Cynthiana, Kentucky Property Taxes
The median property tax rate in Cynthiana, KY is 0.54%, significantly lower than both the national median of 0.99% and the Kentucky state median of 1.02%. With the median home value in Cynthiana at $289,900, the typical annual property tax bill reaches $1,464, which is well below the national median of $2,690. Property taxes in Cynthiana 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 Cynthiana'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 Cynthiana 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
Cynthiana, 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 Cynthiana Property Tax Bill Calculator is an essential tool for homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Cynthiana with just two data points. By entering your property's estimated assessed value, the calculator uses the median tax rate in Cynthiana to provide an accurate estimate of your property tax bill. This insightful tool helps you understand potential tax liabilities and plan your finances better. For those interested in more granular data, you can explore neighborhood-level trends by scrolling down. Your property’s assessed value is determined by the county for property tax calculations, taking into account any applicable exemptions.
Property Tax Rates Across Cynthiana, Kentucky
Property taxes in Cynthiana, Kentucky, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Cynthiana is 0.54%, which is lower than the U.S. national median of 0.99%. Local government entities within Cynthiana set these rates annually, and they can vary significantly across different neighborhoods. Each year, Cynthiana 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 Cynthiana's effective property tax rate to other counties in Kentucky and the national median. For comparison, the zip code 41031 has the highest median property tax rate of 0.54%, while the same zip code also has the lowest median tax rate of 0.54%. Understanding how these cities compare with Cynthiana provides valuable insights into the varying tax landscape across Bourbon County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Cynthiana Tax Rate
0.54%
Average Bourbon County Tax Rate
0.57%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Cynthiana, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41031 | 0.29% | 0.39% | 0.54% | 0.73% | 0.88% |
Source: Ownwell
Property Tax Assessment Values Across Cynthiana, Kentucky
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Cynthiana, Kentucky. 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 Bourbon 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 Cynthiana, 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. The median home price in Cynthiana is $289,900, with tax bills ranging from $854 at the 25th percentile to $3,665 at the 90th percentile. The zip code with the highest and lowest median tax bill is 41031, both at $1,464. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Cynthiana Assessed Value
$289,900
Average Bourbon County Assessed Value
$151,200
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Cynthiana, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41031 | $95,000 | $146,025 | $289,900 | $456,925 | $667,798 |
Source: Ownwell
Property Tax Bills Across Cynthiana, Kentucky
In Cynthiana, property tax bills are determined by assessing the value of your home and applying the local tax rate. The assessed value is derived from the market value of your property, which can fluctuate based on real estate trends and improvements made to the home. The median home price in Cynthiana is $289,900, influencing the overall tax bill. Homeowners in the 25th percentile can expect an annual tax bill of approximately $854, while those in the 75th percentile may see bills around $2,154. At the 90th percentile, tax bills can reach up to $3,665. These property taxes fund essential community services such as schools, public safety, and infrastructure. Compared to the national median property tax rate of 0.99%, Cynthiana's property taxes reflect the local government's budgetary needs and priorities. Homeowners should be aware of these factors as they directly impact the affordability and long-term investment of owning property in this region.
Average Cynthiana Tax Bill
$1,464
Average Bourbon County Tax Bill
$936
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Cynthiana, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41031 | $515 | $854 | $1,464 | $2,154 | $3,665 |
Source: Ownwell