42757 Property Tax Rate

Property owners in ZIP code 42757 (Magnolia, Kentucky) pay a median of $775/year in property taxes on homes valued at $121,800. This translates to an effective tax rate of 0.64%, which is 15% below the Kentucky state average of 0.75%.

The monthly property tax burden for a median-valued home in 42757 is approximately $65, which factors into escrow payments on mortgages. This ZIP code is located within Hart County. This is $322 less than the Kentucky average of $1,097/year.

Compared to similar ZIP codes in Kentucky, 42757 has lower property taxes. ZIP codes with similar effective rates include 42743 (0.64%) and 40701 (0.64%).

In Magnolia, property taxes represent approximately 1.6% of the median household income of $48,372, providing context for the relative tax burden on homeowners in this area.

Kentucky reassesses property at fair market value upon sale, so your Hart County taxes will reflect the purchase price on the first bill after closing. Disabled homeowners and those age 65+ qualify for the Homestead Exemption exempting up to $33,300 of assessed value — apply with the Hart County Property Valuation Administrator within 30 days of purchase. Request the exemption form when you receive your first property tax notice.