Worthville, Kentucky Property Taxes
The median property tax rate in Worthville, KY, is 1.23%, notably higher than both the national median of 0.99% and the Kentucky state median of 1.02%. With a median home value of $27,550 in Worthville, the typical annual property tax bill is $310, which is significantly lower than the national median of $2,690. Property taxes in Worthville are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like primary residence and agricultural exemptions. Understanding Worthville'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 Worthville or another part of Owen County, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Worthville, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.23%
Estimate Property Tax Bill
$339
Ownwell’s Worthville Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Worthville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Worthville 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 Worthville, Kentucky
Property taxes in Worthville, Kentucky, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Worthville is 0.82%, lower than both the Kentucky state median of 0.83% and the U.S. national median of 0.99%. Local government entities within Worthville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Worthville 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 Worthville's effective property tax rate to other counties in Kentucky and the national median. For comparison, the 41098 zip code has the highest median property tax rate of 0.82%, while the lowest median tax rate is also 0.82%. Understanding how these cities compare with Worthville provides valuable insights into the varying tax landscape across Owen County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Worthville Tax Rate
1.23%
Average Owen County Tax Rate
1.18%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Worthville, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41098 | 0.88% | 1.17% | 1.23% | 1.50% | 2.32% |
Source: Ownwell
Property Tax Assessment Values Across Worthville, Kentucky
In Worthville, 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 Owen 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 Worthville, 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 Worthville helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 41098 has the highest and lowest median tax bill at $310.
Average Worthville Assessed Value
$27,550
Average Owen County Assessed Value
$55,000
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Worthville, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41098 | $2,500 | $6,500 | $27,550 | $76,350 | $139,820 |
Source: Ownwell
Property Tax Bills Across Worthville, Kentucky
In Worthville, Kentucky, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. The median home price in Worthville is $27,550. Property tax rates in Worthville are derived from the county's overall tax rate, which is applied to the assessed value of the property. The median property tax bill in Worthville is notably lower than the national median property tax rate of 0.99%. Several factors influence the final tax bill, including the property's assessed value, the local tax rate, and any applicable exemptions or deductions. For instance, the 25th percentile tax bill is around $100, while the 75th percentile tax bill is $864, and the 90th percentile tax bill reaches up to $1,605. Homeowners in Worthville benefit from these lower property tax rates, making homeownership more affordable compared to other regions. This affordability can significantly impact household budgets, allowing residents to allocate funds to other essential expenses or investments.
Average Worthville Tax Bill
$310
Average Owen County Tax Bill
$541
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Worthville, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41098 | $57 | $100 | $310 | $864 | $1,605 |
Source: Ownwell