Bedford, Kentucky Property Taxes
The median property tax rate in Bedford, KY is 1.03%, slightly higher than both the national median of 0.99% and the Kentucky state median of 1.02%. With the median home value in Bedford at $122,500, the typical annual property tax bill reaches $1,252, exceeding the national median of $2,690. Property taxes in Bedford are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Bedford'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 Bedford 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
Bedford, 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 Bedford Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Bedford with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Bedford 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 Bedford, Kentucky
Property taxes in Bedford, Kentucky, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Bedford is 0.68%, which is lower than both the Kentucky state median of 0.83% and the U.S. national median of 0.99%. Local government entities within Bedford set these rates annually, and they can vary significantly across different neighborhoods. Each year, Bedford 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 Bedford's effective property tax rate to other counties in Kentucky and the national median. For comparison, the 40006 zip code has the highest median property tax rate of 0.83%, while the lowest median tax rate is also 0.83% in the same zip code. Understanding how these cities compare with Bedford provides valuable insights into the varying tax landscape across Trimble County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Bedford Tax Rate
1.03%
Average Carroll County Tax Rate
1.01%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Bedford, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40006 | 0.52% | 0.71% | 1.03% | 1.04% | 1.07% |
Source: Ownwell
Property Tax Assessment Values Across Bedford, Kentucky
In Bedford, 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 Carroll 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 Bedford, 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. For instance, the median home price in Bedford is $122,500, with tax bills ranging from $534 at the 25th percentile to $1,938 at the 90th percentile. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Bedford Assessed Value
$122,500
Average Carroll County Assessed Value
$75,000
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Bedford, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40006 | $55,000 | $80,125 | $122,500 | $155,650 | $194,050 |
Source: Ownwell
Property Tax Bills Across Bedford, Kentucky
In Bedford, located in Carroll County, KY, property tax bills are calculated based on the assessed value of a home. The assessed value is determined by the county assessor and reflects the market value of the property. Homeowners in Bedford can expect their tax bills to vary within a certain range, influenced by the property's assessed value and the county's tax rate. For instance, the tax bill at the 25th percentile is $534, while at the 75th percentile, it rises to $1,624. At the highest end, the 90th percentile tax bill reaches $1,938. These tax bills are used to fund local services such as schools, public safety, and infrastructure. The median home price in Bedford is $122,500, which helps provide a context for these tax amounts. When compared to the national median property tax rate of 0.99%, Bedford's tax bills can significantly impact homeowners, especially those with higher-valued properties. Understanding these factors can help homeowners anticipate their annual property tax obligations and budget accordingly.
Average Bedford Tax Bill
$1,252
Average Carroll County Tax Bill
$704
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Bedford, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40006 | $246 | $534 | $1,252 | $1,624 | $1,938 |
Source: Ownwell