Cundiff, Kentucky Property Taxes
The median property tax rate in Cundiff, KY is 0.13%, significantly lower than both the national median of 0.99% and the Kentucky state median of 1.02%. With the median home value in Cundiff at $199,000, the typical annual property tax bill is $260, well below the national median of $2,690. Property taxes in Cundiff 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 Cundiff'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 Cundiff 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
Cundiff, Kentucky Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
1.02%
Estimate Property Tax Bill
$2,040
Ownwell’s Cundiff Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Cundiff with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Cundiff 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 Cundiff, Kentucky
Property taxes in Cundiff, Kentucky, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Cundiff is 0.13%, significantly lower than both the Kentucky state median of 0.83% and the U.S. national median of 0.99%. Local government entities within Cundiff set these rates annually, and they can vary significantly across different neighborhoods. Each year, Cundiff 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 Cundiff's effective property tax rate to other counties in Kentucky and the national median. For comparison, the highest median property tax rate in Kentucky is found in Jefferson County at 1.24%, while the lowest median tax rate is in Elliott County at 0.51%. Understanding how these cities compare with Cundiff provides valuable insights into the varying tax landscape across Adair County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Cundiff Tax Rate
0.13%
Average Adair County Tax Rate
1.13%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Cundiff, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42728 | 0.13% | 0.13% | 0.13% | 0.13% | 0.13% |
Source: Ownwell
Property Tax Assessment Values Across Cundiff, Kentucky
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Cundiff, Kentucky. Market value represents the price a willing buyer would pay a willing seller in an open and competitive market, influenced by factors such as location, property condition, and economic trends. This value is estimated 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. Assessment notices in Cundiff 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 Cundiff helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. In Cundiff, the highest median tax bill is $260 in the 42728 zip code, which is also the lowest median tax bill, underscoring the uniformity in tax assessments within the area.
Average Cundiff Assessed Value
$199,000
Average Adair County Assessed Value
$50,000
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Cundiff, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42728 | $199,000 | $199,000 | $199,000 | $199,000 | $199,000 |
Source: Ownwell
Property Tax Bills Across Cundiff, Kentucky
In Cundiff, KY, property tax bills are calculated based on the assessed value of a home, which is typically a percentage of its market value. With a median home price of $199,000, the property tax rate in Cundiff is significantly lower than the national median property tax rate of 0.99%. Homeowners in Cundiff experience a relatively uniform tax bill, with the 25th, 75th, and 90th percentiles all paying approximately $260 annually. Several factors influence the tax bill, including the property's assessed value and the local tax rate set by Adair County. This consistent tax rate ensures predictability for homeowners, allowing them to budget more effectively. Although the tax burden in Cundiff is lower compared to many other regions, it still contributes to essential public services such as schools, infrastructure, and emergency services. This low and predictable tax bill can make homeownership more affordable and appealing in Cundiff, KY.
Average Cundiff Tax Bill
$260
Average Adair County Tax Bill
$410
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Cundiff, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42728 | $260 | $260 | $260 | $260 | $260 |
Source: Ownwell