Stone, Kentucky Property Taxes
The median property tax rate in Stone, KY is 1.37%, considerably higher than both the national median of 0.99% and the Kentucky state median of 1.02%. With the median home value in Stone, the typical annual property tax bill reaches $239, which is significantly lower than the national median of $2,690. Property taxes in Stone are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Stone'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 Stone or another part of Pike County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Stone, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.37%
Estimate Property Tax Bill
$438
Ownwell’s STONE Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in STONE with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in STONE 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 Stone, Kentucky
Property taxes in Stone, Kentucky, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Stone is 1.37%, significantly higher than the U.S. national median of 0.99%. Local government entities within Stone set these rates annually, and they can vary significantly across different neighborhoods. Each year, Stone 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 Stone's effective property tax rate to other counties in Kentucky and the national median. For comparison, the 41567 zip code has both the highest and lowest median property tax rate of 1.37%. Understanding how these cities compare with Stone provides valuable insights into the varying tax landscape across Pike County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Stone Tax Rate
1.37%
Average Pike County Tax Rate
1.37%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Stone, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41567 | 0.14% | 0.30% | 1.37% | 1.58% | 2.46% |
Source: Ownwell
Property Tax Assessment Values Across Stone, Kentucky
In Stone, 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 Pike 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 Stone, 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 Stone helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. For instance, the zip code 41567 has both the highest and lowest median tax bill at $239, which can serve as a benchmark for comparison.
Average Stone Assessed Value
$32,000
Average Pike County Assessed Value
$25,000
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Stone, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41567 | $2,440 | $11,800 | $32,000 | $50,000 | $75,600 |
Source: Ownwell
Property Tax Bills Across Stone, Kentucky
In Stone, located in Pike County, KY, property tax bills are calculated based on the assessed value of a home. The assessed value is determined by local assessors and reflects the market value of the property. Once the assessed value is established, the local tax rate is applied to calculate the annual tax bill. For instance, with a median home price of $32,000, homeowners in Stone can expect varying tax bills depending on where their property falls within the assessed value range. The 25th percentile tax bill is around $48, while the 75th percentile tax bill is approximately $792, and the 90th percentile tax bill reaches up to $1,189. These property taxes fund essential public services such as schools, infrastructure, and emergency services, directly impacting the quality of life in Stone. Homeowners should be aware that their tax bills can fluctuate based on changes in property values and tax rates, making it crucial to stay informed about local assessments and any potential exemptions they may qualify for.
Average Stone Tax Bill
$239
Average Pike County Tax Bill
$205
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Stone, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41567 | $48 | $48 | $239 | $792 | $1,189 |
Source: Ownwell