Stoney Fork, Kentucky Property Taxes
The median property tax rate in Stoney Fork, KY is 1.35%, considerably higher than both the national median of 0.99% and the Kentucky state median of 1.02%. With the median home value in Stoney Fork at $27,650, the typical annual property tax bill reaches $362, which is well below the national median of $2,690. Property taxes in Stoney Fork are calculated based on the assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Stoney Fork'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 Stoney Fork 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
Stoney Fork, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.35%
Estimate Property Tax Bill
$373
Ownwell’s Stoney Fork Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Stoney Fork with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Stoney Fork 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 Stoney Fork, Kentucky
Property taxes in Stoney Fork, Kentucky, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Stoney Fork is 1.35%, higher than both the Kentucky state median and the U.S. national median of 0.99%. Local government entities within Stoney Fork set these rates annually, and they can vary significantly across different neighborhoods. Each year, Stoney Fork 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 Stoney Fork's effective property tax rate to other areas in Kentucky and the national median. For comparison, the 40988 zip code has the highest median property tax rate of 1.35%, while the same zip code also has the lowest median tax rate of 1.35%. Understanding how these figures compare with Stoney Fork provides valuable insights into the varying tax landscape across Harlan County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Stoney Fork Tax Rate
1.35%
Average Harlan County Tax Rate
1.35%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Stoney Fork, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40988 | 0.70% | 1.35% | 1.35% | 1.35% | 1.35% |
Source: Ownwell
Property Tax Assessment Values Across Stoney Fork, Kentucky
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Stoney Fork, Kentucky. 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 Harlan 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 Stoney Fork, 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 Stoney Fork helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest median tax bill is 40988, with a median tax bill of $362, while the same zip code also has the lowest median tax bill of $362.
Average Stoney Fork Assessed Value
$27,650
Average Harlan County Assessed Value
$35,000
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Stoney Fork, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40988 | $7,500 | $15,875 | $27,650 | $39,375 | $68,880 |
Source: Ownwell
Property Tax Bills Across Stoney Fork, Kentucky
In Stoney Fork, KY, property tax bills are calculated based on the assessed value of a property, which is determined by the Harlan County assessor's office. The median home price in Stoney Fork is $27,650, and the property tax rate is applied to this assessed value to determine the annual tax bill. Various factors, such as property size, location, and improvements, influence the assessed value. Homeowners in Stoney Fork can expect property tax bills to vary significantly. For example, at the 25th percentile, the tax bill is around $135, while at the 75th percentile, it rises to $519. The 90th percentile tax bill reaches $858, indicating a wide range in tax liabilities across different properties. The highest median tax bill in the area is $362, which is considerably lower than the national median property tax rate of 0.99%. This relatively low tax burden can make homeownership more affordable, but it also means that local public services may receive less funding compared to areas with higher property taxes.
Average Stoney Fork Tax Bill
$362
Average Harlan County Tax Bill
$386
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Stoney Fork, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40988 | $79 | $135 | $362 | $519 | $858 |
Source: Ownwell