Crestwood, Kentucky Property Taxes
The median property tax rate in Crestwood, KY is 1.16%, which is notably higher than both the national median of 0.99% and Kentucky's state median of 1.02%. With the median home value in Crestwood, the typical annual property tax bill reaches $1,854, surpassing the national median of $2,690. Property taxes in Crestwood are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions such as the primary residence and agricultural exemptions. Understanding Crestwood'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 Crestwood 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
Crestwood, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.16%
Estimate Property Tax Bill
$1,858
Ownwell’s Crestwood Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Crestwood with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Crestwood 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 Crestwood, Kentucky
Property taxes in Crestwood, Kentucky, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Crestwood is 1.16%, higher than both the Kentucky state median and the U.S. national median of 0.99%. Local government entities within Crestwood set these rates annually, and they can vary significantly across different neighborhoods. Each year, Crestwood 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 Crestwood's effective property tax rate to other counties in Kentucky and the national median. For comparison, the 40014 zip code has the highest median property tax rate of 1.16%, while the 40014 zip code also has the lowest median tax rate of 1.16%. Understanding how these cities compare with Crestwood provides valuable insights into the varying tax landscape across Jefferson County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Crestwood Tax Rate
1.16%
Average Jefferson County Tax Rate
1.17%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Crestwood, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40014 | 1.16% | 1.16% | 1.16% | 1.16% | 1.16% |
Source: Ownwell
Property Tax Assessment Values Across Crestwood, Kentucky
In Crestwood, 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 Jefferson County Property Valuation Administrator 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 Crestwood, 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 Crestwood is $160,135, with property tax bills ranging from $1,409 at the 25th percentile to $2,566 at the 90th percentile. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Crestwood Assessed Value
$160,135
Average Jefferson County Assessed Value
$181,690
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Crestwood, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40014 | $98,643 | $121,702 | $160,135 | $198,568 | $221,627 |
Source: Ownwell
Property Tax Bills Across Crestwood, Kentucky
In Crestwood, KY, property tax bills are determined by multiplying the assessed value of a property by the local tax rate. The assessed value is an estimate of the property's market value as determined by the county assessor. This value is then subjected to the tax rate set by local authorities. For example, in Jefferson County, the median home price is $160,135. Homeowners in Crestwood typically see tax bills ranging from $1,409 at the 25th percentile to $2,566 at the 90th percentile. The median tax bill sits at $1,854, which is higher than the national median property tax rate of 0.99%. Various factors such as property location, improvements, and market conditions can influence the assessed value and, consequently, the tax bill. Higher tax bills can impact homeowners by increasing their annual financial obligations, but they also contribute to local services and infrastructure. Understanding these factors can help homeowners better anticipate their property tax responsibilities.
Average Crestwood Tax Bill
$1,854
Average Jefferson County Tax Bill
$2,069
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Crestwood, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40014 | $1,142 | $1,409 | $1,854 | $2,299 | $2,566 |
Source: Ownwell