Crockett, Kentucky Property Taxes
The median property tax rate in Crockett, KY is 1.24%, significantly higher than both the national median of 0.99% and the Kentucky state median of 1.02%. With the median home value in Crockett at $16,500, the typical annual property tax bill reaches $224, which is well below the national median of $2,690. Property taxes in Crockett are calculated based on the tax assessed value, often lower than the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Crockett'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 Crockett 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
Crockett, 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 Crockett Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Crockett with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Crockett 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 Crockett, Kentucky
Property taxes in Crockett, Kentucky, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Crockett is 1.24%, higher than the U.S. national median of 0.99%. Local government entities within Crockett set these rates annually, and they can vary significantly across different neighborhoods. Each year, Crockett 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 Crockett's effective property tax rate to other counties in Kentucky and the national median. For comparison, the 41413 zip code has the highest median property tax rate of 1.24%, while the 41413 zip code also has the lowest median tax rate of 1.24%. Understanding how these cities compare with Crockett provides valuable insights into the varying tax landscape across Morgan County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Crockett Tax Rate
1.24%
Average Morgan County Tax Rate
1.24%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Crockett, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41413 | 1.24% | 1.24% | 1.24% | 1.24% | 1.24% |
Source: Ownwell
Property Tax Assessment Values Across Crockett, Kentucky
In Crockett, 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 local 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 Crockett, 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. The median home price in Crockett is $16,500, with the 25th, 75th, and 90th percentile tax bills all being $224. The zip code 41413 has both the highest and lowest median tax bill at $224. Being aware of these valuation processes in Crockett helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Crockett Assessed Value
$16,500
Average Morgan County Assessed Value
$35,000
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Crockett, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41413 | $15,300 | $15,750 | $16,500 | $17,250 | $17,700 |
Source: Ownwell
Property Tax Bills Across Crockett, Kentucky
In Crockett, KY, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. The median home price in this area is $16,500. To calculate the property tax, the assessed value is multiplied by the local tax rate. For example, in Morgan County, the median property tax bill is $224, regardless of the home's value percentile, indicating a uniform tax rate applied across the board. Several factors influence the tax bill, including the property's market value, any applicable exemptions, and the local tax rate set by the county. These taxes are essential for funding local services such as schools, public safety, and infrastructure. For homeowners, understanding these factors helps in financial planning and anticipating annual expenses. Compared to the national median property tax rate of 0.99%, Crockett's uniform tax bill of $224 suggests a relatively low and predictable tax burden for homeowners in this region.
Average Crockett Tax Bill
$224
Average Morgan County Tax Bill
$263
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Crockett, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41413 | $224 | $224 | $224 | $224 | $224 |
Source: Ownwell