Winchester, Kentucky Property Taxes
The median property tax rate in Winchester, KY is 0.99%, aligning with the national median of 0.99% but slightly below the Kentucky state median of 1.02%. With the median home value in Winchester at $130,000, the typical annual property tax bill is $1,119, which is lower than the national median of $2,690. Property taxes in Winchester are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Winchester'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 Winchester 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
Winchester, 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 Winchester Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Winchester with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Winchester 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 Clark County for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Winchester, Kentucky
Property taxes in Winchester, Kentucky, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Winchester is 0.99%, aligning with both the Kentucky state median and the U.S. national median of 0.99%. Local government entities within Winchester set these rates annually, and they can vary significantly across different neighborhoods. Each year, Winchester 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 Winchester's effective property tax rate to other areas in Kentucky and the national median. For comparison, the 40391 zip code has both the highest and lowest median property tax rate of 0.99%. Understanding how these areas compare with Winchester provides valuable insights into the varying tax landscape across Clark County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Winchester Tax Rate
0.99%
Average Clark County Tax Rate
0.99%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Winchester, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40391 | 0.56% | 0.77% | 0.98% | 0.98% | 0.99% |
| 40392 | 0.91% | 0.98% | 0.98% | 0.98% | 0.98% |
Source: Ownwell
Property Tax Assessment Values Across Winchester, Kentucky
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Winchester, 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 Clark 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 Winchester 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. Winchester's median home price is $130,000, and the median tax bill ranges from $645 at the 25th percentile to $2,507 at the 90th percentile. The highest median tax bill is $1,130 in the 40392 zip code, while the lowest is $1,119 in the 40391 zip code. 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 the tax burden.
Average Winchester Assessed Value
$130,000
Average Clark County Assessed Value
$130,000
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Winchester, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40391 | $35,000 | $77,050 | $130,000 | $194,175 | $287,880 |
| 40392 | $37,680 | $67,500 | $117,500 | $190,700 | $332,960 |
Source: Ownwell
Property Tax Bills Across Winchester, Kentucky
In Winchester, KY, property tax bills are calculated based on the assessed value of a home, which is determined by the Clark County Property Valuation Administrator. The median home price in Winchester is $130,000, and the property tax rate is applied to this assessed value to determine the tax bill. Various factors influence this calculation, including property location, home size, and market conditions. For homeowners in Winchester, the tax bill can vary significantly. For instance, the 25th percentile tax bill is $645, while the 75th percentile reaches $1,694, and the 90th percentile can go up to $2,507. The highest median tax bill in the area is $1,130 in the 40392 zip code, whereas the lowest median tax bill is $1,119 in the 40391 zip code. These property taxes play a crucial role in funding local services such as schools, infrastructure, and emergency services, directly impacting the quality of life for residents.
Average Winchester Tax Bill
$1,119
Average Clark County Tax Bill
$1,117
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Winchester, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40391 | $296 | $645 | $1,119 | $1,694 | $2,507 |
| 40392 | $371 | $665 | $1,130 | $1,620 | $3,280 |
Source: Ownwell