Stephensport, Kentucky Property Taxes
The median property tax rate in Stephensport, KY is 1.03%, slightly higher than both the national median of 0.99% and the Kentucky state median of 1.02%. With a median home value of $35,500 in Stephensport, the typical annual property tax bill amounts to $264, which is significantly lower than the national median of $2,690. Property taxes in Stephensport are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as the primary residence and agricultural exemptions. Understanding Stephensport'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 Stephensport or another part of Breckinridge County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Stephensport, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.03%
Estimate Property Tax Bill
$366
Ownwell’s Stephensport Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Stephensport with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Stephensport 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 Stephensport, Kentucky
Property taxes in Stephensport, Kentucky, are essential in funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Stephensport is 1.03%, which is higher than the U.S. national median of 0.99%. Local government entities within Stephensport set these rates annually, and they can vary significantly across different neighborhoods. Each year, Stephensport 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 Stephensport's effective property tax rate to other areas in Kentucky and the national median. For comparison, the zip code 40170 has the highest median property tax rate of 1.03%, while the lowest median tax rate is also 1.03%. Understanding how these areas compare with Stephensport provides valuable insights into the varying tax landscape across Breckinridge County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Stephensport Tax Rate
1.03%
Average Breckinridge County Tax Rate
0.96%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Stephensport, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40170 | 0.30% | 0.52% | 1.03% | 1.40% | 1.93% |
Source: Ownwell
Property Tax Assessment Values Across Stephensport, Kentucky
In Stephensport, 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 Breckinridge 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. 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. In Stephensport, the median home price is $35,500, with tax bills ranging from $125 at the 25th percentile to $1,170 at the 90th percentile. The zip code 40170 has both the highest and lowest median tax bill at $264. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Stephensport Assessed Value
$35,500
Average Breckinridge County Assessed Value
$64,000
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Stephensport, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40170 | $4,000 | $10,000 | $35,500 | $96,500 | $169,400 |
Source: Ownwell
Property Tax Bills Across Stephensport, Kentucky
In Stephensport, located in Breckinridge County, KY, property tax bills are calculated based on the assessed value of a home. The median home price in this area is $35,500, significantly lower than the national median. The property tax rate in this region is relatively modest compared to the national median property tax rate of 0.99%. Various factors influence the tax bill, including the assessed value of the property and the specific tax rate set by local authorities. For homeowners in Stephensport, tax bills can vary widely. For instance, the 25th percentile tax bill is around $125, while the 75th percentile tax bill reaches $638. At the 90th percentile, homeowners might see tax bills as high as $1,170. The highest and lowest median tax bills in the area are both $264, indicating some consistency in the mid-range of tax assessments. Understanding these variations is crucial for homeowners budgeting for annual expenses, as property taxes can significantly impact overall financial planning.
Average Stephensport Tax Bill
$264
Average Breckinridge County Tax Bill
$536
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Stephensport, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40170 | $77 | $125 | $264 | $638 | $1,170 |
Source: Ownwell