40003 Property Tax Rate

Property owners in ZIP code 40003 (Bagdad, Kentucky) pay a median of $1,696/year in property taxes on homes valued at $330,600. This translates to an effective tax rate of 0.51%, which is 32% below the Kentucky state average of 0.75%.

The monthly property tax burden for a median-valued home in 40003 is approximately $141, which factors into escrow payments on mortgages. This ZIP code is located within Shelby County. This is $599 more than the Kentucky average of $1,097/year.

Compared to similar ZIP codes in Kentucky, 40003 has lower property taxes. ZIP codes with similar effective rates include 40355 (0.51%) and 41503 (0.51%).

In Bagdad, property taxes represent approximately 2.2% of the median household income of $75,956, providing context for the relative tax burden on homeowners in this area.

Kentucky reassesses property at fair market value upon sale with no statewide cap; most counties use the assessment-to-value ratio set by state law. Shelby County homeowners should contact the Shelby County Property Valuation Administrator to learn about local exemption programs for seniors, disabled persons, and veterans. File all exemption applications with the Shelby County Property Valuation Administrator immediately after purchase and request your first assessment notice to verify the sale price was properly recorded.