Cromwell, Kentucky Property Taxes
The median property tax rate in Cromwell, KY is 0.96%, slightly below both the national median of 0.99% and the Kentucky state median of 1.02%. With the median home value in Cromwell at $20,000, the typical annual property tax bill is $175, significantly lower than the national median of $2,690. Property taxes in Cromwell are calculated based on the assessed value, which typically falls below the market value due to various exemptions, such as primary residence and agricultural exemptions. Understanding Cromwell'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 Cromwell or another part of Ohio County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Cromwell, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.96%
Estimate Property Tax Bill
$192
Ownwell’s Cromwell Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Cromwell with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Cromwell 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 Cromwell, Kentucky
Property taxes in Cromwell, Kentucky, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Cromwell is 0.96%, slightly below the U.S. national median of 0.99%. Local government entities within Cromwell set these rates annually, and they can vary significantly across different neighborhoods. Each year, Cromwell 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 Cromwell's effective property tax rate to other counties in Kentucky and the national median. For comparison, the 42333 zip code has both the highest and lowest median property tax rate of 0.96%. Understanding how these cities compare with Cromwell provides valuable insights into the varying tax landscape across Ohio County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Cromwell Tax Rate
0.96%
Average Ohio County Tax Rate
0.96%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Cromwell, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42333 | 0.96% | 0.96% | 0.96% | 0.96% | 0.96% |
Source: Ownwell
Property Tax Assessment Values Across Cromwell, Kentucky
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Cromwell, Kentucky. The market value is the price a willing buyer would pay a willing seller in an open, competitive market, influenced by factors like location, property condition, and economic trends. This value is estimated by the Ohio 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 Cromwell, 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. For instance, the median home price in Cromwell is $20,000, with tax bills ranging from $67 at the 25th percentile to $714 at the 90th percentile. The highest median tax bill is $175 in the 42333 zip code, which also has the lowest median tax bill. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage their tax burden.
Average Cromwell Assessed Value
$20,000
Average Ohio County Assessed Value
$23,500
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Cromwell, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42333 | $3,600 | $8,500 | $20,000 | $45,000 | $80,000 |
Source: Ownwell
Property Tax Bills Across Cromwell, Kentucky
In Cromwell, Kentucky, property tax bills are calculated based on the assessed value of a home, which is determined by the Ohio County Property Valuation Administrator. This assessed value is then multiplied by the local tax rate to determine the tax bill. The median home price in Cromwell is $20,000, and homeowners can expect their property tax bills to vary considerably. For instance, the tax bill at the 25th percentile is $67, while at the 75th percentile, it is $385. Those at the 90th percentile could see tax bills as high as $714. Factors such as property improvements, market conditions, and local government budgets can influence these assessments. Compared to the national median property tax rate of 0.99%, Cromwell's property tax rates result in relatively modest bills, given the lower property values. Understanding these factors helps homeowners anticipate their financial obligations and plan accordingly, ensuring they are prepared for their annual property tax expenses.
Average Cromwell Tax Bill
$175
Average Ohio County Tax Bill
$192
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Cromwell, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42333 | $29 | $67 | $175 | $385 | $714 |
Source: Ownwell