Wooton, Kentucky Property Taxes
The median property tax rate in Wooton, KY is 1.40%, considerably higher than both the national median of 0.99% and the Kentucky state median of 1.02%. With the median home value in Wooton, the typical annual property tax bill reaches $281, which is significantly lower than the national median of $2,690. Property taxes in Wooton 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 Wooton'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 Wooton 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
Wooton, 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 Wooton Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Wooton with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Wooton 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 Wooton, Kentucky
Property taxes in Wooton, Kentucky, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Wooton is 1.40%, significantly higher than both the Kentucky state median and the U.S. national median of 0.99%. Local government entities within Wooton set these rates annually, and they can vary significantly across different neighborhoods. Each year, Wooton 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 Wooton's effective property tax rate to other counties in Kentucky and the national median. For comparison, the 41776 zip code has both the highest and lowest median property tax rate of 1.40%. Understanding how these cities compare with Wooton provides valuable insights into the varying tax landscape across Leslie County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Wooton Tax Rate
1.40%
Average Leslie County Tax Rate
1.40%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Wooton, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41776 | 0.37% | 1.14% | 1.40% | 1.40% | 1.40% |
Source: Ownwell
Property Tax Assessment Values Across Wooton, Kentucky
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Wooton, Kentucky. The market value represents 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 Leslie 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 Wooton, 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 Wooton helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Wooton is $27,000, with tax bills ranging significantly. For instance, the tax bill at the 25th percentile is $105, while at the 75th percentile, it's $597. Notably, the highest and lowest median tax bills both stand at $281 in the 41776 zip code.
Average Wooton Assessed Value
$27,000
Average Leslie County Assessed Value
$28,300
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Wooton, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41776 | $2,380 | $10,000 | $27,000 | $46,000 | $74,000 |
Source: Ownwell
Property Tax Bills Across Wooton, Kentucky
In Wooton, located in Leslie County, KY, property tax bills are determined by the assessed value of a home and the local tax rate. The assessed value is typically a percentage of the property's market value. Homeowners in Wooton face a range of property tax bills, with the 25th percentile at $105, the 75th percentile at $597, and the 90th percentile reaching $1,033. This variation highlights how different factors, such as property size, location, and improvements, influence the tax amount. Comparatively, the median home price in Wooton is $27,000, which is significantly lower than the national median. Consequently, even though the highest median tax bill in the area is $281, it remains relatively affordable. These property taxes fund essential local services such as schools, public safety, and infrastructure. Homeowners should be aware of these factors as they directly impact their annual financial obligations and the quality of community services.
Average Wooton Tax Bill
$281
Average Leslie County Tax Bill
$267
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Wooton, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41776 | $35 | $105 | $281 | $597 | $1,033 |
Source: Ownwell