Stinnett, Kentucky Property Taxes
The median property tax rate in Stinnett, KY is 1.40%, significantly higher than both the national median of 0.99% and the Kentucky state median of 1.02%. With the median home value in Stinnett at $31,500, the typical annual property tax bill is $274, which is below the national median of $2,690. Property taxes in Stinnett are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions, such as those for primary residences and agricultural properties. Understanding Stinnett'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 Stinnett or another part of the city, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Stinnett, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.4%
Estimate Property Tax Bill
$441
Ownwell’s Stinnett Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Stinnett with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Stinnett 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 Stinnett, Kentucky
Property taxes in Stinnett, Kentucky, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Stinnett is 1.40%, significantly higher than the U.S. national median of 0.99%. Local government entities within Stinnett set these rates annually, and they can vary significantly across different neighborhoods. Each year, Stinnett 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 Stinnett's effective property tax rate to other areas and the national median. For comparison, the zip code with the highest median property tax rate in the area is 40868, which also stands at 1.40%. Understanding how these areas compare with Stinnett provides valuable insights into the varying tax landscape across Leslie County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Stinnett Tax Rate
1.40%
Average Leslie County Tax Rate
1.40%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Stinnett, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40868 | 0.28% | 1.11% | 1.40% | 1.40% | 1.40% |
Source: Ownwell
Property Tax Assessment Values Across Stinnett, Kentucky
In Stinnett, 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 Leslie 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 Stinnett, 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 Stinnett 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 40868 at $274.00, which is also the lowest.
Average Stinnett Assessed Value
$31,500
Average Leslie County Assessed Value
$28,300
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Stinnett, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40868 | $3,360 | $10,400 | $31,500 | $50,375 | $75,520 |
Source: Ownwell
Property Tax Bills Across Stinnett, Kentucky
In Stinnett, KY, property tax bills are calculated based on the assessed value of a property, which is determined by the local tax assessor. The median home price in the area is $31,500. Property tax rates are applied to this assessed value to calculate the annual tax bill. Various factors such as property size, location, and market conditions influence the assessed value. Homeowners in Stinnett can expect their tax bills to vary significantly. At the 25th percentile, tax bills are around $98, while at the 75th percentile, they reach approximately $632. For those at the 90th percentile, the tax bill can be as high as $987. Comparatively, the highest median tax bill in the county is $274, highlighting the variability within the region. These tax bills impact homeowners by contributing to local services such as schools, infrastructure, and public safety. Understanding how these bills are calculated helps homeowners budget accordingly and stay informed about their financial obligations.
Average Stinnett Tax Bill
$274
Average Leslie County Tax Bill
$267
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Stinnett, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40868 | $41 | $98 | $274 | $632 | $987 |
Source: Ownwell