Stanford, Garrard County, Kentucky Property Taxes
The median property tax rate in Stanford, KY is 1.09%, higher than both the national median of 0.99% and the Kentucky state median of 1.02%. With a median home value of $50,500 in Stanford, the typical annual property tax bill is $478, which is significantly lower 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 various exemptions such as the primary residence and agricultural exemptions. By understanding Stanford's property tax system, exploring available exemptions, and identifying opportunities for reductions, homeowners and real estate investors can achieve substantial annual savings. Whether you're in the heart of Stanford or another part of the city, gaining insight into the local property tax system will be beneficial.
Last Updated June 14, 2024
Stanford, Garrard County, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.09%
Estimate Property Tax Bill
$550
$511
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, Garrard County, Kentucky
Property taxes in Stanford, Kentucky, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Stanford is 0.83%, lower than both the Kentucky state median of 0.93% and 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 the highest median property tax rate of 0.83%, while the 40484 zip code also has the lowest median tax rate of 0.83%. Understanding how these cities compare with Stanford provides valuable insights into the varying tax landscape across Garrard County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Stanford Tax Rate
1.09%
Average Garrard County Tax Rate
1.06%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Stanford, Garrard County, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40484 | 0.46% | 0.80% | 1.09% | 1.09% | 1.10% |
Source: Ownwell
Property Tax Assessment Values Across Stanford, Garrard County, 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 local 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 zip code with the highest median tax bill is 40484 at $478, which is also the lowest median tax bill in the area.
Property Tax Assessment Values Across Stanford, Garrard County, Kentucky
Source: Ownwell
$40,000
$62,500
$85,000
Average Stanford Assessed Value
$50,500
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 Stanford, Garrard County, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40484 | $10,500 | $32,250 | $50,500 | $120,000 | $173,000 |
Source: Ownwell
Property Tax Bills Across Stanford, Garrard County, Kentucky
In Stanford, KY, property tax bills are calculated based on the assessed value of a property, which is determined by the local tax assessor. This assessed value is then multiplied by the local tax rate to determine the total tax bill. For example, with a median home price of $50,500, homeowners can expect varying tax bills. At the 25th percentile, the tax bill is around $164, while at the 75th percentile, it rises to $930. The 90th percentile sees tax bills as high as $1,696. The highest and lowest median tax bills in the area are both $478, specifically in the 40484 zip code. These tax rates and bills are crucial for homeowners as they directly impact their annual expenses. Compared to the national median property tax rate of 0.99%, the rates in Stanford can be relatively low, offering some financial relief. However, understanding these calculations helps homeowners budget effectively and anticipate their financial obligations throughout the year.
Average Stanford Tax Bill
$478
Average Garrard County Tax Bill
$751
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Stanford, Garrard County, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40484 | $84 | $164 | $478 | $930 | $1,696 |
Source: Ownwell