Cub Run, Kentucky Property Taxes
The median property tax rate in Cub Run, KY is 0.93%, slightly below both the national median of 0.99% and the Kentucky state median of 1.02%. With a median home value of $62,000 in Cub Run, the typical annual property tax bill is around $450, significantly less than the national median of $2,690. Property taxes in Cub Run are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Cub Run'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 Cub Run or another part of Edmonson County, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Cub Run, 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 Cub Run Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Cub Run with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Cub Run 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 Cub Run, Kentucky
Property taxes in Cub Run, Kentucky, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Cub Run is 0.93%, slightly below the U.S. national median of 0.99%. Local government entities within Cub Run set these rates annually, and they can vary significantly across different neighborhoods. Each year, Cub Run 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 Cub Run's effective property tax rate to other areas in Edmonson County and the national median. For comparison, the zip code 42729 has both the highest and lowest median property tax rate of 0.93%. Understanding how these areas compare with Cub Run provides valuable insights into the varying tax landscape across Edmonson County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Cub Run Tax Rate
0.93%
Average Edmonson County Tax Rate
0.91%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Cub Run, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42729 | 0.43% | 0.90% | 0.93% | 0.99% | 1.08% |
Source: Ownwell
Property Tax Assessment Values Across Cub Run, Kentucky
In Cub Run, 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 Edmonson 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 Cub Run, 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 Cub Run helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 42729 has the highest and lowest median tax bill at $450.
Average Cub Run Assessed Value
$62,000
Average Edmonson County Assessed Value
$80,500
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Cub Run, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42729 | $17,000 | $29,000 | $62,000 | $116,500 | $215,000 |
Source: Ownwell
Property Tax Bills Across Cub Run, Kentucky
In Cub Run, Edmonson County, KY, property tax bills are calculated based on the assessed value of a home. The median home price in this area is $62,000. The tax rate, which is a percentage of the assessed value, determines the amount homeowners must pay annually. For instance, the tax bill at the 25th percentile is $235, while at the 75th percentile, it rises to $1,057. At the 90th percentile, homeowners can expect to pay around $1,935. These figures suggest a range of tax burdens depending on the property's assessed value and applicable exemptions. Compared to the national median property tax rate of 0.99%, the property tax rates in Cub Run can significantly impact homeowners. Higher assessed values lead to higher tax bills, affecting the overall affordability of owning a home. Understanding these factors can help homeowners anticipate their annual expenses and budget accordingly. The highest and lowest median tax bills in the region are both recorded at $450 in zip code 42729, indicating some consistency in tax assessments within this area.
Average Cub Run Tax Bill
$450
Average Edmonson County Tax Bill
$643
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Cub Run, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42729 | $128 | $235 | $450 | $1,057 | $1,935 |
Source: Ownwell