Big Clifty, Kentucky Property Taxes
The median property tax rate in Big Clifty, KY is 0.97%, slightly lower than both the national median of 0.99% and the Kentucky state median of 1.02%. With a median home value of $86,000 in Big Clifty, the typical annual property tax bill is $836, significantly below the national median of $2,690. Property taxes in Big Clifty are calculated based on the tax assessed value, which is usually less than the market value due to various exemptions, such as primary residence and agricultural exemptions. Understanding Big Clifty'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 Big Clifty or another part of Breckinridge County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Big Clifty, 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 BIG CLIFTY Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in BIG CLIFTY with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in BIG CLIFTY 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 Big Clifty, Kentucky
Property taxes in Big Clifty, Kentucky, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Big Clifty is 0.97%, slightly lower than the U.S. national median of 0.99%. Local government entities within Big Clifty set these rates annually, and they can vary significantly across different neighborhoods. Each year, Big Clifty 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 Big Clifty's effective property tax rate to other areas in Kentucky and the national median. For comparison, the 42712 zip code has the highest median property tax rate of 0.97%, while the same zip code also has the lowest median tax rate of 0.97%. Understanding how these areas compare with Big Clifty provides valuable insights into the varying tax landscape across Breckinridge County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Big Clifty Tax Rate
0.97%
Average Breckinridge County Tax Rate
0.96%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Big Clifty, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42712 | 0.97% | 0.97% | 0.97% | 0.97% | 0.97% |
Source: Ownwell
Property Tax Assessment Values Across Big Clifty, Kentucky
In Big Clifty, 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 Breckinridge 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. 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 Big Clifty helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Big Clifty is $86,000, with the highest and lowest median tax bills both being $836 in the 42712 zip code.
Average Big Clifty Assessed Value
$86,000
Average Breckinridge County Assessed Value
$64,000
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Big Clifty, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42712 | $86,000 | $86,000 | $86,000 | $86,000 | $86,000 |
Source: Ownwell
Property Tax Bills Across Big Clifty, Kentucky
In Big Clifty, located in Breckinridge County, KY, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. The median home price in this area is $86,000. Property tax rates are applied to this assessed value to determine the final tax bill. For homeowners in Big Clifty, the median tax bill is $836, which is consistent across various percentiles, reflecting a stable tax environment. Factors such as property size, location, and improvements can influence the assessed value, thereby affecting the tax bill. Compared to the national median property tax rate of 0.99%, Big Clifty offers a relatively predictable tax scenario for its residents. This stability in property tax bills can provide homeowners with a sense of financial predictability, making it easier to budget for annual expenses. Understanding these factors is crucial for homeowners to anticipate their financial obligations accurately.
Average Big Clifty Tax Bill
$836
Average Breckinridge County Tax Bill
$536
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Big Clifty, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42712 | $836 | $836 | $836 | $836 | $836 |
Source: Ownwell