Crab Orchard, Kentucky Property Taxes
The median property tax rate in Crab Orchard, KY is 0.83%, 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 $60,000 in Crab Orchard, the typical annual property tax bill amounts to $330, significantly below the national median of $2,690. Property taxes in Crab Orchard are calculated based on the tax assessed value, often lower than the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Crab Orchard'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 Crab Orchard or another part of Rockcastle County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Crab Orchard, 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 Crab Orchard Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Crab Orchard with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Crab Orchard 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 Crab Orchard, Kentucky
Property taxes in Crab Orchard, Kentucky, are essential in funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Crab Orchard is 0.83%, which is lower than the U.S. national median of 0.99%. Local government entities within Crab Orchard set these rates annually, and they can vary significantly across different neighborhoods. Each year, Crab Orchard 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 Crab Orchard's effective property tax rate to other counties in Kentucky and the national median. For comparison, the 40419 zip code has both the highest and lowest median property tax rate of 0.83%. Understanding how these cities compare with Crab Orchard provides valuable insights into the varying tax landscape across Rockcastle County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Crab Orchard Tax Rate
0.83%
Average Rockcastle County Tax Rate
0.83%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Crab Orchard, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40419 | 0.32% | 0.83% | 0.83% | 0.83% | 0.83% |
Source: Ownwell
Property Tax Assessment Values Across Crab Orchard, Kentucky
In Crab Orchard, 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 Rockcastle 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 Crab Orchard 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 $330.00, found in the 40419 zip code.
Average Crab Orchard Assessed Value
$60,000
Average Rockcastle County Assessed Value
$48,500
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Crab Orchard, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40419 | $3,250 | $10,875 | $60,000 | $95,656 | $147,000 |
Source: Ownwell
Property Tax Bills Across Crab Orchard, Kentucky
In Crab Orchard, located in Rockcastle County, KY, property tax bills are calculated based on the assessed value of the property. The median home price in this area is $60,000, which serves as a starting point for determining the tax bill. The local property tax rate is applied to this assessed value to calculate the annual tax obligation. Factors such as the property's location, improvements, and market conditions can influence the assessed value, thereby affecting the final tax bill. Homeowners in Crab Orchard experience a range of property tax bills. For instance, those in the 25th percentile pay around $71 annually, while those in the 75th percentile face a tax bill of approximately $711. At the 90th percentile, the tax bill can reach up to $1,155. The median tax bill in the area is $330, which is significantly lower than the national median property tax rate of 0.99%. This relatively low tax burden can make homeownership more affordable for residents in Crab Orchard.
Average Crab Orchard Tax Bill
$330
Average Rockcastle County Tax Bill
$286
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Crab Orchard, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40419 | $21 | $71 | $330 | $711 | $1,155 |
Source: Ownwell