Wilmore, Kentucky Property Taxes
The median property tax rate in Wilmore, KY is 1.06%, slightly higher than both the national median of 0.99% and the Kentucky state median of 1.02%. With a median home value of $181,200 in Wilmore, the typical annual property tax bill is $1,738, which is below the national median of $2,690. Property taxes in Wilmore are calculated based on the assessed value, often lower than the market value due to exemptions like the primary residence and agricultural exemptions. Navigating Wilmore's property tax system, leveraging available exemptions, and identifying potential reductions can result in substantial annual savings. Whether you're in the heart of Wilmore or another part of Jessamine County, understanding the local property tax nuances will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Wilmore, 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 Wilmore Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Wilmore with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Wilmore 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 Wilmore, Kentucky
Property taxes in Wilmore, Kentucky, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Wilmore is 1.06%, which is higher than both the Kentucky state median and the U.S. national median of 0.99%. Local government entities within Wilmore set these rates annually, and they can vary significantly across different neighborhoods. Each year, Wilmore 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 Wilmore's effective property tax rate to other counties in Kentucky and the national median. For comparison, the 40390 zip code has the highest median property tax rate of 1.06%, while the same zip code also has the lowest median tax rate of 1.06%. Understanding how these cities compare with Wilmore provides valuable insights into the varying tax landscape across Jessamine County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Wilmore Tax Rate
1.06%
Average Jessamine County Tax Rate
1.06%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Wilmore, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40390 | 0.63% | 0.86% | 1.06% | 1.06% | 1.12% |
Source: Ownwell
Property Tax Assessment Values Across Wilmore, Kentucky
In Wilmore, 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 Jessamine 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 Wilmore, 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 Wilmore 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 Wilmore are both $1,738, observed in the 40390 zip code.
Average Wilmore Assessed Value
$181,200
Average Jessamine County Assessed Value
$189,900
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Wilmore, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40390 | $95,000 | $130,000 | $181,200 | $270,800 | $404,748 |
Source: Ownwell
Property Tax Bills Across Wilmore, Kentucky
In Wilmore, Jessamine County, KY, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. This assessed value is then multiplied by the local property tax rate to determine the annual tax bill. The local tax rate in Wilmore is competitive, especially when compared to the national median property tax rate of 0.99%. For instance, with a median home price of $181,200, homeowners can expect tax bills that range significantly. The 25th percentile tax bill is around $1,221, while the 75th percentile tax bill reaches approximately $2,546. Those in the 90th percentile may see bills as high as $3,759. The highest and lowest median tax bill in Wilmore both stand at $1,738, indicating a consistent tax environment across the area. These tax bills impact homeowners by influencing their overall housing costs and can affect decisions related to buying, selling, and maintaining property. Understanding these factors helps homeowners budget effectively and plan for future financial commitments.
Average Wilmore Tax Bill
$1,738
Average Jessamine County Tax Bill
$1,839
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Wilmore, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40390 | $768 | $1,221 | $1,738 | $2,546 | $3,759 |
Source: Ownwell