Caneyville, Kentucky Property Taxes
The median property tax rate in Caneyville, KY is 0.90%, which is lower than both the national median of 0.99% and the Kentucky state median of 1.02%. With a median home value of $52,750 in Caneyville, the typical annual property tax bill amounts to $369, significantly below the national median of $2,690. Property taxes in Caneyville are calculated based on the assessed value, which often falls below market value due to exemptions like primary residence and agricultural exemptions. Understanding Caneyville'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 Caneyville or elsewhere in the city, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Caneyville, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.9%
Estimate Property Tax Bill
$475
Ownwell’s Caneyville Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Caneyville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Caneyville 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 Caneyville, Kentucky
Property taxes in Caneyville, Kentucky, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Caneyville is 0.90%, which is slightly below the U.S. national median of 0.99%. Local government entities within Caneyville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Caneyville 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. Understanding how these cities compare with Caneyville provides valuable insights into the varying tax landscape across Grayson County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Caneyville Tax Rate
0.90%
Average Butler County Tax Rate
0.90%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Caneyville, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42721 | 0.18% | 0.87% | 0.90% | 0.94% | 1.03% |
Source: Ownwell
Property Tax Assessment Values Across Caneyville, Kentucky
In Caneyville, 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 Butler County Property Valuation Administrator 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 Caneyville, 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 Caneyville helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Caneyville is $369 in zip code 42721, while the lowest median tax bill is also $369 in the same zip code.
Average Caneyville Assessed Value
$52,750
Average Butler County Assessed Value
$64,000
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Caneyville, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42721 | $7,460 | $26,125 | $52,750 | $97,500 | $164,560 |
Source: Ownwell
Property Tax Bills Across Caneyville, Kentucky
In Caneyville, located in Butler County, 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 Caneyville is $52,750. To calculate the property tax, the assessed value is multiplied by the local tax rate. In Caneyville, the median property tax bill is $369.00, aligning with the national median property tax rate of 0.99%. Several factors influence the final tax bill, including the property's assessed value and any applicable exemptions or deductions. Homeowners in Caneyville can expect their tax bills to vary significantly. The 25th percentile tax bill is around $100, while the 75th percentile reaches $876. Those at the 90th percentile see tax bills as high as $1,294. These variations highlight the importance of understanding the factors that contribute to property tax calculations, as they can significantly impact homeowners' annual expenses and financial planning.
Average Caneyville Tax Bill
$369
Average Butler County Tax Bill
$452
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Caneyville, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42721 | $27 | $100 | $369 | $876 | $1,294 |
Source: Ownwell