Bedford, Henry County, Kentucky Property Taxes
The median property tax rate in Bedford, KY is 1.17%, higher than both the national median of 0.99% and Kentucky's state median of 1.02%. With the median home value in Bedford at $140,250, the typical annual property tax bill reaches $1,220, which is below the national median of $2,690. Property taxes in Bedford are calculated based on the tax assessed value, often lower than the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Bedford'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 Bedford 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
Bedford, Henry County, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.17%
Estimate Property Tax Bill
$1,641
$1,523
Ownwell’s Bedford Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Bedford with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Bedford 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 Bedford, Henry County, Kentucky
Property taxes in Bedford, Kentucky, are essential for funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Bedford is 0.90%, which is lower than both the Kentucky state median of 0.83% and the U.S. national median of 0.99%. Local government entities within Bedford set these rates annually, and they can vary significantly across different neighborhoods. Each year, Bedford 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 Bedford's effective property tax rate to other counties in Kentucky and the national median. For comparison, Bedford's 40006 zip code has a median property tax rate of 0.90%. Understanding how these cities compare with Bedford provides valuable insights into the varying tax landscape across Henry County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Bedford Tax Rate
1.17%
Average Henry County Tax Rate
1.15%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Bedford, Henry County, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40006 | 0.75% | 0.86% | 1.17% | 1.20% | 1.22% |
Source: Ownwell
Property Tax Assessment Values Across Bedford, Henry County, Kentucky
In Bedford, 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 Bedford, 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 Bedford helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the highest and lowest median tax bills in Bedford are both $1,220, found in the 40006 zip code.
Property Tax Assessment Values Across Bedford, Henry County, Kentucky
Source: Ownwell
$48,900
$142,250
$235,600
Average Bedford Assessed Value
$140,250
Average Henry County Assessed Value
$127,000
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Bedford, Henry County, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40006 | $78,390 | $100,050 | $140,250 | $194,250 | $284,730 |
Source: Ownwell
Property Tax Bills Across Bedford, Henry County, Kentucky
In Bedford, property tax bills are determined through a combination of the assessed value of a property and the tax rate set by local authorities. The assessed value is typically a percentage of the property's market value. For instance, with a median home price of $140,250, the property tax bill can vary significantly. Homeowners in the 25th percentile pay around $1,068, while those in the 75th percentile see bills closer to $2,272. At the 90th percentile, tax bills can reach up to $2,831. Several factors influence these variations, including property location, improvements, and local tax rates. Compared to the national median property tax rate of 0.99%, Bedford's rates might seem higher, reflecting local funding needs for schools, infrastructure, and public services. This disparity can impact homeowners differently, with some facing higher financial burdens. Understanding these factors can help residents anticipate their tax obligations and plan accordingly.
Average Bedford Tax Bill
$1,220
Average Henry County Tax Bill
$1,329
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Bedford, Henry County, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40006 | $465 | $1,068 | $1,220 | $2,272 | $2,831 |
Source: Ownwell