Stamping Ground, Kentucky Property Taxes
In Stamping Ground, KY, the median property tax rate is 1.20%, which is higher than both the national median of 0.99% and the Kentucky state median of 1.02%. With the median home value in Stamping Ground being $95,000, the typical annual property tax bill amounts to $956, which is significantly lower than the national median of $2,690. Property taxes in Stamping Ground are calculated based on the tax assessed value, which generally falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Stamping Ground'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 Stamping Ground 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
Stamping Ground, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.2%
Estimate Property Tax Bill
$1,140
Ownwell’s Stamping Ground Property Tax Bill Calculator is an invaluable tool for homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Stamping Ground, Franklin County, KY. By simply entering your property's estimated assessed value, the calculator uses the median tax rate in Stamping Ground to provide an estimate of your property tax bill. This powerful tool offers a clear understanding of potential tax liabilities, helping you make informed decisions. For those interested in more detailed insights at a neighborhood level, additional localized information is available. Your property’s assessed value, determined by the county, is crucial for property tax calculations and includes any applicable exemptions.
Property Tax Rates Across Stamping Ground, Kentucky
Property taxes in Stamping Ground, Kentucky, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Stamping Ground is 1.20%, higher than both the Kentucky state median and the U.S. national median of 0.99%. Local government entities within Stamping Ground set these rates annually, and they can vary significantly across different neighborhoods. Each year, Stamping Ground 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 Stamping Ground's effective property tax rate to other counties in Kentucky and the national median. For comparison, the 40379 zip code has the highest median property tax rate of 1.20%, while the 40379 zip code also has the lowest median tax rate of 1.20%. Understanding how these cities compare with Stamping Ground provides valuable insights into the varying tax landscape across Franklin County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Stamping Ground Tax Rate
1.20%
Average Franklin County Tax Rate
1.20%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Stamping Ground, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40379 | 0.86% | 1.19% | 1.20% | 1.20% | 1.20% |
Source: Ownwell
Property Tax Assessment Values Across Stamping Ground, Kentucky
In Stamping Ground, 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 Franklin 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 Stamping Ground, 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 Stamping Ground helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price here is $95,000, with the 25th percentile tax bill at $595 and the 75th percentile tax bill at $1,930. The highest and lowest median tax bills both stand at $956 in zip code 40379.
Property Tax Assessment Values Across Stamping Ground, Kentucky
Source: Ownwell
$92,208
$138,492
$184,776
Average Stamping Ground Assessed Value
$95,000
Average Franklin County Assessed Value
$129,000
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Stamping Ground, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40379 | $18,441 | $51,000 | $95,000 | $162,972 | $208,335 |
Source: Ownwell
Property Tax Bills Across Stamping Ground, Kentucky
In Stamping Ground, Franklin County, KY, property tax bills are calculated based on the assessed value of your property. The assessed value is determined by the county assessor and is meant to reflect the market value of your home. Once the assessed value is set, local tax rates are applied to calculate your annual property tax bill. For homeowners in Stamping Ground, the median home price is $95,000. Property tax bills can vary significantly, with the 25th percentile tax bill at $595 and the 75th percentile reaching $1,930. The 90th percentile tax bill can go up to $2,425, showing a wide range of possible amounts depending on the property's assessed value and specific tax rates applied. These tax bills directly impact homeowners, influencing their overall housing costs and potentially affecting their ability to afford other expenses. Compared to the national median property tax rate of 0.99%, understanding these local variations can help homeowners better anticipate their financial obligations.
Average Stamping Ground Tax Bill
$956
Average Franklin County Tax Bill
$1,314
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Stamping Ground, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40379 | $190 | $595 | $956 | $1,930 | $2,425 |
Source: Ownwell