Cranks, Harlan County, Kentucky Property Taxes
The median property tax rate in Cranks, KY is 1.35%, notably higher than both the national median of 0.99% and the Kentucky state median of 1.02%. With a median home value of $32,345 in Cranks, the typical annual property tax bill amounts to $297, which is significantly below the national median of $2,690. Property taxes in Cranks are calculated based on the tax assessed value, which often falls below the market value due to exemptions such as primary residence and agricultural exemptions. Understanding Cranks' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Cranks or another part of Harlan County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Cranks, Harlan County, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.35%
Estimate Property Tax Bill
$437
$405
Ownwell’s Cranks Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Cranks with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Cranks 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 Cranks, Harlan County, Kentucky
Property taxes in Cranks, Kentucky, are essential for funding local services such as public schools, road maintenance, and emergency services. The median tax rate in Cranks stands at 1.35%, which is significantly higher than the U.S. national median of 0.99%. Local government entities in Cranks set these rates annually, and they can vary across different neighborhoods. Each year, Cranks 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 Cranks' effective property tax rate to other areas in Kentucky and the national median. For comparison, the zip code 40820 has the highest median property tax rate of 1.35%, while the same zip code also has the lowest median tax rate of 1.35%. Understanding how these areas compare with Cranks provides valuable insights into the varying tax landscape across Harlan County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Cranks Tax Rate
1.35%
Average Harlan County Tax Rate
1.35%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Cranks, Harlan County, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40820 | 0.47% | 1.35% | 1.35% | 1.35% | 1.35% |
Source: Ownwell
Property Tax Assessment Values Across Cranks, Harlan County, Kentucky
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Cranks, 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 local authorities in Harlan County 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 Cranks, 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 Cranks helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. In Cranks, the median home price is $32,345. The 25th percentile tax bill is $105, while the 75th percentile tax bill is $702, and the 90th percentile tax bill is $1,227. The zip code 40820 has both the highest and lowest median tax bill, which is $297.
Property Tax Assessment Values Across Cranks, Harlan County, Kentucky
Source: Ownwell
$9,250
$27,625
$46,000
Average Cranks Assessed Value
$32,345
Average Harlan County Assessed Value
$35,000
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Cranks, Harlan County, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40820 | $5,000 | $10,188 | $32,345 | $54,175 | $95,185 |
Source: Ownwell
Property Tax Bills Across Cranks, Harlan County, Kentucky
In Cranks, property tax bills are calculated based on the assessed value of a property, which is determined by the local tax assessor. The assessed value is a percentage of the market value of the home. Homeowners in Cranks, located in Harlan County, KY, typically see property tax bills that vary widely, influenced by factors such as property size, location, and condition. For example, the median home price in Cranks is $32,345. The tax bill at the 25th percentile is about $105, while at the 75th percentile, it rises to $702, and at the 90th percentile, it can reach up to $1,227. The highest and lowest median tax bill in the zip code 40820 is $297. Compared to the national median property tax rate of 0.99%, homeowners in Cranks may find their property tax bills relatively manageable. These taxes fund essential local services, including schools, public safety, and infrastructure, thereby directly impacting the quality of life in the community.
Average Cranks Tax Bill
$297
Average Harlan County Tax Bill
$386
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Cranks, Harlan County, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40820 | $57 | $105 | $297 | $702 | $1,227 |
Source: Ownwell