Custer, Kentucky Property Taxes
The median property tax rate in Custer, KY is 0.95%, slightly lower than both the national median of 0.99% and the Kentucky state median of 1.02%. With the median home value in Custer at $70,000, the typical annual property tax bill amounts to $546, significantly below the national median of $2,690. Property taxes in Custer are calculated based on the tax assessed value, which is often lower than the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Custer's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Custer 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
Custer, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.95%
Estimate Property Tax Bill
$665
Ownwell’s Custer Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Custer with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Custer 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 Custer, Kentucky
Property taxes in Custer, Kentucky, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Custer is 0.95%, slightly below the U.S. national median of 0.99%. Local government entities within Custer set these rates annually, and they can vary significantly across different neighborhoods. Each year, Custer 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 Custer's effective property tax rate to other counties in Kentucky and the national median. For comparison, the ZIP code 40115 has the highest median property tax rate of 0.95%, while the same ZIP code also has the lowest median tax rate of 0.95%. Understanding how these cities compare with Custer 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 Custer Tax Rate
0.95%
Average Breckinridge County Tax Rate
0.96%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Custer, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40115 | 0.28% | 0.48% | 0.95% | 1.06% | 1.73% |
Source: Ownwell
Property Tax Assessment Values Across Custer, Kentucky
In Custer, 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. In Custer, 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 Custer helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. In Custer, the highest median tax bill is $546.00 in the 40115 zip code, while the lowest is also $546.00 in the same zip code, indicating a uniformity in tax bills across the area.
Average Custer Assessed Value
$70,000
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 Custer, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40115 | $6,500 | $28,625 | $70,000 | $141,500 | $268,300 |
Source: Ownwell
Property Tax Bills Across Custer, Kentucky
In Custer, property tax bills are calculated based on the assessed value of a home and the local property tax rate. The median home price in Custer is $70,000. To determine the tax bill, the assessed value is multiplied by the property tax rate set by local authorities. Factors such as property location, home improvements, and market conditions can influence the assessed value. For homeowners in Custer, property tax bills can vary widely. For instance, the tax bill at the 25th percentile is $203, while at the 75th percentile, it rises to $970. At the 90th percentile, homeowners might face a tax bill as high as $1,598. The highest median tax bill recorded in the area is $546, which is significantly lower than the national median property tax rate of 0.99%. These variations in tax bills can have a substantial impact on homeowners' annual expenses, influencing their overall financial planning and budgeting.
Average Custer Tax Bill
$546
Average Breckinridge County Tax Bill
$536
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Custer, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40115 | $89 | $203 | $546 | $970 | $1,598 |
Source: Ownwell