Stanford, Kentucky Property Taxes
The median property tax rate in Stanford, KY is 0.96%, slightly below both the national median of 0.99% and the Kentucky state median of 1.02%. With the median home value in Stanford at $79,750, the typical annual property tax bill is $322, which is significantly less than the national median of $2,690. Property taxes in Stanford are calculated based on the tax assessed value, which often falls below the market value due to exemptions such as those for primary residences and agricultural properties. Understanding Stanford'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 Stanford 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
Stanford, Kentucky Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
1.02%
Estimate Property Tax Bill
$2,040
Ownwell’s Stanford Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Stanford with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Stanford 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 Stanford, Kentucky
Property taxes in Stanford, Kentucky, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Stanford is 0.96%, which is slightly below the U.S. national median of 0.99%. Local government entities within Stanford set these rates annually, and they can vary significantly across different neighborhoods. Each year, Stanford 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 Stanford's effective property tax rate to other counties in Kentucky and the national median. For comparison, the 40484 zip code has both the highest and lowest median property tax rate of 0.96%. Understanding how these areas compare with Stanford provides valuable insights into the varying tax landscape across Casey County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Stanford Tax Rate
0.96%
Average Casey County Tax Rate
0.96%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Stanford, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40484 | 0.40% | 0.62% | 0.96% | 0.96% | 0.96% |
Source: Ownwell
Property Tax Assessment Values Across Stanford, Kentucky
In Stanford, 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 Casey 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 Stanford, 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 Stanford helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Stanford is $79,750, with tax bills ranging from $172 at the 25th percentile to $1,781 at the 90th percentile. The zip code 40484 has the highest and lowest median tax bill, both at $322.
Average Stanford Assessed Value
$79,750
Average Casey County Assessed Value
$43,000
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Stanford, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40484 | $14,750 | $19,500 | $79,750 | $138,750 | $185,000 |
Source: Ownwell
Property Tax Bills Across Stanford, Kentucky
In Stanford, KY, property tax bills are calculated based on the assessed value of a home. The local tax rate is applied to this assessed value to determine the annual tax bill. Several factors influence the assessed value, including the home's market value, location, and any improvements or renovations. For homeowners in Stanford, the median home price is $79,750, which serves as a baseline for tax calculations. The tax bill can vary significantly across different percentiles. For instance, at the 25th percentile, homeowners might pay around $172 annually, while those at the 75th percentile could see bills as high as $1,001. The 90th percentile tax bill jumps to $1,781, reflecting the wide range of property values and associated taxes in the area. The highest and lowest median tax bills in Stanford's zip code 40484 are both $322, indicating a level of uniformity in certain neighborhoods. Compared to the national median property tax rate of 0.99%, Stanford's property tax rates can offer significant savings, making it an attractive location for homeowners.
Average Stanford Tax Bill
$322
Average Casey County Tax Bill
$324
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Stanford, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40484 | $82 | $172 | $322 | $1,001 | $1,781 |
Source: Ownwell