Hillsboro, Rowan County, Kentucky Property Taxes
The median property tax rate in Hillsboro, KY is 0.85%, which is lower than both the national median of 0.99% and the Kentucky state median of 1.02%. With the median home value in Hillsboro at $45,700, the typical annual property tax bill amounts to $273, substantially less than the national median of $2,690. Property taxes in Hillsboro are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Hillsboro'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 Hillsboro 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
Hillsboro, Rowan County, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.85%
Estimate Property Tax Bill
$388
$360
Ownwell’s Hillsboro Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Hillsboro with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Hillsboro 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 Hillsboro, Rowan County, Kentucky
Property taxes in Hillsboro, Kentucky, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Hillsboro is 0.85%, which is lower than the U.S. national median of 0.99%. Local government entities within Hillsboro set these rates annually, and they can vary significantly across different neighborhoods. Each year, Hillsboro 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 Hillsboro's effective property tax rate to other counties in Kentucky and the national median. For comparison, the highest and lowest median property tax rates in Rowan County are both 0.85%, the same as Hillsboro's rate. Understanding how these cities compare with Hillsboro provides valuable insights into the varying tax landscape across Rowan County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Hillsboro Tax Rate
0.85%
Average Rowan County Tax Rate
0.85%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Hillsboro, Rowan County, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41049 | 0.26% | 0.54% | 0.85% | 0.85% | 0.85% |
Source: Ownwell
Property Tax Assessment Values Across Hillsboro, Rowan County, Kentucky
In Hillsboro, 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 Rowan 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 Hillsboro, 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 Hillsboro helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in the area is $273 in zip code 41049, while the lowest median tax bill is also $273 in the same zip code.
Property Tax Assessment Values Across Hillsboro, Rowan County, Kentucky
Source: Ownwell
$45,700
$64,913
$84,125
Average Hillsboro Assessed Value
$45,700
Average Rowan County Assessed Value
$78,960
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Hillsboro, Rowan County, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41049 | $15,650 | $29,418 | $45,700 | $92,875 | $134,950 |
Source: Ownwell
Property Tax Bills Across Hillsboro, Rowan County, Kentucky
In Hillsboro, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor's office. The assessed value is a percentage of the market value, reflecting the estimated price the property would fetch if sold. The property tax rate in Hillsboro, within Rowan County, is applied to this assessed value to determine the annual tax bill. Several factors influence the tax bill, including property size, location, and market conditions. For instance, Hillsboro homeowners with properties in the 25th percentile of tax bills pay around $132 annually, while those in the 75th percentile see bills closer to $539. The highest tax bill recorded in the area is $899, indicating significant variability based on property characteristics. These property taxes directly impact homeowners by contributing to local services such as schools, public safety, and infrastructure. Compared to the national median property tax rate of 0.99%, Hillsboro’s rates and resultant tax bills offer a unique perspective on the local real estate market and its demands.
Average Hillsboro Tax Bill
$273
Average Rowan County Tax Bill
$554
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Hillsboro, Rowan County, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41049 | $98 | $132 | $273 | $539 | $899 |
Source: Ownwell