Clifty, Kentucky Property Taxes
The median property tax rate in Clifty, KY is 0.65%, significantly lower than both the national median of 0.99% and the Kentucky state median of 1.02%. With the median home value in Clifty at $102,760, the typical annual property tax bill comes to $453, well below the national median of $2,690. Property taxes in Clifty 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 Clifty'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 Clifty 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
Clifty, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.65%
Estimate Property Tax Bill
$668
Ownwell’s Clifty Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Clifty with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Clifty 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 Clifty, Kentucky
Property taxes in Clifty, Kentucky, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Clifty is 0.65%, which is lower than both the Kentucky state median and the U.S. national median of 0.99%. Local government entities within Clifty set these rates annually, and they can vary significantly across different neighborhoods. Each year, Clifty 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 Clifty's effective property tax rate to other counties in Kentucky and the national median. For comparison, the 42216 zip code has both the highest and lowest median property tax rate of 0.65%. Understanding how these cities compare with Clifty provides valuable insights into the varying tax landscape across Todd County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Clifty Tax Rate
0.65%
Average Todd County Tax Rate
0.84%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Clifty, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42216 | 0.24% | 0.42% | 0.65% | 0.85% | 0.90% |
Source: Ownwell
Property Tax Assessment Values Across Clifty, Kentucky
In Clifty, 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 Todd 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 Clifty, 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 Clifty helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Clifty is $102,760, with the 25th percentile tax bill at $390 and the 75th percentile tax bill at $935. The highest and lowest median tax bills are both $453 in zip code 42216.
Average Clifty Assessed Value
$102,760
Average Todd County Assessed Value
$84,400
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Clifty, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42216 | $49,312 | $51,520 | $102,760 | $117,756 | $197,987 |
Source: Ownwell
Property Tax Bills Across Clifty, Kentucky
In Clifty, located in Todd County, KY, property tax bills are calculated based on the assessed value of a home. This assessed value is determined by the county assessor and reflects the market value of the property. Homeowners in Clifty experience a range of property tax bills, influenced by various factors such as property size, location, and improvements. The median home price in Clifty is $102,760, with property tax bills varying significantly across different percentiles. For instance, homeowners at the 25th percentile pay around $390, while those at the 75th percentile face bills of approximately $935. At the 90th percentile, property tax bills can reach up to $1,201. These figures highlight the variability in tax burdens among residents. Compared to the national median property tax rate of 0.99%, Clifty's property tax rates can be considered relatively moderate, impacting homeowners by providing a predictable annual expense tied to their property's value. This system ensures that property taxes are proportionate to the home's worth, offering a balanced approach to local revenue generation.
Average Clifty Tax Bill
$453
Average Todd County Tax Bill
$511
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Clifty, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42216 | $274 | $390 | $453 | $935 | $1,201 |
Source: Ownwell