Crofton, Kentucky Property Taxes
The median property tax rate in Crofton, KY is 0.44%, significantly lower than both the national median of 0.99% and the Kentucky state median of 1.02%. With the median home value in Crofton at $143,160, the typical annual property tax bill amounts to $637, well below the national median of $2,690. Property taxes in Crofton are calculated based on the tax assessed value, which often falls below the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Crofton'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 Crofton or another part of Christian County, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Crofton, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.44%
Estimate Property Tax Bill
$630
Ownwell’s Crofton Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Crofton with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Crofton 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 Christian County for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Crofton, Kentucky
Property taxes in Crofton, Kentucky, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Crofton is 0.44%, which is lower than both the Kentucky state median and the U.S. national median of 0.99%. Local government entities within Crofton set these rates annually, and they can vary significantly across different neighborhoods. Each year, Crofton 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 Crofton's effective property tax rate to other areas in Kentucky and the national median. For comparison, the zip code 42217 has both the highest and lowest median property tax rate of 0.44%. Understanding how these areas compare with Crofton provides valuable insights into the varying tax landscape across Christian County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Crofton Tax Rate
0.44%
Average Christian County Tax Rate
0.78%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Crofton, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42217 | 0.25% | 0.42% | 0.44% | 0.55% | 0.87% |
Source: Ownwell
Property Tax Assessment Values Across Crofton, Kentucky
In Crofton, 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 Christian 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 Crofton, 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 Crofton helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 42217 has the highest and lowest median tax bill at $637.
Average Crofton Assessed Value
$143,160
Average Christian County Assessed Value
$110,000
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Crofton, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42217 | $29,843 | $56,000 | $143,160 | $280,000 | $425,340 |
Source: Ownwell
Property Tax Bills Across Crofton, Kentucky
In Crofton, KY, located in Christian County, property tax bills are calculated based on the assessed value of a home. The assessed value is determined by local tax assessors who evaluate the property's market value. Homeowners in Crofton can expect their property tax bill to vary depending on several factors, including the home's assessed value and the applicable tax rate. For instance, the median home price in Crofton is $143,160. Property tax bills in the area can range significantly, with the 25th percentile at $283 and the 75th percentile at $1,190. At the 90th percentile, homeowners might see tax bills as high as $1,821. Comparatively, the median property tax rate in Crofton is relatively lower than the national median property tax rate of 0.99%. This can result in more manageable tax bills for homeowners, providing some financial relief. However, it’s important for homeowners to stay informed about their property’s assessed value and any changes in local tax rates to better anticipate their annual tax obligations.
Average Crofton Tax Bill
$637
Average Christian County Tax Bill
$788
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Crofton, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42217 | $124 | $283 | $637 | $1,190 | $1,821 |
Source: Ownwell