Prospect, Kentucky Property Taxes
The median property tax rate in Prospect, KY is 1.24%, considerably higher than both the national median of 0.99% and the Kentucky state median of 1.02%. With the median home value in Prospect at $435,000, the typical annual property tax bill reaches $5,407, exceeding the national median of $2,690. Property taxes in Prospect 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 Prospect'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 Prospect or another part of Oldham County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Prospect, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.24%
Estimate Property Tax Bill
$5,394
Ownwell’s Prospect Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Prospect with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Prospect 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 Prospect, Kentucky
Property taxes in Prospect, Kentucky, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Prospect is 1.24%, significantly higher than the U.S. national median of 0.99%. Local government entities within Prospect set these rates annually, and they can vary significantly across different neighborhoods. Each year, Prospect 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 Prospect's effective property tax rate to other areas in Oldham County and the national median. For comparison, the zip code 40059 has both the highest and lowest median property tax rate of 1.24%. Understanding how these areas compare with Prospect provides valuable insights into the varying tax landscape across Oldham County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Prospect Tax Rate
1.24%
Average Oldham County Tax Rate
1.24%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Prospect, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40059 | 1.09% | 1.24% | 1.24% | 1.25% | 1.31% |
Source: Ownwell
Property Tax Assessment Values Across Prospect, Kentucky
In Prospect, 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 Oldham 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 Prospect, 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 Prospect helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in the area is $5,407 in the 40059 zip code, while the lowest median tax bill is also $5,407 in the same zip code.
Average Prospect Assessed Value
$435,000
Average Oldham County Assessed Value
$277,000
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Prospect, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40059 | $235,000 | $307,875 | $435,000 | $560,789 | $723,500 |
Source: Ownwell
Property Tax Bills Across Prospect, Kentucky
In Prospect, located in Oldham County, KY, property tax bills are calculated based on the assessed value of a home and the applicable tax rate. The median home price in this area is $435,000. Homeowners in Prospect can expect their tax bills to vary significantly. For instance, at the 25th percentile, the tax bill is around $3,727, while at the 75th percentile, it reaches approximately $6,927. At the 90th percentile, the tax bill can go up to $8,730. The tax bill is determined by multiplying the assessed value of the property by the local tax rate. Factors such as property improvements, market trends, and neighborhood developments can influence the assessed value. This variation in tax bills can have a substantial impact on homeowners, affecting their annual budget and long-term financial planning. Compared to the national median property tax rate of 0.99%, the tax rates in Prospect reflect the unique economic and property value conditions of the area.
Average Prospect Tax Bill
$5,407
Average Oldham County Tax Bill
$3,306
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Prospect, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40059 | $2,619 | $3,727 | $5,407 | $6,927 | $8,730 |
Source: Ownwell