Cecilia, Kentucky Property Taxes
The median property tax rate in Cecilia, KY is 0.93%, slightly lower than both the national median of 0.99% and the Kentucky state median of 1.02%. With the median home value in Cecilia, the typical annual property tax bill is $163, significantly less than the national median of $2,690. Property taxes in Cecilia are calculated based on the tax assessed value, which generally falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Cecilia'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 Cecilia or another part of Hardin County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Cecilia, 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 Cecilia Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Cecilia with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Cecilia 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 Cecilia, Kentucky
Property taxes in Cecilia, Kentucky, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Cecilia is 0.93%, slightly below the U.S. national median of 0.99%. Local government entities within Cecilia set these rates annually, and they can vary significantly across different neighborhoods. Each year, Cecilia 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 Cecilia's effective property tax rate compares to other areas in Hardin County and the national median provides valuable insights into the varying tax landscape, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Cecilia Tax Rate
0.93%
Average Hardin County Tax Rate
0.93%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Cecilia, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42724 | 0.57% | 0.93% | 0.93% | 1.11% | 1.30% |
Source: Ownwell
Property Tax Assessment Values Across Cecilia, Kentucky
In Cecilia, 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 Hardin 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 Cecilia, 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 Cecilia helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the area are both $163.00, with the zip code 42724.
Average Cecilia Assessed Value
$16,100
Average Hardin County Assessed Value
$21,400
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Cecilia, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42724 | $4,500 | $9,400 | $16,100 | $34,300 | $84,120 |
Source: Ownwell
Property Tax Bills Across Cecilia, Kentucky
In Cecilia, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. The assessed value is then multiplied by the local property tax rate to determine the annual tax bill. For example, with a median home price of $16,100, homeowners can expect their property tax bills to fall within a range, with the 25th percentile at $91 and the 75th percentile at $271. The highest median tax bill in the area is $163, found in the 42724 zip code. Factors such as property improvements, market conditions, and local government budgets can influence the assessed value and, consequently, the tax bill. Compared to the national median property tax rate of 0.99%, Cecilia's rates are relatively moderate, making it an affordable place for homeowners. Understanding these factors helps homeowners anticipate their tax liabilities and manage their finances more effectively.
Average Cecilia Tax Bill
$163
Average Hardin County Tax Bill
$132
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Cecilia, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42724 | $38 | $91 | $163 | $271 | $713 |
Source: Ownwell