Corydon, Kentucky Property Taxes
The median property tax rate in Corydon, KY is 1.13%, which is higher than both the national median of 0.99% and the Kentucky state median of 1.02%. With the median home value in Corydon at $29,100, the typical annual property tax bill amounts to $310, well below the national median of $2,690. Property taxes in Corydon are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Corydon'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 Corydon 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
Corydon, 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 Corydon Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Corydon with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Corydon 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 Corydon, Kentucky
Property taxes in Corydon, Kentucky, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Corydon is 1.13%, higher than the U.S. national median of 0.99%. Local government entities within Corydon set these rates annually, and they can vary significantly across different neighborhoods. Each year, Corydon 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 Corydon's effective property tax rate to other counties in Kentucky and the national median. For comparison, the 42406 zip code has the highest median property tax rate of 1.13%, while the 42406 zip code also has the lowest median tax rate of 1.13%. Understanding how these cities compare with Corydon provides valuable insights into the varying tax landscape across Webster County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Corydon Tax Rate
1.13%
Average Webster County Tax Rate
1.13%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Corydon, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42406 | 1.13% | 1.13% | 1.13% | 1.13% | 1.13% |
Source: Ownwell
Property Tax Assessment Values Across Corydon, Kentucky
In Corydon, 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 Corydon, 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 Corydon helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest median tax bill is 42406, with a value of $310, while the lowest median tax bill is also in the same zip code at $310.
Average Corydon Assessed Value
$29,100
Average Webster County Assessed Value
$46,000
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Corydon, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42406 | $10,500 | $16,750 | $29,100 | $51,000 | $74,760 |
Source: Ownwell
Property Tax Bills Across Corydon, Kentucky
In Corydon, KY, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor's office. The assessed value is a percentage of the market value of the property. Homeowners in Corydon can expect their tax bill to vary significantly depending on the value of their property. For example, the median home price in Corydon is $29,100. At the 25th percentile, property tax bills are around $162, while at the 75th percentile, they can reach up to $536. For those at the 90th percentile, the tax bill can be as high as $844. These varying amounts highlight the impact of property value on tax obligations. Compared to the national median property tax rate of 0.99%, Corydon's tax bills reflect a relatively lower burden for homeowners. Understanding how these factors interplay can help homeowners better anticipate their annual property tax liabilities and plan their finances accordingly.
Average Corydon Tax Bill
$310
Average Webster County Tax Bill
$344
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Corydon, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42406 | $90 | $162 | $310 | $536 | $844 |
Source: Ownwell