Cub Run, Hart County, Kentucky Property Taxes
The median property tax rate in Cub Run, KY is 1.00%, which is slightly higher than the national median of 0.99% but lower than the Kentucky state median of 1.02%. With the median home value in Cub Run at $60,000, the typical annual property tax bill amounts to $510, significantly below the national median of $2,690. Property taxes in Cub Run are calculated based on the tax assessed value, which usually falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Cub Run's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Cub Run 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
Cub Run, Hart County, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1%
Estimate Property Tax Bill
$600
$557
Ownwell’s Cub Run Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Cub Run with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Cub Run 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 Hart County for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Cub Run, Hart County, Kentucky
Property taxes in Cub Run, Kentucky, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Cub Run is 1.00%, which is higher than the U.S. national median of 0.99%. Local government entities within Cub Run set these rates annually, and they can vary significantly across different neighborhoods. Each year, Cub Run 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 Cub Run's effective property tax rate to other areas and the national median. For comparison, the zip code 42729 has the highest median property tax rate of 1.00%, while the same zip code also has the lowest median tax rate of 1.00%. Understanding how these areas compare with Cub Run 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 Cub Run Tax Rate
1.00%
Average Hart County Tax Rate
0.99%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Cub Run, Hart County, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42729 | 0.65% | 0.97% | 1.00% | 1.10% | 1.39% |
Source: Ownwell
Property Tax Assessment Values Across Cub Run, Hart County, Kentucky
In Cub Run, 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 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. In Cub Run, 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. For instance, the median home price in Cub Run is $60,000, with tax bills ranging from $225 at the 25th percentile to $2,175 at the 90th percentile. The zip code 42729 has both the highest and lowest median tax bill of $510. 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 Cub Run, Hart County, Kentucky
Source: Ownwell
$36,000
$54,000
$72,000
Average Cub Run Assessed Value
$60,000
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 Cub Run, Hart County, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42729 | $8,000 | $23,000 | $60,000 | $133,000 | $231,640 |
Source: Ownwell
Property Tax Bills Across Cub Run, Hart County, Kentucky
In Cub Run, Hart County, KY, property tax bills are calculated based on the assessed value of the home and the applicable tax rate. The assessed value is determined by the local tax assessor and reflects the market value of the property. Homeowners in Cub Run see a range of tax bills, with the 25th percentile at $225 and the 75th percentile reaching $1,200. The 90th percentile tax bill can go up to $2,175, indicating that higher-valued properties bear a more significant tax burden. The median property tax bill in the area stands at $510, which is considerably lower than the national median property tax rate of 0.99%. This relatively low tax burden can be an attractive factor for potential homeowners. However, it's essential for property owners to understand that their tax bill will fluctuate based on changes in property value and local tax rates. This variability can significantly impact annual housing costs, making it crucial for homeowners to stay informed about their property's assessed value and any changes in tax legislation.
Average Cub Run Tax Bill
$510
Average Hart County Tax Bill
$492
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Cub Run, Hart County, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42729 | $92 | $225 | $510 | $1,200 | $2,175 |
Source: Ownwell