Cromona, Kentucky Property Taxes
The median property tax rate in Cromona, KY is 1.46%, considerably higher than both the national median of 0.99% and the Kentucky state median of 1.02%. With the median home value in Cromona, the typical annual property tax bill reaches $146, which is significantly lower than the national median of $2,690. Property taxes in Cromona are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Cromona'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 Cromona 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
Cromona, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.46%
Estimate Property Tax Bill
$219
Ownwell’s Cromona Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Cromona with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Cromona 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 Cromona, Kentucky
Property taxes in Cromona, Kentucky, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Cromona is 1.46%, significantly higher than the U.S. national median of 0.99%. Local government entities within Cromona set these rates annually, and they can vary significantly across different neighborhoods. Each year, Cromona 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 Cromona's effective property tax rate to other counties in Kentucky and the national median. For comparison, the 41810 zip code has the highest median property tax rate of 1.46%, while the same zip code also has the lowest median tax rate of 1.46%. Understanding how these cities compare with Cromona provides valuable insights into the varying tax landscape across Letcher County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Cromona Tax Rate
1.46%
Average Letcher County Tax Rate
1.46%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Cromona, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41810 | 1.45% | 1.46% | 1.46% | 1.46% | 1.46% |
Source: Ownwell
Property Tax Assessment Values Across Cromona, Kentucky
In Cromona, 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 Letcher 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 Cromona, 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 Cromona helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Cromona are both $146.00, found in zip code 41810.
Average Cromona Assessed Value
$15,000
Average Letcher County Assessed Value
$23,000
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Cromona, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41810 | $3,200 | $6,000 | $15,000 | $25,000 | $35,600 |
Source: Ownwell
Property Tax Bills Across Cromona, Kentucky
In Cromona, property tax bills are calculated based on the assessed value of a home, which is influenced by the local real estate market. The median home price in Cromona is $15,000, and property tax rates are applied to this assessed value. Homeowners in Cromona can expect their tax bills to vary significantly, with the 25th percentile paying around $73, while those in the 75th percentile may see bills as high as $336. For those at the 90th percentile, the tax bill can reach up to $503. These variations are due to differences in property values and any applicable exemptions or deductions. The highest and lowest median tax bills in Cromona are both $146, indicating a relatively narrow range of median property tax burdens. Compared to the national median property tax rate of 0.99%, Cromona's rates may be seen as more manageable, offering some relief to homeowners. Understanding these factors can help homeowners better anticipate their annual property tax obligations and plan accordingly.
Average Cromona Tax Bill
$146
Average Letcher County Tax Bill
$199
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Cromona, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41810 | $44 | $73 | $146 | $336 | $503 |
Source: Ownwell