Horse Cave, Kentucky Property Taxes
The median property tax rate in Horse Cave, KY is 1.09%, slightly higher than both the national median of 0.99% and the Kentucky state median of 1.02%. With the median home value in Horse Cave at $65,220, the typical annual property tax bill amounts to $539, which is significantly lower than the national median of $2,690. Property taxes in Horse Cave are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Horse Cave'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 Horse Cave 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
Horse Cave, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.09%
Estimate Property Tax Bill
$711
Ownwell’s Horse Cave Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Horse Cave with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Horse Cave 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 Horse Cave, Kentucky
Property taxes in Horse Cave, Kentucky, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Horse Cave is 1.09%, higher than both the Kentucky state median and the U.S. national median of 0.99%. Local government entities within Horse Cave set these rates annually, and they can vary significantly across different neighborhoods. Each year, Horse Cave 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 Horse Cave's effective property tax rate to other counties in Kentucky and the national median. For comparison, the 42749 zip code has the highest median property tax rate of 1.09%, while the same zip code also has the lowest median tax rate of 1.09%. Understanding how these cities compare with Horse Cave 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 Horse Cave Tax Rate
1.09%
Average Hart County Tax Rate
0.99%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Horse Cave, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42749 | 0.44% | 0.91% | 1.09% | 1.16% | 1.21% |
Source: Ownwell
Property Tax Assessment Values Across Horse Cave, Kentucky
In Horse Cave, 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 Horse Cave, 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 Horse Cave helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Horse Cave are both $539, found in the 42749 zip code.
Average Horse Cave Assessed Value
$65,220
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 Horse Cave, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42749 | $8,000 | $30,000 | $65,220 | $108,000 | $169,000 |
Source: Ownwell
Property Tax Bills Across Horse Cave, Kentucky
In Horse Cave, located in Hart County, KY, property tax bills are calculated based on the assessed value of a home. The median home price here is $65,220, which serves as a starting point for determining the tax bill. The local tax rate is applied to this assessed value to calculate the annual property tax owed. Various factors, such as property improvements and market conditions, can influence the assessed value. Homeowners in Horse Cave can expect to pay a wide range of property tax bills. For example, those in the 25th percentile pay around $231 annually, while those in the 75th percentile pay about $998. At the higher end, the 90th percentile tax bill can reach up to $1,648. Compared to the national median property tax rate of 0.99%, Horse Cave's rates offer a relatively affordable option for homeowners. Understanding these factors can help residents better anticipate their financial obligations and plan accordingly.
Average Horse Cave Tax Bill
$539
Average Hart County Tax Bill
$492
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Horse Cave, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42749 | $70 | $231 | $539 | $998 | $1,648 |
Source: Ownwell