Wittensville, Kentucky Property Taxes
The median property tax rate in Wittensville, KY is 1.02%, which aligns with the state median but is slightly higher than the national median of 0.99%. With a median home value of $54,500 in Wittensville, the typical annual property tax bill amounts to $446, which is significantly lower than the national median of $2,690. Property taxes in Wittensville are calculated based on the tax assessed value, often lower than the market value due to exemptions such as primary residence and agricultural exemptions. Understanding Wittensville'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 Wittensville or another part of Johnson County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Wittensville, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.02%
Estimate Property Tax Bill
$556
Ownwell’s Wittensville Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Wittensville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Wittensville 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 Wittensville, Kentucky
Property taxes in Wittensville, Kentucky, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Wittensville is 1.02%, higher than the U.S. national median of 0.99%. Local government entities within Wittensville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Wittensville 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 Wittensville's effective property tax rate to other counties in Kentucky and the national median. For comparison, the 41274 zip code has the highest median property tax rate of 1.02%, while the same zip code also has the lowest median tax rate of 1.02%. Understanding how these cities compare with Wittensville 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 Wittensville Tax Rate
1.02%
Average Johnson County Tax Rate
1.01%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Wittensville, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41274 | 0.32% | 0.61% | 1.02% | 1.05% | 1.13% |
Source: Ownwell
Property Tax Assessment Values Across Wittensville, Kentucky
In Wittensville, 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 Wittensville, 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 Wittensville helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Wittensville Assessed Value
$54,500
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 Wittensville, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41274 | $12,600 | $30,000 | $54,500 | $95,500 | $151,700 |
Source: Ownwell
Property Tax Bills Across Wittensville, Kentucky
In Wittensville, located in Johnson County, KY, property tax bills are determined based on the assessed value of the property. The median home price in this area is $54,500. The local property tax rate is applied to this assessed value to calculate the tax bill. Various factors such as property size, location, and improvements can influence the assessed value. For homeowners, this means that their annual tax obligations can vary significantly. For instance, the tax bill at the 25th percentile is around $203, while at the 75th percentile, it rises to approximately $845. At the 90th percentile, homeowners might see tax bills as high as $1,392. The highest and lowest median tax bills in the region are both $446, which indicates a relatively uniform distribution within certain areas. Comparatively, the national median property tax rate stands at 0.99%, which can help homeowners gauge how their local rates measure up. Understanding these factors allows homeowners to better anticipate their yearly tax responsibilities and plan their finances accordingly.
Average Wittensville Tax Bill
$446
Average Johnson County Tax Bill
$379
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Wittensville, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41274 | $81 | $203 | $446 | $845 | $1,392 |
Source: Ownwell