Stambaugh, Kentucky Property Taxes
The median property tax rate in Stambaugh, KY is 0.72%, considerably lower than both the national median of 0.99% and the Kentucky state median of 1.02%. With the median home value in Stambaugh at $69,000, the typical annual property tax bill reaches $423, significantly below the national median of $2,690. Property taxes in Stambaugh are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Stambaugh'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 Stambaugh 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
Stambaugh, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.72%
Estimate Property Tax Bill
$497
Ownwell’s Stambaugh Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Stambaugh with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Stambaugh 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 Stambaugh, Kentucky
Property taxes in Stambaugh, Kentucky, are essential in funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Stambaugh is 0.72%, which is lower than the U.S. national median of 0.99%. Local government entities within Stambaugh set these rates annually, and they can vary significantly across different neighborhoods. Each year, Stambaugh 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 Stambaugh's effective property tax rate to other counties in Kentucky and the national median. For comparison, the 41257 zip code has the highest median property tax rate of 0.72%, while the same zip code also has the lowest median tax rate of 0.72%. Understanding how these cities compare with Stambaugh provides valuable insights into the varying tax landscape across Johnson County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Stambaugh Tax Rate
0.72%
Average Johnson County Tax Rate
1.01%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Stambaugh, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41257 | 0.17% | 0.39% | 0.72% | 1.04% | 1.08% |
Source: Ownwell
Property Tax Assessment Values Across Stambaugh, Kentucky
In Stambaugh, 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 Johnson 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 Stambaugh, 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. For instance, the highest median tax bill in Stambaugh is $423 in the 41257 zip code, while the lowest median tax bill is also $423 in the same zip code. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Stambaugh Assessed Value
$69,000
Average Johnson County Assessed Value
$56,700
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Stambaugh, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41257 | $12,050 | $32,625 | $69,000 | $99,000 | $167,480 |
Source: Ownwell
Property Tax Bills Across Stambaugh, Kentucky
In Stambaugh, KY, property tax bills are calculated based on the assessed value of a home, which is determined by the local county assessor. The median home price in Stambaugh is $69,000. The property tax rate for Johnson County is applied to this assessed value to determine the annual tax bill. Factors such as property improvements, market conditions, and neighborhood trends can influence the assessed value. Homeowners in Stambaugh can expect to pay a property tax bill ranging from $193 at the 25th percentile to $794 at the 75th percentile, with the 90th percentile reaching as high as $1,166. Comparatively, the national median property tax rate is 0.99%, which provides a benchmark to understand local tax burdens. The median tax bill in the area, specifically in the 41257 zip code, is $423. These tax bills impact homeowners by contributing to local services like schools, infrastructure, and emergency services, reflecting the community's investment in its public resources.
Average Stambaugh Tax Bill
$423
Average Johnson County Tax Bill
$379
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Stambaugh, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41257 | $58 | $193 | $423 | $794 | $1,166 |
Source: Ownwell