Cutshin, Kentucky Property Taxes
The median property tax rate in Cutshin, KY is 0.75%, which is notably lower than both the national median of 0.99% and the Kentucky state median of 1.02%. With a median home value of $36,300 in Cutshin, the typical annual property tax bill amounts to $89, significantly less than the national median of $2,690. Property taxes in Cutshin are calculated based on the assessed value, which usually falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Cutshin'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 Cutshin 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
Cutshin, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.75%
Estimate Property Tax Bill
$272
Ownwell’s Cutshin Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Cutshin with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Cutshin 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 Cutshin, Kentucky
Property taxes in Cutshin, Kentucky, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Cutshin is 0.75%, which is lower than the U.S. national median of 0.99%. Local government entities within Cutshin set these rates annually, and they can vary significantly across different neighborhoods. Each year, Cutshin 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 Cutshin's effective property tax rate to other areas in Kentucky and the national median. For comparison, the 41776 zip code has both the highest and lowest median property tax rate of 0.75%. Understanding how these areas compare with Cutshin provides valuable insights into the varying tax landscape across Leslie County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Cutshin Tax Rate
0.75%
Average Leslie County Tax Rate
1.40%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Cutshin, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41776 | 0.23% | 0.43% | 0.75% | 1.08% | 1.27% |
Source: Ownwell
Property Tax Assessment Values Across Cutshin, Kentucky
In Cutshin, 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 Leslie 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 Cutshin, 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 Cutshin helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Cutshin is $36,300, with tax bills ranging from $70 at the 25th percentile to $119 at the 90th percentile, highlighting the variability in property tax obligations within the area.
Average Cutshin Assessed Value
$36,300
Average Leslie County Assessed Value
$28,300
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Cutshin, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41776 | $17,070 | $29,175 | $36,300 | $40,025 | $46,010 |
Source: Ownwell
Property Tax Bills Across Cutshin, Kentucky
In Cutshin, located in Leslie County, KY, property tax bills are calculated based on the assessed value of a property, which is typically lower than the market value. The assessed value is determined by local tax assessors who consider factors such as property size, location, and condition. Homeowners in Cutshin face a median home price of $36,300, significantly lower than the national median. The property tax rate in Cutshin impacts homeowners differently depending on the assessed value of their property. For example, those in the 25th percentile pay around $70 annually, while those in the 75th percentile see bills closer to $108. The top 10% of homeowners face tax bills of approximately $119. Compared to the national median property tax rate of 0.99%, the rates in Cutshin provide a relatively affordable option for homeowners, allowing them to allocate more of their budget to other expenses. This lower tax burden can make homeownership more accessible and sustainable in the region.
Average Cutshin Tax Bill
$89
Average Leslie County Tax Bill
$267
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Cutshin, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41776 | $59 | $70 | $89 | $108 | $119 |
Source: Ownwell