Warsaw, Kentucky Property Taxes
The median property tax rate in Warsaw, KY is 1.07%, slightly higher than both the national median of 0.99% and the Kentucky state median of 1.02%. With the median home value in Warsaw at $80,000, the typical annual property tax bill reaches $738, which is below the national median of $2,690. Property taxes in Warsaw 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 Warsaw'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 Warsaw or another part of Gallatin County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Warsaw, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.07%
Estimate Property Tax Bill
$856
Ownwell’s Warsaw Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Warsaw with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Warsaw to provide an estimate of your property tax bill. This valuable tool helps you understand your potential tax liabilities. For those interested in more detailed trends at the neighborhood level, additional localized information is available below. Your property’s assessed value is the value assigned by Gallatin County for property tax calculations, considering any applicable exemptions.
Property Tax Rates Across Warsaw, Kentucky
Property taxes in Warsaw, Kentucky, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Warsaw is 1.07%, which is higher than the U.S. national median of 0.99%. Local government entities within Warsaw set these rates annually, and they can vary significantly across different neighborhoods. Each year, Warsaw 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 Warsaw's effective property tax rate to other counties in Kentucky and the national median. For comparison, the 41095 zip code has the highest median property tax rate of 1.07%, while the same zip code also has the lowest median tax rate of 1.07%. Understanding how these cities compare with Warsaw provides valuable insights into the varying tax landscape across Gallatin County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Warsaw Tax Rate
1.07%
Average Gallatin County Tax Rate
1.07%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Warsaw, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41095 | 0.55% | 1.00% | 1.07% | 1.07% | 1.07% |
Source: Ownwell
Property Tax Assessment Values Across Warsaw, Kentucky
In Warsaw, 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 Gallatin 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 Warsaw, 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 Warsaw helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Warsaw is $738 in the 41095 zip code, which is also the lowest median tax bill in the area.
Average Warsaw Assessed Value
$80,000
Average Gallatin County Assessed Value
$84,300
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Warsaw, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41095 | $9,600 | $25,000 | $80,000 | $140,000 | $224,300 |
Source: Ownwell
Property Tax Bills Across Warsaw, Kentucky
In Warsaw, located in Gallatin County, KY, property tax bills are determined based on the assessed value of a home, which is influenced by various factors such as property size, location, and market conditions. The median home price in this area is $80,000. Homeowners can expect their property tax bills to vary significantly, with the 25th percentile tax bill at $249 and the 75th percentile reaching up to $1,316. For those in the higher range, the 90th percentile tax bill is $1,945. The tax rate in Warsaw is compared to the national median property tax rate of 0.99%. This variation in tax bills means that homeowners in Warsaw might pay less or more than the national average, depending on their property's assessed value. These property taxes are crucial as they fund local services such as schools, public safety, and infrastructure, directly impacting the quality of life in the community. Homeowners need to be aware of these factors to manage their finances effectively.
Average Warsaw Tax Bill
$738
Average Gallatin County Tax Bill
$804
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Warsaw, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41095 | $107 | $249 | $738 | $1,316 | $1,945 |
Source: Ownwell