Big Clifty, Hardin County, Kentucky Property Taxes
The median property tax rate in Big Clifty, KY is 0.93%, slightly lower than both the national median of 0.99% and the Kentucky state median of 1.02%. With the median home value in Big Clifty at $12,250, the typical annual property tax bill is $107, significantly below the national median of $2,690. Property taxes in Big Clifty are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Big 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 Big Clifty or another part of Hardin County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Big Clifty, Hardin County, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.93%
Estimate Property Tax Bill
$114
$106
Ownwell’s Big Clifty Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Big Clifty with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Big 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 Big Clifty, Hardin County, Kentucky
Property taxes in Big Clifty, Kentucky, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Big Clifty is 0.93%, slightly lower than the U.S. national median of 0.99%. Local government entities within Big Clifty set these rates annually, and they can vary significantly across different neighborhoods. Each year, Big 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 Big Clifty's effective property tax rate to other counties in Kentucky and the national median. For comparison, the 42712 zip code has the highest median property tax rate of 0.93%, while the same zip code also has the lowest median tax rate of 0.93%. Understanding how these areas compare with Big Clifty provides valuable insights into the varying tax landscape across Hardin County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Big Clifty Tax Rate
0.93%
Average Hardin County Tax Rate
0.93%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Big Clifty, Hardin County, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42712 | 0.74% | 0.93% | 0.93% | 1.19% | 1.53% |
Source: Ownwell
Property Tax Assessment Values Across Big Clifty, Hardin County, Kentucky
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Big Clifty, Kentucky. 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 Hardin 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 Big 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. For example, the highest median tax bill in the area is $107, found in the 42712 zip code. 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 helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Big Clifty, Hardin County, Kentucky
Source: Ownwell
$5,600
$18,575
$31,550
Average Big Clifty Assessed Value
$12,250
Average Hardin County Assessed Value
$21,400
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Big Clifty, Hardin County, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42712 | $3,360 | $6,325 | $12,250 | $27,500 | $45,830 |
Source: Ownwell
Property Tax Bills Across Big Clifty, Hardin County, Kentucky
In Big Clifty, located in Hardin County, 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 this area is $12,250. Property taxes are influenced by various factors, including the property's assessed value, local tax rates, and any applicable exemptions. For homeowners in Big Clifty, the tax bill can vary significantly. The 25th percentile tax bill is $69, while the 75th percentile tax bill reaches $224. At the 90th percentile, homeowners might see a tax bill as high as $484. These variations highlight how property values and local tax policies can impact the amount owed. Comparatively, the national median property tax rate stands at 0.99%, and while specific rates for Big Clifty aren't provided, the tax bills suggest a relatively lower burden for homeowners due to the modest property values in the area. Understanding these factors can help homeowners anticipate their financial obligations and plan accordingly.
Average Big Clifty Tax Bill
$107
Average Hardin County Tax Bill
$132
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Big Clifty, Hardin County, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42712 | $37 | $69 | $107 | $224 | $484 |
Source: Ownwell