,000
Average Pike County Assessed Value
$25,000
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Forest Hills, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41527 | $6,600 | $31,000 | $82,000 | $138,500 | $190,000 |
Source: Ownwell
Property Tax Bills Across Forest Hills, Kentucky
In Forest Hills, Kentucky, property tax bills are calculated based on the assessed value of your property. The local tax rate is applied to this assessed value to determine your annual tax bill. Several factors influence the assessed value, including the property's location, size, and current market conditions. For instance, the median home price in Forest Hills is $82,000. Homeowners in Forest Hills can expect their tax bills to vary widely. At the lower end, the 25th percentile tax bill is $326, while those in the 75th percentile pay around $1,820. The top 10% of property owners face tax bills as high as $2,535. These variations reflect differences in property values and the specific assessments conducted by the county. Compared to the national median property tax rate of 0.99%, Forest Hills offers a relatively moderate tax burden. This structure ensures that property taxes are distributed in a manner that considers individual property values, ultimately affecting homeowners differently based on their property's assessed worth.
Average Forest Hills Tax Bill
$993
Average Pike County Tax Bill
$205
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Forest Hills, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41527 | $68 | $326 | $993 | $1,820 | $2,535 |
Source: Ownwell