Bradfordsville, Kentucky Property Taxes
The median property tax rate in Bradfordsville, KY is 0.90%, which is lower than both the national median of 0.99% and the Kentucky state median of 1.02%. With the median home value in Bradfordsville at $75,000, the typical annual property tax bill amounts to $416, significantly below the national median of $2,690. Property taxes in Bradfordsville are calculated based on the tax assessed value, which usually falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Bradfordsville'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 Bradfordsville or another part of Marion County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Bradfordsville, 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 Bradfordsville Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Bradfordsville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Bradfordsville 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 Bradfordsville, Kentucky
Property taxes in Bradfordsville, Kentucky, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Bradfordsville is 0.90%, which is slightly below the U.S. national median of 0.99%. Local government entities within Bradfordsville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Bradfordsville 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 Bradfordsville's effective property tax rate to other areas in Marion County and the national median. For comparison, the zip code 40009 has the highest median property tax rate of 0.90%, while the same zip code also has the lowest median tax rate of 0.90%. Understanding how these areas compare with Bradfordsville provides valuable insights into the varying tax landscape across Marion County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Bradfordsville Tax Rate
0.90%
Average Marion County Tax Rate
0.90%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Bradfordsville, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40009 | 0.15% | 0.33% | 0.90% | 0.90% | 0.90% |
Source: Ownwell
Property Tax Assessment Values Across Bradfordsville, Kentucky
In Bradfordsville, 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 Marion 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 Bradfordsville, 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. For example, the median home price in Bradfordsville is $75,000. The tax bills can vary significantly, with the 25th percentile at $167 and the 75th percentile at $877. 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 Bradfordsville helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Bradfordsville, Kentucky
Source: Ownwell
$75,000
$122,500
$170,000
Average Bradfordsville Assessed Value
$75,000
Average Marion County Assessed Value
$120,000
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Bradfordsville, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40009 | $10,000 | $35,000 | $75,000 | $143,750 | $260,000 |
Source: Ownwell
Property Tax Bills Across Bradfordsville, Kentucky
In Bradfordsville, property tax bills are determined based on the assessed value of a property, which is calculated by the local tax assessor. This assessed value is then multiplied by the local property tax rate to determine the total tax bill. For homeowners in Bradfordsville, the median home price is $75,000, and the property tax rate is aligned with the county's overall rates. Tax bills can vary significantly, with the 25th percentile at $167 and the 75th percentile reaching up to $877. For those in the 90th percentile, tax bills can go as high as $1,314. The highest median tax bill recorded in the area is $416, which is consistent across the zip code 40009. These property taxes are crucial for funding local services such as schools, public safety, and infrastructure. Homeowners should be aware of these factors as they directly impact annual financial planning and the overall cost of property ownership in Bradfordsville.
Average Bradfordsville Tax Bill
$416
Average Marion County Tax Bill
$852
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Bradfordsville, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40009 | $52 | $167 | $416 | $877 | $1,314 |
Source: Ownwell