Cromwell, Kentucky Property Taxes
The median property tax rate in Cromwell, KY is 0.89%, which is lower than both the national median of 0.99% and the Kentucky state median of 1.02%. With the median home value in Cromwell at $35,000, the typical annual property tax bill reaches $305, significantly below the national median of $2,690. Property taxes in Cromwell are calculated based on the tax assessed value, which usually falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Cromwell'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 Cromwell 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
Cromwell, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.89%
Estimate Property Tax Bill
$312
Ownwell’s Cromwell Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Cromwell with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Cromwell 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 Cromwell, Kentucky
Property taxes in Cromwell, Kentucky, are essential in funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Cromwell is 0.89%, which is lower than the U.S. national median of 0.99%. Local government entities within Cromwell set these rates annually, and they can vary significantly across different neighborhoods. Each year, Cromwell 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 Cromwell's effective property tax rate to other counties in Kentucky and the national median. For comparison, the zip code 42333 has both the highest and lowest median property tax rate of 0.89%. Understanding how these cities compare with Cromwell provides valuable insights into the varying tax landscape across Butler County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Cromwell Tax Rate
0.89%
Average Butler County Tax Rate
0.90%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Cromwell, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42333 | 0.87% | 0.87% | 0.89% | 1.06% | 1.45% |
Source: Ownwell
Property Tax Assessment Values Across Cromwell, Kentucky
In Cromwell, 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 Butler 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 Cromwell, 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 Cromwell helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Cromwell is $305.00, while the lowest is also $305.00, both in the 42333 zip code.
Average Cromwell Assessed Value
$35,000
Average Butler County Assessed Value
$64,000
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Cromwell, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42333 | $4,400 | $9,000 | $35,000 | $89,800 | $141,020 |
Source: Ownwell
Property Tax Bills Across Cromwell, Kentucky
In Cromwell, KY, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. This assessed value is then multiplied by the local property tax rate to arrive at the annual tax bill. For homeowners in Cromwell, the median home price is $35,000. Property tax bills can vary significantly, with the 25th percentile tax bill at $78, the 75th percentile at $700, and the 90th percentile reaching $1,237. Factors that influence the tax bill include the assessed value of the property, any applicable exemptions, and the specific tax rate set by local authorities. Compared to the national median property tax rate of 0.99%, Cromwell's rates can be seen as relatively moderate. These property taxes are crucial for funding local services such as schools, infrastructure, and emergency services, directly impacting the quality of life for homeowners. Understanding how these taxes are calculated helps homeowners better manage their finances and anticipate annual expenses.
Average Cromwell Tax Bill
$305
Average Butler County Tax Bill
$452
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Cromwell, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42333 | $60 | $78 | $305 | $700 | $1,237 |
Source: Ownwell