Stopover, Kentucky Property Taxes
The median property tax rate in Stopover, KY is 1.37%, noticeably higher than both the national median of 0.99% and the Kentucky state median of 1.02%. With the median home value in Stopover, the typical annual property tax bill reaches $98, significantly lower than the national median of $2,690. Property taxes in Stopover 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 Stopover'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 Stopover or another part of Pike County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Stopover, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.37%
Estimate Property Tax Bill
$206
Ownwell’s STOPOVER Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in STOPOVER with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in STOPOVER 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 Stopover, Kentucky
Property taxes in Stopover, Kentucky, are essential for funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Stopover is 1.37%, significantly higher than both the Kentucky state median and the U.S. national median of 0.99%. Local government entities within Stopover set these rates annually, and they can vary significantly across different neighborhoods. Each year, Stopover 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 Stopover's effective property tax rate to other areas in Kentucky and the national median. For comparison, the zip code 41568 has the highest median property tax rate of 1.37%, while the same zip code also has the lowest median tax rate of 1.37%. Understanding how these areas compare with Stopover provides valuable insights into the varying tax landscape across Pike County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Stopover Tax Rate
1.37%
Average Pike County Tax Rate
1.37%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Stopover, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41568 | 0.15% | 0.39% | 1.37% | 1.69% | 2.82% |
Source: Ownwell
Property Tax Assessment Values Across Stopover, Kentucky
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Stopover, Kentucky. 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 Pike County Property Valuation Administrator 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 Stopover, 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 25th percentile tax bill in Stopover is $48, while the 75th percentile tax bill is $371. 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 Stopover helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Stopover Assessed Value
$15,000
Average Pike County Assessed Value
$25,000
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Stopover, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41568 | $1,380 | $5,000 | $15,000 | $33,500 | $52,000 |
Source: Ownwell
Property Tax Bills Across Stopover, Kentucky
In Stopover, KY, property tax bills are calculated based on the assessed value of the property. The local tax authority in Pike County determines this value, which is often a percentage of the market value of the home. For a median home price of $15,000, homeowners can expect varying tax bills. Factors such as property location, size, and improvements significantly influence the assessed value. The tax bill in Stopover can range widely. At the 25th percentile, homeowners might pay around $48, while those at the 75th percentile could see bills as high as $371. For the top 10% of properties, the tax bill can reach up to $667. This variability reflects differences in property values and the specific rates applied. Compared to the national median property tax rate of 0.99%, the property tax rates in Pike County offer a relatively affordable option for homeowners. Understanding these factors can help residents anticipate their property tax obligations more accurately.
Average Stopover Tax Bill
$98
Average Pike County Tax Bill
$205
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Stopover, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41568 | $48 | $48 | $98 | $371 | $667 |
Source: Ownwell