Bradfordsville, Kentucky Property Taxes
The median property tax rate in Bradfordsville, 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 Bradfordsville at $61,000, the typical annual property tax bill is $324, significantly lower than the national median of $2,690. Property taxes in Bradfordsville are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as the primary residence and agricultural exemptions. Understanding Bradfordsville'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 Bradfordsville 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
Bradfordsville, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.96%
Estimate Property Tax Bill
$586
Ownwell’s Bradfordsville Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Bradfordsville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Bradfordsville 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 Bradfordsville, Kentucky
Property taxes in Bradfordsville, Kentucky, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Bradfordsville is 0.96%, slightly below the U.S. national median of 0.99%. Local government entities within Bradfordsville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Bradfordsville 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 Bradfordsville's effective property tax rate to other areas in Kentucky and the national median. For comparison, the 40009 zip code has both the highest and lowest median property tax rate of 0.96%, identical to Bradfordsville's rate. Understanding how these cities compare with Bradfordsville provides valuable insights into the varying tax landscape across Casey County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Bradfordsville Tax Rate
0.96%
Average Casey County Tax Rate
0.96%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Bradfordsville, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40009 | 0.38% | 0.96% | 0.96% | 0.96% | 0.97% |
Source: Ownwell
Property Tax Assessment Values Across Bradfordsville, Kentucky
In Bradfordsville, 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 Casey 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 Bradfordsville, 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 Bradfordsville helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in the area is $324.00, while the lowest is also $324.00, both in zip code 40009.
Average Bradfordsville Assessed Value
$61,000
Average Casey County Assessed Value
$43,000
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Bradfordsville, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40009 | $8,000 | $25,250 | $61,000 | $85,000 | $131,000 |
Source: Ownwell
Property Tax Bills Across Bradfordsville, Kentucky
In Bradfordsville, KY, property tax bills are calculated based on the assessed value of a home. The assessed value is determined by local tax assessors and reflects the estimated market value of the property. For instance, with a median home price of $61,000, the tax bill varies significantly across different percentiles. Homeowners in the 25th percentile can expect to pay around $162, while those in the 75th percentile might see bills closer to $818. At the 90th percentile, tax bills can reach up to $1,162. The tax rate in Bradfordsville is influenced by several factors, including local government budgets, school funding, and public services. These taxes play a crucial role in funding essential community services but can also impact homeowners' financial planning. Compared to the national median property tax rate of 0.99%, homeowners in Bradfordsville may find their property tax bills relatively manageable, depending on their property's assessed value and the specific tax rate applied.
Average Bradfordsville Tax Bill
$324
Average Casey County Tax Bill
$324
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Bradfordsville, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40009 | $72 | $162 | $324 | $818 | $1,162 |
Source: Ownwell