Strunk, Kentucky Property Taxes
The median property tax rate in Strunk, KY is 0.82%, which is lower than both the national median of 0.99% and the Kentucky state median of 1.02%. With a median home value of $40,000 in Strunk, the typical annual property tax bill amounts to $245, significantly below the national median of $2,690. Property taxes in Strunk are calculated based on the assessed value, which often falls below the market value due to various exemptions, such as primary residence and agricultural exemptions. Understanding Strunk'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 Strunk or another part of the city, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Strunk, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.82%
Estimate Property Tax Bill
$328
Ownwell’s Strunk Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Strunk with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Strunk 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 Strunk, Kentucky
Property taxes in Strunk, Kentucky, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Strunk is 0.82%, which is lower than the U.S. national median of 0.99%. Local government entities within Strunk set these rates annually, and they can vary significantly across different neighborhoods. Each year, Strunk 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 Strunk's effective property tax rate to other counties in Kentucky and the national median. For comparison, the 42649 zip code has both the highest and lowest median property tax rate of 0.82%. Understanding how these cities compare with Strunk provides valuable insights into the varying tax landscape across McCreary County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Strunk Tax Rate
0.82%
Average Mccreary County Tax Rate
0.82%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Strunk, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42649 | 0.32% | 0.82% | 0.82% | 0.82% | 0.82% |
Source: Ownwell
Property Tax Assessment Values Across Strunk, Kentucky
In Strunk, 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 McCreary 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 Strunk, 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 Strunk helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the area are both $245.00, found in the 42649 zip code.
Average Strunk Assessed Value
$40,000
Average Mccreary County Assessed Value
$37,000
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Strunk, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42649 | $3,520 | $11,000 | $40,000 | $79,375 | $140,000 |
Source: Ownwell
Property Tax Bills Across Strunk, Kentucky
In Strunk, located in McCreary County, KY, property tax bills are calculated using the assessed value of a property, which is typically a percentage of its market value. The local tax rate is then applied to this assessed value to determine the final tax bill. For example, with a median home price of $40,000, homeowners can expect varying tax bills depending on specific factors such as property size, location, and any applicable exemptions. Homeowners in Strunk experience a range of property tax bills. The 25th percentile tax bill is around $59, while those at the 75th percentile pay approximately $571. At the higher end, the 90th percentile tax bill reaches $1,036. The highest and lowest median tax bills in Strunk are both reported at $245, indicating some consistency within the area. Compared to the national median property tax rate of 0.99%, Strunk's property tax rates can significantly impact homeowners, especially when considering the relatively low median home price. This variation underscores the importance of understanding local tax assessments and potential exemptions to better manage property tax expenses.
Average Strunk Tax Bill
$245
Average Mccreary County Tax Bill
$204
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Strunk, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42649 | $24 | $59 | $245 | $571 | $1,036 |
Source: Ownwell