Horse Cave, Metcalfe County, Kentucky Property Taxes
The median property tax rate in Horse Cave, KY is 1.01%, slightly higher than the national median of 0.99% but just below the Kentucky state median of 1.02%. With a median home value of $61,375 in Horse Cave, the typical annual property tax bill amounts to $527, 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 exemptions like the 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, Metcalfe County, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.01%
Estimate Property Tax Bill
$620
$575
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, Metcalfe County, 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 0.83%, lower than both the Kentucky state median of 0.83% 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. Understanding how these cities compare with Horse Cave provides valuable insights into the varying tax landscape across Metcalfe County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Horse Cave Tax Rate
1.01%
Average Metcalfe County Tax Rate
1.01%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Horse Cave, Metcalfe County, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42749 | 0.50% | 1.00% | 1.01% | 1.06% | 1.11% |
Source: Ownwell
Property Tax Assessment Values Across Horse Cave, Metcalfe County, 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 Metcalfe 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. 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 zip code 42749 has the highest median tax bill at $527, which is also the lowest.
Property Tax Assessment Values Across Horse Cave, Metcalfe County, Kentucky
Source: Ownwell
$39,584
$50,480
$61,375
Average Horse Cave Assessed Value
$61,375
Average Metcalfe County Assessed Value
$50,550
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Horse Cave, Metcalfe County, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42749 | $17,940 | $33,750 | $61,375 | $93,000 | $122,800 |
Source: Ownwell
Property Tax Bills Across Horse Cave, Metcalfe County, Kentucky
In Horse Cave, located in Metcalfe County, KY, property tax bills are calculated based on the assessed value of a property. The median home price in the area is $61,375. Property taxes are determined by multiplying the assessed value by the local tax rate. Various factors, such as property location, size, and improvements, influence the assessed value. Homeowners in Horse Cave can expect their tax bills to vary significantly, with the 25th percentile tax bill at $286 and the 75th percentile at $831. The 90th percentile tax bill reaches up to $1,277. These figures indicate a range of tax burdens depending on property value and specific assessments. The highest and lowest median tax bills in the area are both recorded at $527 in the 42749 zip code. Compared to the national median property tax rate of 0.99%, Horse Cave's rates may offer some homeowners a more affordable tax scenario, thereby impacting their financial planning and overall homeownership costs.
Average Horse Cave Tax Bill
$527
Average Metcalfe County Tax Bill
$452
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Horse Cave, Metcalfe County, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42749 | $165 | $286 | $527 | $831 | $1,277 |
Source: Ownwell