Cave City, Kentucky Property Taxes
The median property tax rate in Cave City, KY is 1.06%, slightly higher than both the national median of 0.99% and Kentucky's state median of 1.02%. With the median home value in Cave City at $80,000, the typical annual property tax bill amounts to $694, which is below the national median of $2,690. Property taxes in Cave City are calculated based on the tax assessed value, often lower than the market value due to exemptions like the primary residence and agricultural exemptions. Navigating Cave City's property tax system, exploring available exemptions, and finding opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Cave City 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
Cave City, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.06%
Estimate Property Tax Bill
$848
Ownwell’s CAVE CITY Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in CAVE CITY with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in CAVE CITY 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 Cave City, Kentucky
Property taxes in Cave City, Kentucky, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Cave City is 1.06%, higher than the U.S. national median of 0.99%. Local government entities within Cave City set these rates annually, and they can vary significantly across different neighborhoods. Each year, Cave City 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. For comparison, the 42127 zip code has the highest median property tax rate of 1.06%, while the same 42127 zip code also has the lowest median tax rate of 1.06%. Understanding how these areas compare with Cave City provides valuable insights into the varying tax landscape across Barren County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Cave City Tax Rate
1.06%
Average Barren County Tax Rate
1.04%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Cave City, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42127 | 0.34% | 0.70% | 1.06% | 1.27% | 1.27% |
Source: Ownwell
Property Tax Assessment Values Across Cave City, Kentucky
In Cave City, 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 Barren 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 Cave City, 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 Cave City helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Cave City are both $694, found in the 42127 zip code.
Average Cave City Assessed Value
$80,000
Average Barren County Assessed Value
$90,000
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Cave City, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42127 | $10,000 | $35,000 | $80,000 | $143,500 | $231,820 |
Source: Ownwell
Property Tax Bills Across Cave City, Kentucky
In Cave City, located in Barren County, KY, property tax bills are calculated based on the assessed value of a home. The median home price in this area is $80,000. Property taxes are determined by multiplying the assessed value by the local tax rate. For homeowners, this means the tax bill can vary significantly depending on the value of their property and the specific tax rate applied. For example, the tax bill at the 25th percentile is $254, while at the 75th percentile, it rises to $1,293. At the 90th percentile, homeowners can expect a tax bill of up to $1,982. The highest and lowest median tax bills in the area are both $694, indicating some consistency in tax rates within the zip code 42127. These taxes fund essential services such as schools, infrastructure, and public safety, directly impacting the community's quality of life. Homeowners should be aware of these factors as they can significantly affect their annual expenses.
Average Cave City Tax Bill
$694
Average Barren County Tax Bill
$755
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Cave City, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42127 | $89 | $254 | $694 | $1,293 | $1,982 |
Source: Ownwell