Cannon, Kentucky Property Taxes
The median property tax rate in Cannon, KY is 1.16%, considerably higher than both the national median of 0.99% and the Kentucky state median of 1.02%. With the median home value in Cannon, the typical annual property tax bill reaches $287, which is significantly lower than the national median of $2,690. Property taxes in Cannon are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Cannon'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 Cannon or another part of Knox County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Cannon, 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 Cannon Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Cannon with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Cannon 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 Cannon, Kentucky
Property taxes in Cannon, Kentucky, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Cannon is 0.66%, lower than both the Kentucky state median of 0.83% and the U.S. national median of 0.99%. Local government entities within Cannon set these rates annually, and they can vary significantly across different neighborhoods. Each year, Cannon 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 Cannon's effective property tax rate to other counties in Kentucky and the national median. For comparison, the 40923 zip code has the highest median property tax rate of 0.66%, while the same 40923 zip code also has the lowest median tax rate of 0.66%. Understanding how these cities compare with Cannon provides valuable insights into the varying tax landscape across Knox County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Cannon Tax Rate
1.16%
Average Knox County Tax Rate
1.14%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Cannon, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40923 | 1.07% | 1.10% | 1.16% | 1.33% | 1.77% |
Source: Ownwell
Property Tax Assessment Values Across Cannon, Kentucky
In Cannon, 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 Knox 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 Cannon, 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 Cannon is $27,500, with tax bills ranging from $110 at the 25th percentile to $1,276 at the 90th percentile. The zip code with the highest median tax bill is 40923, with a median bill of $287. 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 Cannon helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Cannon Assessed Value
$27,500
Average Knox County Assessed Value
$35,000
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Cannon, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40923 | $4,500 | $10,000 | $27,500 | $61,025 | $115,000 |
Source: Ownwell
Property Tax Bills Across Cannon, Kentucky
In Cannon, KY, property tax bills are calculated based on the assessed value of your home. The local tax authorities determine this value, which is then multiplied by the local property tax rate to calculate your annual tax bill. In Cannon, the median home price is $27,500. Homeowners in the 25th percentile can expect a tax bill around $110, while those in the 75th percentile might pay approximately $680. For those in the 90th percentile, the tax bill can reach up to $1,276. Several factors influence your property tax bill, including the assessed value of your property, the local tax rate, and any applicable exemptions or deductions. These taxes fund essential community services such as schools, emergency services, and infrastructure maintenance. Compared to the national median property tax rate of 0.99%, Cannon's property tax rates can be quite variable, affecting homeowners differently based on their property's assessed value. Understanding these factors can help homeowners better anticipate and manage their property tax obligations.
Average Cannon Tax Bill
$287
Average Knox County Tax Bill
$358
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Cannon, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40923 | $51 | $110 | $287 | $680 | $1,276 |
Source: Ownwell