Willisburg, Kentucky Property Taxes
The median property tax rate in Willisburg, KY is 0.79%, which is notably lower than both the national median of 0.99% and the Kentucky state median of 1.02%. With a median home value of $111,750 in Willisburg, the typical annual property tax bill amounts to $687, significantly below the national median of $2,690. Property taxes in Willisburg are calculated based on the assessed value, which is often lower than the market value due to exemptions such as those for primary residences and agricultural properties. By understanding Willisburg's property tax system, exploring available exemptions, and identifying opportunities for reductions, homeowners can achieve substantial savings each year. Whether you're in the heart of Willisburg or elsewhere in the city, a thorough understanding of the local property tax system can greatly benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Willisburg, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.79%
Estimate Property Tax Bill
$883
Ownwell’s Willisburg Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Willisburg with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Willisburg 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 Willisburg, Kentucky
Property taxes in Willisburg, Kentucky, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Willisburg is 0.79%, which is lower than the U.S. national median of 0.99%. Local government entities within Willisburg set these rates annually, and they can vary significantly across different neighborhoods. Each year, Willisburg 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. Understanding how Willisburg's effective property tax rate compares with other areas provides valuable insights into the varying tax landscape across Washington County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Willisburg Tax Rate
0.79%
Average Washington County Tax Rate
0.86%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Willisburg, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40078 | 0.17% | 0.40% | 0.79% | 1.07% | 1.26% |
Source: Ownwell
Property Tax Assessment Values Across Willisburg, Kentucky
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Willisburg, Kentucky. The market value represents 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 Washington 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 Willisburg, 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 Willisburg helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Willisburg is $687 in zip code 40078, while the lowest median tax bill is also $687 in the same zip code.
Average Willisburg Assessed Value
$111,750
Average Washington County Assessed Value
$130,000
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Willisburg, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40078 | $12,500 | $50,000 | $111,750 | $201,500 | $345,000 |
Source: Ownwell
Property Tax Bills Across Willisburg, Kentucky
In Willisburg, 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 the market value of the property. Homeowners in Willisburg can expect property tax bills that vary widely depending on the value of their homes. For instance, the tax bill at the 25th percentile is around $247, while at the 75th percentile, it reaches approximately $1,208. For those in the 90th percentile, the tax bill can be as high as $1,763. This variation in tax bills significantly impacts homeowners, as higher property values lead to higher tax obligations. Compared to the national median property tax rate of 0.99%, Willisburg's tax rates can be seen as relatively moderate. The highest median tax bill in Willisburg is $687, which is consistent across the zip code 40078. Understanding these factors helps homeowners anticipate their annual tax responsibilities and plan their finances accordingly.
Average Willisburg Tax Bill
$687
Average Washington County Tax Bill
$877
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Willisburg, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40078 | $110 | $247 | $687 | $1,208 | $1,763 |
Source: Ownwell