Cadiz, Kentucky Property Taxes
The median property tax rate in Cadiz, KY is 0.82%, which is notably lower than both the national median of 0.99% and the Kentucky state median of 1.02%. With a median home value in Cadiz of $91,342, the typical annual property tax bill is $749, significantly less than the national median of $2,690. Property taxes in Cadiz are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Cadiz'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 Cadiz 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
Cadiz, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.82%
Estimate Property Tax Bill
$749
Ownwell's Cadiz Property Tax Bill Calculator is an essential tool for homeowners, real estate investors, and potential buyers looking to estimate their annual property taxes in Cadiz. By simply entering your property's estimated assessed value, the calculator uses the median tax rate in Cadiz to provide an accurate estimate of your property tax bill. This valuable resource helps you understand your potential tax liabilities and make informed decisions. For those interested in more detailed insights, including neighborhood-level trends, additional localized information is available below. Your property's assessed value is determined by the county and includes any applicable exemptions, offering a clear picture of your tax obligations.
Property Tax Rates Across Cadiz, Kentucky
Property taxes in Cadiz, Kentucky, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Cadiz is 0.82%, lower than the U.S. national median of 0.99%. Local government entities within Cadiz set these rates annually, and they can vary significantly across different neighborhoods. Each year, Cadiz 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 Cadiz's effective property tax rate to other counties in Kentucky and the national median. For comparison, the 42211 zip code has both the highest and lowest median property tax rate of 0.82%. Understanding how these cities compare with Cadiz provides valuable insights into the varying tax landscape across Caldwell County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Cadiz Tax Rate
0.82%
Average Caldwell County Tax Rate
0.82%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Cadiz, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42211 | 0.24% | 0.82% | 0.82% | 0.82% | 0.82% |
Source: Ownwell
Property Tax Assessment Values Across Cadiz, Kentucky
In Cadiz, 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 Caldwell 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 Cadiz, 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. The median home price in Cadiz is $91,342, with tax bills ranging from $345 at the 25th percentile to $1,950 at the 90th percentile. The highest and lowest median tax bills both stand at $749, specifically in the 42211 zip code. 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 Cadiz helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Cadiz Assessed Value
$91,342
Average Caldwell County Assessed Value
$49,350
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Cadiz, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42211 | $28,800 | $43,875 | $91,342 | $162,138 | $237,400 |
Source: Ownwell
Property Tax Bills Across Cadiz, Kentucky
In Cadiz, KY, located in Caldwell County, property tax bills are calculated based on the assessed value of a property rather than its market value. The assessed value is determined by local tax assessors and reflects a percentage of the property's market price. For instance, with a median home price of $91,342, the tax bill can vary significantly. Homeowners in the 25th percentile pay around $345, while those in the 75th percentile pay approximately $1,736. At the higher end, the 90th percentile sees tax bills of about $1,950. These tax bills are influenced by various factors, including property size, location, and any applicable exemptions or deductions. The highest and lowest median tax bills in the area are both recorded at $749, reflecting a relatively stable tax environment. Compared to the national median property tax rate of 0.99%, Cadiz's property tax rates can be seen as moderate, impacting homeowners' annual financial planning and housing costs.
Average Cadiz Tax Bill
$749
Average Caldwell County Tax Bill
$358
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Cadiz, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42211 | $165 | $345 | $749 | $1,736 | $1,950 |
Source: Ownwell