Horse Cave, Kentucky Property Taxes
The median property tax rate in Horse Cave, KY is 0.86%, which is lower than both the national median of 0.99% and the Kentucky state median of 1.02%. With the median home value in Horse Cave at $134,500, the typical annual property tax bill is $814, significantly below the national median of $2,690. Property taxes in Horse Cave are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like primary residence and agricultural exemptions. Understanding Horse Cave'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 Horse Cave 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
Horse Cave, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.86%
Estimate Property Tax Bill
$1,157
Ownwell’s Horse Cave Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Horse Cave with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Horse Cave 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 Horse Cave, Kentucky
Property taxes in Horse Cave, Kentucky, are essential for funding critical local services, including public schools, road maintenance, and emergency services. The median tax rate in Horse Cave is 0.86%, which is below the U.S. national median of 0.99%. Local government entities within Horse Cave set these rates annually, and they can vary across different neighborhoods. Each year, Horse Cave 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 Horse Cave's effective property tax rate to other areas in Kentucky and the national median. For comparison, the 42749 zip code has the highest median property tax rate of 0.86%, while the same zip code also has the lowest median tax rate of 0.86%. Understanding how these figures compare with Horse Cave provides valuable insights into the varying tax landscape across Barren County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Horse Cave Tax Rate
0.86%
Average Barren County Tax Rate
1.04%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Horse Cave, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42749 | 0.24% | 0.48% | 0.86% | 1.12% | 1.20% |
Source: Ownwell
Property Tax Assessment Values Across Horse Cave, Kentucky
In Horse Cave, 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 Barren 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 Horse Cave, 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 Horse Cave helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest and lowest median tax bill in Horse Cave is 42749, with a median tax bill of $814.
Average Horse Cave Assessed Value
$134,500
Average Barren County Assessed Value
$90,000
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Horse Cave, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42749 | $26,220 | $51,700 | $134,500 | $238,675 | $336,700 |
Source: Ownwell
Property Tax Bills Across Horse Cave, Kentucky
In Horse Cave, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor's office. This assessed value is then multiplied by the local tax rate to determine the annual property tax bill. Factors that influence the assessed value include the home's market value, location, and any improvements or renovations made to the property. For homeowners in Horse Cave, the median home price is around $134,500. Property tax bills can vary significantly, with the 25th percentile at $504 and the 75th percentile reaching $1,438. The highest median tax bill in the area is $814, which is consistent across the zip code 42749. Compared to the national median property tax rate of 0.99%, homeowners in Horse Cave may find their property tax bills to be relatively manageable. Understanding these factors can help homeowners anticipate their annual expenses and plan their finances accordingly.
Average Horse Cave Tax Bill
$814
Average Barren County Tax Bill
$755
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Horse Cave, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42749 | $256 | $504 | $814 | $1,438 | $2,144 |
Source: Ownwell