Williamstown, Kentucky Property Taxes
The median property tax rate in Williamstown, KY is 1.17%, which is considerably higher than both the national median of 0.99% and the Kentucky state median of 1.02%. With the median home value in Williamstown at $111,400, the typical annual property tax bill reaches $1,250, still below the national median of $2,690. Property taxes in Williamstown 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 Williamstown'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 Williamstown 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
Williamstown, 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 Williamstown Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Williamstown with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Williamstown 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 Williamstown, Kentucky
Property taxes in Williamstown, Kentucky, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Williamstown is 1.17%, higher than both the Kentucky state median and the U.S. national median of 0.99%. Local government entities within Williamstown set these rates annually, and they can vary significantly across different neighborhoods. Each year, Williamstown 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 Williamstown's effective property tax rate to other counties in Kentucky and the national median. For comparison, the 41097 zip code has the highest median property tax rate of 1.17%, while the 41097 zip code also has the lowest median tax rate of 1.17%. Understanding how these cities compare with Williamstown provides valuable insights into the varying tax landscape across Grant County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Williamstown Tax Rate
1.17%
Average Grant County Tax Rate
1.12%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Williamstown, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41097 | 0.68% | 1.06% | 1.17% | 1.38% | 1.44% |
Source: Ownwell
Property Tax Assessment Values Across Williamstown, Kentucky
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Williamstown, 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 Grant 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 Williamstown, 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. The median home price in Williamstown is $111,400, with tax bills ranging from $626 at the 25th percentile to $2,734 at the 90th percentile. Notably, the highest and lowest median tax bills in the area are both recorded at $1,250 in the 41097 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 Williamstown Assessed Value
$111,400
Average Grant County Assessed Value
$114,000
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Williamstown, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41097 | $27,000 | $65,000 | $111,400 | $169,225 | $239,730 |
Source: Ownwell
Property Tax Bills Across Williamstown, Kentucky
Property tax bills in Williamstown, located in Grant County, KY, are calculated based on the assessed value of a property. The assessed value is determined by local tax assessors who evaluate the property's market value. Once the assessment is completed, a tax rate, set by local government entities, is applied to this value to calculate the tax bill. Homeowners in Williamstown can expect their property tax bills to vary significantly. For instance, the 25th percentile tax bill is $626, while the 75th percentile reaches $1,974, and the 90th percentile can go up to $2,734. These variations reflect differences in property values and the specific tax rates applied. Compared to the national median property tax rate of 0.99%, the median home price in Williamstown is $111,400, which influences the overall tax burden. This system ensures that property taxes are proportionate to the value of the property, impacting homeowners by requiring higher taxes for more valuable properties. Understanding these factors can help homeowners anticipate their property tax obligations and plan their finances accordingly.
Average Williamstown Tax Bill
$1,250
Average Grant County Tax Bill
$1,162
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Williamstown, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41097 | $249 | $626 | $1,250 | $1,974 | $2,734 |
Source: Ownwell