Kuttawa, Kentucky Property Taxes
The median property tax rate in Kuttawa, KY is 0.89%, 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 $71,000 in Kuttawa, the typical annual property tax bill amounts to $497, significantly below the national median of $2,690. Property taxes in Kuttawa are calculated based on the tax assessed value, which is often lower than the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Kuttawa'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 Kuttawa or another part of Lyon County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Kuttawa, 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 Kuttawa Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Kuttawa with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Kuttawa 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 Kuttawa, Kentucky
Property taxes in Kuttawa, Kentucky, are crucial for funding essential local services like public schools, road maintenance, and emergency services. The median tax rate in Kuttawa is 0.89%, which is below the U.S. national median of 0.99%. Local government entities within Kuttawa set these rates annually, and they can vary significantly across different neighborhoods. Each year, Kuttawa 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 Kuttawa's effective property tax rate to other counties in Kentucky and the national median. For comparison, the zip code 42055 has both the highest and lowest median property tax rate of 0.89%. Understanding how these areas compare with Kuttawa provides valuable insights into the varying tax landscape across Lyon County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Kuttawa Tax Rate
0.89%
Average Lyon County Tax Rate
0.83%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Kuttawa, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42055 | 0.53% | 0.83% | 0.89% | 0.89% | 0.89% |
Source: Ownwell
Property Tax Assessment Values Across Kuttawa, Kentucky
In Kuttawa, 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 Lyon 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 Kuttawa, 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 Kuttawa helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Kuttawa, both at $497.00, are found in the 42055 zip code.
Average Kuttawa Assessed Value
$71,000
Average Lyon County Assessed Value
$65,000
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Kuttawa, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42055 | $8,000 | $22,745 | $71,000 | $175,000 | $300,000 |
Source: Ownwell
Property Tax Bills Across Kuttawa, Kentucky
In Kuttawa, located in Lyon County, KY, property tax bills are calculated based on the assessed value of a home. The median home price in this area is $71,000, which serves as a starting point for determining the tax bill. Local tax authorities assess properties to establish their taxable value, and this assessed value is then multiplied by the local tax rate to calculate the tax owed. The tax rate can vary, but it is generally lower than the national median property tax rate of 0.99%. Several factors influence the final tax bill, including the property's location within specific zip codes, which can affect the median tax bill. For example, the highest and lowest median tax bills in Kuttawa are both $497, found in zip code 42055. Homeowners in the 25th percentile pay around $164, while those in the 75th and 90th percentiles pay approximately $1,454 and $2,493, respectively. These variations significantly impact homeowners, affecting their annual financial planning and overall cost of homeownership.
Average Kuttawa Tax Bill
$497
Average Lyon County Tax Bill
$445
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Kuttawa, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42055 | $62 | $164 | $497 | $1,454 | $2,493 |
Source: Ownwell