Woodbine, Kentucky Property Taxes
The median property tax rate in Woodbine, KY is 1.16%, higher than both the national median of 0.99% and the Kentucky state median of 1.02%. With the median home value in Woodbine at $24,500, the typical annual property tax bill reaches $238, which is significantly lower than the national median of $2,690. Property taxes in Woodbine 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 Woodbine'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 Woodbine or another part of Knox County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Woodbine, 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 Woodbine Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Woodbine with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Woodbine 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 Woodbine, Kentucky
Property taxes in Woodbine, Kentucky, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Woodbine is 1.16%, higher than the U.S. national median of 0.99%. Local government entities within Woodbine set these rates annually, and they can vary significantly across different neighborhoods. Each year, Woodbine 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 Woodbine's effective property tax rate to other areas in Knox County and the national median. For comparison, the 40701 zip code has the highest median property tax rate of 1.21%, while the 40771 zip code has the lowest median tax rate of 1.16%. Understanding how these areas compare with Woodbine provides valuable insights into the varying tax landscape across Knox County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Woodbine Tax Rate
1.16%
Average Knox County Tax Rate
1.14%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Woodbine, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40701 | 1.08% | 1.10% | 1.21% | 1.76% | 2.07% |
| 40771 | 1.07% | 1.10% | 1.16% | 1.37% | 1.73% |
Source: Ownwell
Property Tax Assessment Values Across Woodbine, Kentucky
In Woodbine, 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 Knox 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. Assessment notices in Woodbine 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 Woodbine helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. In Woodbine, the highest median tax bill is $259.00 in the 40771 zip code, while the lowest median tax bill is $110.00 in the 40701 zip code.
Average Woodbine Assessed Value
$24,500
Average Knox County Assessed Value
$35,000
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Woodbine, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40701 | $2,680 | $3,500 | $7,000 | $19,800 | $49,840 |
| 40771 | $4,270 | $9,000 | $26,050 | $50,450 | $86,330 |
Source: Ownwell
Property Tax Bills Across Woodbine, Kentucky
In Woodbine, located in Knox County, KY, property tax bills are calculated based on the assessed value of a home. The assessed value is determined by the local tax assessor and reflects a percentage of the market value of the property. Homeowners in Woodbine face a range of property tax bills, with the 25th percentile at $88 and the 75th percentile at $581, indicating significant variation based on property values and specific circumstances. Several factors influence the tax bill, including the assessed value of the home, local tax rates, and any applicable exemptions or deductions. For instance, the highest median tax bill recorded in the area is $259 in the 40771 zip code, while the lowest is $110 in the 40701 zip code. These figures highlight the disparities within the region. Compared to the national median property tax rate of 0.99%, Woodbine's rates can have a substantial impact on homeowners, affecting their annual financial planning and overall cost of homeownership. Understanding these factors helps homeowners anticipate their tax obligations and manage their finances effectively.
Average Woodbine Tax Bill
$238
Average Knox County Tax Bill
$358
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Woodbine, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40701 | $50 | $73 | $110 | $231 | $571 |
| 40771 | $35 | $89 | $259 | $591 | $967 |
Source: Ownwell