Wilmore, Kentucky Property Taxes
The median property tax rate in Wilmore, KY is 1.05%, slightly above both the national median of 0.99% and the Kentucky state median of 1.02%. With a median home value of $140,000 in Wilmore, the typical annual property tax bill amounts to $1,527, which is below the national median of $2,690. Property taxes in Wilmore are determined based on the tax assessed value, which is often lower than the market value due to various exemptions, such as those for primary residences and agricultural properties. Gaining a clear understanding of Wilmore'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 Wilmore or another part of the city, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Wilmore, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.05%
Estimate Property Tax Bill
$1,470
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, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Wilmore is 1.05%, 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 1.05%, while the 40390 zip code has the lowest median tax rate of 1.05%. Understanding how these cities compare with Wilmore provides valuable insights into the varying tax landscape across Woodford County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Wilmore Tax Rate
1.05%
Average Woodford County Tax Rate
1.03%
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 | 0.59% | 0.87% | 1.05% | 1.08% | 1.10% |
Source: Ownwell
Property Tax Assessment Values Across Wilmore, Kentucky
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Wilmore, KY. 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 Woodford 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. For instance, the median home price in Wilmore is $140,000, with tax bills ranging from $671 at the 25th percentile to $2,596 at the 90th percentile. The highest median tax bill is $1,527 in the 40390 zip code, which also has the lowest median tax bill at the same amount. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage their tax burden.
Average Wilmore Assessed Value
$140,000
Average Woodford County Assessed Value
$190,000
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 | $30,060 | $84,100 | $140,000 | $202,850 | $270,020 |
Source: Ownwell
Property Tax Bills Across Wilmore, Kentucky
In Wilmore, 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. For instance, homeowners in Wilmore can expect a median tax bill around $1,527. The tax bill can vary significantly, with the 25th percentile at $671 and the 75th percentile reaching $2,085, while the 90th percentile can be as high as $2,596. These variations are influenced by factors such as property size, location, and any applicable exemptions. Compared to the national median property tax rate of 0.99%, Wilmore's tax rates are competitive, offering a relatively affordable tax environment. For homeowners, understanding these factors is crucial as it directly impacts their annual financial planning and the overall cost of owning property in the area. By staying informed, homeowners can better anticipate their tax obligations and manage their budgets accordingly.
Average Wilmore Tax Bill
$1,527
Average Woodford County Tax Bill
$1,832
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 | $132 | $671 | $1,527 | $2,085 | $2,596 |
Source: Ownwell