Crab Orchard, Kentucky Property Taxes
The median property tax rate in Crab Orchard, KY is 1.05%, slightly higher than both the national median of 0.99% and the Kentucky state median of 1.02%. With a median home value of $40,000 in Crab Orchard, the typical annual property tax bill amounts to $369, which is significantly lower than the national median of $2,690. Property taxes in Crab Orchard are calculated based on the tax assessed value, which often falls below the market value due to various exemptions, such as those for primary residences and agricultural properties. Understanding Crab Orchard'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 Crab Orchard or another part of Garrard County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Crab Orchard, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.05%
Estimate Property Tax Bill
$420
-$4,402
Ownwell’s Crab Orchard Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Crab Orchard with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Crab Orchard 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 Crab Orchard, Kentucky
Property taxes in Crab Orchard, Kentucky, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Crab Orchard is 0.83%, significantly lower than both the Kentucky state median of 0.83% and the U.S. national median of 0.99%. Local government entities within Crab Orchard set these rates annually, and they can vary significantly across different neighborhoods. Each year, Crab Orchard 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 Crab Orchard's effective property tax rate to other counties in Kentucky and the national median. For comparison, the 40419 zip code has the highest median property tax rate of 0.83%, while the 40419 zip code also has the lowest median tax rate of 0.83%. Understanding how these cities compare with Crab Orchard provides valuable insights into the varying tax landscape across Garrard County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Crab Orchard Tax Rate
1.05%
Average Garrard County Tax Rate
1.06%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Crab Orchard, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40419 | 0.44% | 0.80% | 1.05% | 1.05% | 1.09% |
Source: Ownwell
Property Tax Assessment Values Across Crab Orchard, Kentucky
In Crab Orchard, 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 Garrard 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 Crab Orchard, 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 Crab Orchard helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 40419 has both the highest and lowest median tax bill, at $369.
Average Crab Orchard Assessed Value
$40,000
Average Garrard County Assessed Value
$75,000
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Crab Orchard, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40419 | $1,120 | $12,250 | $40,000 | $82,600 | $123,200 |
Source: Ownwell
Property Tax Bills Across Crab Orchard, Kentucky
Property tax bills in Crab Orchard, located in Garrard County, KY, are calculated based on the assessed value of the property. The local tax rate is applied to this assessed value to determine the annual tax bill. Several factors influence the property tax bill, including the property's assessed value, local tax rates, and any applicable exemptions or deductions. For instance, with a median home price of $40,000, the property tax bills can vary widely. The tax bill for the 25th percentile is around $158, while for the 75th percentile, it climbs up to $806. The 90th percentile sees tax bills reaching approximately $1,465. These variations highlight how different property values and tax rates can significantly impact homeowners. Compared to the national median property tax rate of 0.99%, the tax rates in Crab Orchard can result in relatively lower tax bills, providing some financial relief to homeowners. This system ensures that property taxes are proportionate to property values, making it a fair approach for all residents.
Average Crab Orchard Tax Bill
$369
Average Garrard County Tax Bill
$751
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Crab Orchard, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40419 | $16 | $158 | $369 | $806 | $1,465 |
Source: Ownwell