Coxs Creek, Kentucky Property Taxes
The median property tax rate in Coxs Creek, KY is 0.98%, slightly lower than both the national median of 0.99% and the Kentucky state median of 1.02%. With a median home value of $90,000 in Coxs Creek, the typical annual property tax bill amounts to $763, which is significantly below the national median of $2,690. Property taxes in Coxs Creek are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Coxs Creek'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 Coxs Creek 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
Coxs Creek, 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 Coxs Creek Property Tax Bill Calculator enables homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Coxs Creek with just two data points. By entering your property's estimated assessed value, the calculator uses the median tax rate in Coxs Creek to provide an estimated property tax bill. This valuable tool helps you understand potential tax liabilities and plan accordingly. For those interested in more detailed trends at the neighborhood level, additional localized information is available below. Your property’s assessed value is determined by the county for tax purposes and takes into account any applicable exemptions.
Property Tax Rates Across Coxs Creek, Kentucky
Property taxes in Coxs Creek, Kentucky, are essential in funding vital local services such as public schools, road maintenance, and emergency services. The median tax rate in Coxs Creek is 0.98%, which is slightly below the U.S. national median of 0.99%. Local government entities within Coxs Creek set these rates annually, and they can vary significantly across different neighborhoods. Each year, Coxs Creek 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 Coxs Creek's effective property tax rate to other areas in Kentucky and the national median. For comparison, the 40013 zip code has both the highest and lowest median property tax rate of 0.98%. Understanding how these cities compare with Coxs Creek provides valuable insights into the varying tax landscape across Spencer County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Coxs Creek Tax Rate
0.98%
Average Spencer County Tax Rate
0.98%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Coxs Creek, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40013 | 0.61% | 0.98% | 0.98% | 0.98% | 0.98% |
Source: Ownwell
Property Tax Assessment Values Across Coxs Creek, Kentucky
In Coxs Creek, 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 Spencer 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 Coxs Creek, 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 Coxs Creek helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 40013 has the highest and lowest median tax bill at $763.
Average Coxs Creek Assessed Value
$90,000
Average Spencer County Assessed Value
$210,000
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Coxs Creek, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40013 | $12,500 | $36,050 | $90,000 | $162,500 | $230,800 |
Source: Ownwell
Property Tax Bills Across Coxs Creek, Kentucky
In Coxs Creek, property tax bills are calculated by assessing the value of a home and then applying the local tax rate to this assessed value. The assessment considers various factors, including the property's market value, location, and any applicable exemptions. For example, the median home price in Coxs Creek is $90,000. Homeowners in the 25th percentile can expect a tax bill of around $294, while those in the 75th percentile might see bills as high as $1,523. The 90th percentile tax bill can reach up to $2,106. These tax bills can significantly impact homeowners, especially when compared to the national median property tax rate of 0.99%. In Spencer County, where Coxs Creek is located, the highest and lowest median tax bills are both $763, indicating a relatively stable tax environment. Understanding these factors helps homeowners anticipate their financial obligations and plan accordingly.
Average Coxs Creek Tax Bill
$763
Average Spencer County Tax Bill
$1,958
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Coxs Creek, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40013 | $109 | $294 | $763 | $1,523 | $2,106 |
Source: Ownwell