Huddy, Kentucky Property Taxes
The median property tax rate in Huddy, KY is 1.40%, significantly higher than both the national median of 0.99% and the Kentucky state median of 1.02%. With the median home value in Huddy at $38,000, the typical annual property tax bill is $390, which is well below the national median of $2,690. Property taxes in Huddy 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 Huddy's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Huddy or another part of Pike County, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Huddy, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.4%
Estimate Property Tax Bill
$532
Ownwell’s Huddy Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Huddy with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Huddy 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 Huddy, Kentucky
Property taxes in Huddy, Kentucky, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Huddy is 1.40%, significantly higher than both the Kentucky state median and the U.S. national median of 0.99%. Local government entities within Huddy set these rates annually, and they can vary significantly across different neighborhoods. Each year, Huddy 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 Huddy's effective property tax rate to other counties in Kentucky and the national median. For comparison, the 41535 zip code has both the highest and lowest median property tax rate of 1.40%. Understanding how these cities compare with Huddy 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 Huddy Tax Rate
1.40%
Average Pike County Tax Rate
1.37%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Huddy, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41535 | 0.18% | 0.48% | 1.40% | 1.53% | 2.50% |
Source: Ownwell
Property Tax Assessment Values Across Huddy, Kentucky
In Huddy, 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 Pike 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 Huddy, 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 Huddy helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest median tax bill is 41535 with a median of $390.00, while the lowest median tax bill is also in zip code 41535 at $390.00.
Average Huddy Assessed Value
$38,000
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 Huddy, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41535 | $5,750 | $19,450 | $38,000 | $62,250 | $89,100 |
Source: Ownwell
Property Tax Bills Across Huddy, Kentucky
In Huddy, located in Pike County, KY, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. The median home price in Huddy is $38,000. To determine the tax bill, the assessed value is multiplied by the local property tax rate. For homeowners in Huddy, the tax bills vary significantly. The 25th percentile tax bill is around $75, while the 75th percentile tax bill reaches up to $861. At the higher end, the 90th percentile tax bill can be as much as $1,357. The highest median tax bill recorded in the area is $390, which is relatively low compared to the national median property tax rate of 0.99%. These tax bills impact homeowners by influencing their overall housing costs, potentially affecting affordability and financial planning. Understanding these factors is crucial for homeowners to manage their expenses effectively.
Average Huddy Tax Bill
$390
Average Pike County Tax Bill
$205
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Huddy, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41535 | $48 | $75 | $390 | $861 | $1,357 |
Source: Ownwell