Cunningham, Graves County, Kentucky Property Taxes
The median property tax rate in Cunningham, KY is 0.80%, 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 $115,000 in Cunningham, the typical annual property tax bill amounts to $482, significantly below the national median of $2,690. Property taxes in Cunningham are calculated based on the tax assessed value, often lower than the market value due to exemptions such as primary residence and agricultural exemptions. Understanding Cunningham'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 Cunningham 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
Cunningham, Graves County, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.8%
Estimate Property Tax Bill
$920
$854
Ownwell’s Cunningham Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Cunningham with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Cunningham 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 Cunningham, Graves County, Kentucky
Property taxes in Cunningham, Kentucky, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Cunningham is 0.80%, which is lower than both the Kentucky state median and the U.S. national median of 0.99%. Local government entities within Cunningham set these rates annually, and they can vary significantly across different neighborhoods. Each year, Cunningham 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 Cunningham's effective property tax rate to other counties in Kentucky and the national median. For comparison, the highest and lowest median property tax rates in Graves County are both 0.80%, indicating uniformity within the county. Understanding how these cities compare with Cunningham provides valuable insights into the varying tax landscape across Graves County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Cunningham Tax Rate
0.80%
Average Graves County Tax Rate
0.67%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Cunningham, Graves County, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42035 | 0.12% | 0.36% | 0.80% | 0.85% | 0.94% |
Source: Ownwell
Property Tax Assessment Values Across Cunningham, Graves County, Kentucky
In Cunningham, 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 Graves 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 Cunningham, 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 Cunningham helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Cunningham is $115,000, with the highest median tax bill being $482 in the 42035 zip code.
Property Tax Assessment Values Across Cunningham, Graves County, Kentucky
Source: Ownwell
$13,500
$76,750
$140,000
Average Cunningham Assessed Value
$115,000
Average Graves County Assessed Value
$80,000
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Cunningham, Graves County, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42035 | $5,000 | $34,000 | $115,000 | $280,000 | $475,000 |
Source: Ownwell
Property Tax Bills Across Cunningham, Graves County, Kentucky
In Cunningham, KY, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. The median home price in Cunningham is $115,000. To calculate the tax bill, the assessed value is multiplied by the local tax rate. Factors such as property improvements, market conditions, and neighborhood trends can influence the assessed value. Homeowners in Cunningham can expect varying tax bills depending on their property's assessed value. For example, the 25th percentile tax bill is $185, while the 75th percentile reaches $1,303, and the 90th percentile can go up to $2,241. The median property tax rate in this area is relatively low compared to the national median of 0.99%. Understanding these factors helps homeowners anticipate their annual tax obligations. Higher property values generally lead to higher tax bills, impacting household budgets and long-term financial planning. Being aware of these details allows homeowners to manage their finances better and plan for future expenses.
Average Cunningham Tax Bill
$482
Average Graves County Tax Bill
$394
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Cunningham, Graves County, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42035 | $48 | $185 | $482 | $1,303 | $2,241 |
Source: Ownwell