Cawood, Kentucky Property Taxes
The median property tax rate in Cawood, KY is 1.35%, considerably higher than both the national median of 0.99% and the Kentucky state median of 1.02%. With the median home value in Cawood, the typical annual property tax bill reaches $294, which is significantly lower than the national median of $2,690. Property taxes in Cawood are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Cawood'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 Cawood 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
Cawood, Kentucky Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
1.02%
Estimate Property Tax Bill
$2,040
Ownwell’s CAWOOD Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in CAWOOD with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in CAWOOD 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 Cawood, Kentucky
Property taxes in Cawood, Kentucky, are essential in funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Cawood is 1.35%, significantly higher than both the Kentucky state median and the U.S. national median of 0.99%. Local government entities within Cawood set these rates annually, and they can vary significantly across different neighborhoods. Each year, Cawood 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 Cawood's effective property tax rate to other counties in Kentucky and the national median. For comparison, the 40815 zip code has the highest median property tax rate of 1.35%, while the same 40815 zip code also has the lowest median tax rate of 1.35%. Understanding how these cities compare with Cawood provides valuable insights into the varying tax landscape across Harlan County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Cawood Tax Rate
1.35%
Average Harlan County Tax Rate
1.35%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Cawood, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40815 | 0.50% | 1.35% | 1.35% | 1.35% | 1.35% |
Source: Ownwell
Property Tax Assessment Values Across Cawood, Kentucky
In CAWOOD, 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 Harlan 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 CAWOOD, 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 CAWOOD helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in the area is $294.00 in the 40815 zip code, while the lowest median tax bill is also $294.00 in the same zip code.
Average Cawood Assessed Value
$26,825
Average Harlan County Assessed Value
$35,000
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Cawood, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40815 | $5,200 | $12,500 | $26,825 | $49,150 | $81,440 |
Source: Ownwell
Property Tax Bills Across Cawood, Kentucky
In CAWOOD, located in Harlan County, KY, property tax bills are calculated based on the assessed value of a home. The median home price in this area is $26,825. Property taxes are determined by multiplying the assessed value by the local tax rate. Factors such as property size, location, and improvements can influence the assessed value. Homeowners in CAWOOD can expect their tax bills to vary significantly. For instance, the 25th percentile tax bill is $135, while the 75th percentile reaches $599, and the 90th percentile goes up to $1,138. These figures illustrate the range of property tax burdens within the community. Compared to the national median property tax rate of 0.99%, CAWOOD residents experience a relatively lower tax rate. However, the impact on homeowners can still be substantial, especially for those with higher-valued properties. Understanding these factors helps homeowners anticipate their financial obligations and plan accordingly.
Average Cawood Tax Bill
$294
Average Harlan County Tax Bill
$386
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Cawood, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40815 | $61 | $135 | $294 | $599 | $1,138 |
Source: Ownwell