Garrard County, Kentucky Property Taxes
The median property tax rate in Garrard County is 1.06%, which is higher than both the national median of 0.99% and Kentucky's state median of 1.02%. With a median home value of $75,000 in Garrard County, the typical annual property tax bill is $751, which is significantly lower than the national median of $2,690. Property taxes in Garrard County are calculated based on the tax assessed value, which often falls below the actual market value due to various property tax exemptions, such as the primary residence and agricultural exemptions. Understanding Garrard County's specific property tax system, exploring available exemptions, and identifying opportunities for property tax reductions can provide significant annual savings. Whether you live in Lancaster or another part of Garrard County, gaining a comprehensive knowledge of local property taxes will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Garrard County, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.06%
Estimate Property Tax Bill
$795
$738
Ownwell’s Garrard County Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner to estimate their annual property taxes in Garrard County with just 2 data points. Enter your property's estimated assessed value, and our calculator applies the median tax rate in Garrard County to estimate your property tax bill. This insight helps you understand potential tax liabilities. If you’d like to see trends on a city level, scroll down to navigate to a more local informational page. Your property assessed value is the value assigned to your property by your county for property tax calculations. Assessed value takes into account any exemptions you may have on your property.
Property Tax Rates Across Garrard County, Kentucky
Property taxes in Garrard County play a crucial role in funding essential local services like public schools, road maintenance, and emergency services. The median tax rate in Garrard County is 1.06%, which is higher than the U.S. national median of 0.99%. Local government entities within Garrard County set these rates annually, and they can vary significantly between different areas within the county. Each year, Garrard County estimates its required budget to maintain services for the upcoming fiscal year and divides this budget by the total value of all taxable property in the jurisdiction, resulting in the property tax rate. Although tax rates and budgets are influenced by laws and voter input, this calculation forms the basic process for setting property tax rates. The following data compares Garrard County's effective property tax rate with other areas. For comparison, the city of Stanford has one of the higher property tax rates in the region at 1.09%, while the city of Crab Orchard boasts one of the lowest at 1.05%. Analyzing how Garrard County's tax rates stack up against these benchmarks can give homeowners a better understanding of the local tax landscape.
Average Garrard County Tax Rate
1.06%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Garrard County, Kentucky
| City | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| Berea | N/A | N/A | N/A | N/A | N/A |
| Crab Orchard | 0.44% | 0.80% | 1.05% | 1.05% | 1.09% |
| Lancaster | 0.55% | 0.85% | 1.06% | 1.09% | 1.15% |
| Paint Lick | N/A | N/A | N/A | N/A | N/A |
| Stanford | 0.46% | 0.80% | 1.09% | 1.09% | 1.10% |
Source: Ownwell
Property Tax Assessment Values Across Garrard County, Kentucky
In Garrard County, understanding the difference between "market value" and "assessed value" is key to comprehending property taxes. The market value represents the price a willing buyer would pay to a willing seller in an open, competitive market, considering location, property condition, and current economic trends. For tax purposes, this value is estimated by the Garrard County Appraisal District. The assessed value, however, 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 in Garrard County are typically mailed in the spring, usually by the middle of April. These notices provide homeowners with both the market and assessed values, along with an estimate of the annual property tax bill. By distinguishing between these valuation concepts, property owners can better navigate their tax responsibilities and understand how their property taxes are affected. For example, Lancaster has the highest median tax bill in the county at $837, while Crab Orchard has the lowest at $369. Being aware of these valuation processes in Garrard County will help you identify opportunities for appealing assessments or applying for exemptions to manage your tax burden more effectively.
Average Garrard County Assessed Value
$75,000
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Garrard County, Kentucky
| City | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| Berea | N/A | N/A | N/A | N/A | N/A |
| Crab Orchard | $1,120 | $12,250 | $40,000 | $82,600 | $123,200 |
| Lancaster | $11,400 | $45,000 | $85,000 | $155,000 | $235,000 |
| Paint Lick | N/A | N/A | N/A | N/A | N/A |
| Stanford | $10,500 | $32,250 | $50,500 | $120,000 | $173,000 |
Source: Ownwell
Property Tax Bills Across Garrard County, Kentucky
In Garrard County, KY, property tax bills are calculated based on the assessed value of a home, which is typically a percentage of its market value. The tax rate is applied to this assessed value to determine the tax bill. Various factors influence the assessed value, including the home's location, size, condition, and market trends. For instance, a median home priced at $75,000 will have its tax bill determined by multiplying its assessed value by the local tax rate. Homeowners in Garrard County experience a range of tax bills. At the 25th percentile, tax bills are around $326, while at the 75th percentile, they can reach up to $1,437. The highest tax bills, at the 90th percentile, soar to $2,341. This variation significantly impacts homeowners' finances, making it crucial to understand how these factors play into their annual tax obligations. Comparing this to the national median property tax rate of 0.99%, Garrard County's tax rates and bills offer a diverse landscape for property owners.
Average Garrard County Tax Bill
$751
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Garrard County, Kentucky
| City | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| Berea | N/A | N/A | N/A | N/A | N/A |
| Crab Orchard | $16 | $158 | $369 | $806 | $1,465 |
| Lancaster | $123 | $389 | $837 | $1,595 | $2,472 |
| Paint Lick | N/A | N/A | N/A | N/A | N/A |
| Stanford | $84 | $164 | $478 | $930 | $1,696 |
Source: Ownwell