Woodbury, Kentucky Property Taxes
The median property tax rate in Woodbury, KY is 0.97%, slightly lower than both the national median of 0.99% and the Kentucky state median of 1.02%. With the median home value in Woodbury at $107,500, the typical annual property tax bill is $815, which is significantly lower than the national median of $2,690. Property taxes in Woodbury 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 Woodbury'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 Woodbury 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
Woodbury, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.97%
Estimate Property Tax Bill
$1,043
Ownwell’s Woodbury Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Woodbury with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Woodbury 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 Woodbury, Kentucky
Property taxes in Woodbury, Kentucky, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Woodbury is 0.97%, slightly lower than the U.S. national median of 0.99%. Local government entities within Woodbury set these rates annually, and they can vary significantly across different neighborhoods. Each year, Woodbury 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 Woodbury's effective property tax rate to other counties in Kentucky and the national median. For comparison, the 42288 zip code has the highest median property tax rate of 0.97%, while the same zip code also has the lowest median tax rate of 0.97%. Understanding how these cities compare with Woodbury provides valuable insights into the varying tax landscape across Butler County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Woodbury Tax Rate
0.97%
Average Butler County Tax Rate
0.90%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Woodbury, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42288 | 0.70% | 0.87% | 0.97% | 0.97% | 0.97% |
Source: Ownwell
Property Tax Assessment Values Across Woodbury, Kentucky
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Woodbury, Kentucky. 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 Butler 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 Woodbury, 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 Woodbury is $107,500, with tax bills ranging from $685 at the 25th percentile to $1,678 at the 90th percentile. 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 Woodbury helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Woodbury Assessed Value
$107,500
Average Butler County Assessed Value
$64,000
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Woodbury, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42288 | $74,650 | $88,375 | $107,500 | $141,000 | $180,600 |
Source: Ownwell
Property Tax Bills Across Woodbury, Kentucky
In Woodbury, KY, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is determined by the county assessor, who evaluates the property's market value. Homeowners in Woodbury typically face a median property tax rate of 0.99%, aligning with the national median. For a median home price of $107,500, this results in a tax bill around $1,065 annually. Several factors influence the tax bill, including property size, location, and any improvements made to the home. For example, tax bills in the 25th percentile are approximately $685, while those in the 75th percentile reach $1,195. High-value properties can see tax bills as high as $1,678, falling in the 90th percentile. These property taxes significantly impact homeowners by influencing their annual budgets and overall cost of homeownership. Understanding these factors can help homeowners anticipate their financial commitments and explore potential tax appeals or exemptions to reduce their burden.
Average Woodbury Tax Bill
$815
Average Butler County Tax Bill
$452
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Woodbury, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42288 | $653 | $685 | $815 | $1,195 | $1,678 |
Source: Ownwell