Krypton, Kentucky Property Taxes
The median property tax rate in Krypton, KY is 1.04%, slightly higher than both the national median of 0.99% and Kentucky's state median of 1.02%. With a median home value of $9,200 in Krypton, the typical annual property tax bill comes to $73, considerably lower than the national median of $2,690. Property taxes in Krypton are calculated based on the tax assessed value, which often falls below the market value due to various exemptions, including primary residence and agricultural exemptions. Understanding Krypton'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 Krypton 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
Krypton, 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 Krypton Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Krypton with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Krypton 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 Perry County for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Krypton, Kentucky
Property taxes in Krypton, Kentucky, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Krypton is 1.04%, which is notably higher than both the Kentucky state median and the U.S. national median of 0.99%. Local government entities within Krypton set these rates annually, and they can vary significantly across different neighborhoods. Each year, Krypton 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 Krypton's effective property tax rate to other areas in Kentucky and the national median. For comparison, the zip code 41754 has both the highest and lowest median property tax rate of 1.04%. Understanding how these areas compare with Krypton provides valuable insights into the varying tax landscape across Perry County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Krypton Tax Rate
1.04%
Average Perry County Tax Rate
1.04%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Krypton, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41754 | 1.04% | 1.04% | 1.04% | 1.04% | 1.04% |
Source: Ownwell
Property Tax Assessment Values Across Krypton, Kentucky
In Krypton, 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 Perry 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 Krypton, 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 Krypton is $9,200. Tax bills vary significantly, with the 25th percentile paying around $52 and the 75th percentile paying about $208, while the 90th percentile faces a tax bill of approximately $532. By understanding 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 Krypton helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Krypton Assessed Value
$9,200
Average Perry County Assessed Value
$11,075
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Krypton, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41754 | $2,000 | $5,000 | $9,200 | $31,500 | $60,000 |
Source: Ownwell
Property Tax Bills Across Krypton, Kentucky
In Krypton, located in Perry County, KY, property tax bills are calculated based on the assessed value of a property, which is typically a percentage of its market value. Homeowners in Krypton see a median home price of $9,200. The tax rate applied to this assessed value determines the final tax bill. For example, the tax bill for the 25th percentile is around $52, while for the 75th percentile, it rises to $208. Those in the 90th percentile face a tax bill of approximately $532. Several factors influence the assessed value, including property size, location, and any improvements made to the property. This assessed value is then multiplied by the local tax rate to determine the final tax bill. Compared to the national median property tax rate of 0.99%, Krypton’s rates could vary significantly, affecting homeowners differently based on their property's assessed value. Understanding these calculations helps homeowners anticipate their annual financial obligations and plan accordingly.
Average Krypton Tax Bill
$73
Average Perry County Tax Bill
$104
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Krypton, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41754 | $21 | $52 | $73 | $208 | $532 |
Source: Ownwell