Cave City, Kentucky Property Taxes
The median property tax rate in Cave City, KY is 1.03%, slightly higher than both the national median of 0.99% and the Kentucky state median of 1.02%. With the median home value in Cave City at $37,250, the typical annual property tax bill is $244, which is well below the national median of $2,690. Property taxes in Cave City 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 Cave City'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 Cave City or another part of Hart County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Cave City, Kentucky Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
1.02%
Estimate Property Tax Bill
$2,040
Ownwell’s CAVE CITY Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in CAVE CITY with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in CAVE CITY 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 Cave City, Kentucky
Property taxes in Cave City, Kentucky, are crucial in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Cave City is 0.83%, lower than both the Kentucky state median of 0.86% and the U.S. national median of 0.99%. Local government entities within Cave City set these rates annually, and they can vary significantly across different neighborhoods. Each year, Cave City 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 Cave City's effective property tax rate to other counties in Kentucky and the national median. For comparison, the 42127 zip code has the highest median property tax rate of 0.83%, while the same 42127 zip code also has the lowest median tax rate of 0.83%. Understanding how these figures compare with Cave City provides valuable insights into the varying tax landscape across Hart County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Cave City Tax Rate
1.03%
Average Hart County Tax Rate
0.99%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Cave City, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42127 | 0.12% | 0.97% | 1.03% | 1.24% | 1.65% |
Source: Ownwell
Property Tax Assessment Values Across Cave City, Kentucky
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Cave City, 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 Hart 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. 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. The median home price in Cave City is $37,250, with tax bills ranging significantly. For instance, the 25th percentile tax bill is $83, while the 75th percentile tax bill is $587, and the 90th percentile tax bill reaches $1,146. Notably, the zip code with both the highest and lowest median tax bills is 42127, with a median tax bill of $244. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Cave City Assessed Value
$37,250
Average Hart County Assessed Value
$61,600
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Cave City, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42127 | $5,000 | $11,625 | $37,250 | $70,325 | $121,440 |
Source: Ownwell
Property Tax Bills Across Cave City, Kentucky
In Cave City, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. This assessed value is then multiplied by the tax rate set by Hart County to determine the annual property tax bill. The median home price in Cave City is $37,250, and the property tax rate in Hart County is relatively low compared to the national median property tax rate of 0.99%. Homeowners in Cave City can expect their tax bills to vary significantly. For instance, the tax bill at the 25th percentile is $83, while at the 75th percentile, it rises to $587. At the 90th percentile, it can reach up to $1,146. The highest and lowest median tax bills in the area are both $244, indicating a relatively narrow range in property tax burdens. These variations in tax bills can significantly impact homeowners, influencing their overall housing costs and financial planning.
Average Cave City Tax Bill
$244
Average Hart County Tax Bill
$492
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Cave City, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42127 | $35 | $83 | $244 | $587 | $1,146 |
Source: Ownwell