Stearns, Kentucky Property Taxes
The median property tax rate in Stearns, KY is 0.82%, 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 $39,000 in Stearns, the typical annual property tax bill is around $220, significantly below the national median of $2,690. Property taxes in Stearns are calculated based on the assessed value, which often falls below the market value due to various exemptions like primary residence and agricultural exemptions. Understanding Stearns' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Stearns or another part of McCreary County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Stearns, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.82%
Estimate Property Tax Bill
$320
Ownwell’s Stearns Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Stearns with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Stearns 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 Stearns, Kentucky
Property taxes in Stearns, Kentucky, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Stearns is 0.82%, which is lower than the U.S. national median of 0.99%. Local government entities within Stearns set these rates annually, and they can vary across different neighborhoods. Each year, Stearns 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 Stearns' effective property tax rate to other areas in Kentucky and the national median. For comparison, the 42647 zip code has the highest median property tax rate of 0.82%, while it also has the lowest median tax rate of 0.82%. Understanding how these areas compare with Stearns provides valuable insights into the varying tax landscape across McCreary County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Stearns Tax Rate
0.82%
Average Mccreary County Tax Rate
0.82%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Stearns, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42647 | 0.25% | 0.82% | 0.82% | 0.82% | 0.82% |
Source: Ownwell
Property Tax Assessment Values Across Stearns, Kentucky
In Stearns, 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 McCreary 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 Stearns, 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. The median home price in Stearns is $39,000, with the highest median tax bill being $220.00 in zip code 42647. Being aware of these valuation processes in Stearns helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Stearns Assessed Value
$39,000
Average Mccreary County Assessed Value
$37,000
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Stearns, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42647 | $3,000 | $10,000 | $39,000 | $70,000 | $118,000 |
Source: Ownwell
Property Tax Bills Across Stearns, Kentucky
In Stearns, KY, property tax bills are calculated based on the assessed value of the home, which is determined by local tax authorities. The median home price in Stearns is $39,000. This assessed value is then multiplied by the local property tax rate to determine the annual tax bill. Several factors influence the final tax bill, including property size, location, and any applicable exemptions. For instance, the tax bill at the 25th percentile is $57, while at the 75th percentile, it is $494. The 90th percentile tax bill rises to $865, indicating significant variation based on property specifics. The highest and lowest median tax bills in the area are both $220, located in zip code 42647. These property taxes directly impact homeowners, influencing their overall cost of living and financial planning. Compared to the national median property tax rate of 0.99%, Stearns provides a relatively low property tax environment, which can be an attractive factor for potential homeowners.
Average Stearns Tax Bill
$220
Average Mccreary County Tax Bill
$204
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Stearns, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42647 | $24 | $57 | $220 | $494 | $865 |
Source: Ownwell