Westport, Kentucky Property Taxes
The median property tax rate in Westport, KY is 1.25%, considerably higher than both the national median of 0.99% and the Kentucky state median of 1.02%. With the median home value in Westport, the typical annual property tax bill reaches $1,895, which is below the national median of $2,690. Property taxes in Westport 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 Westport'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 Westport 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
Westport, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.25%
Estimate Property Tax Bill
$2,234
Ownwell’s Westport Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Westport with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Westport 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 Westport, Kentucky
Property taxes in Westport, Kentucky, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Westport is 1.25%, significantly higher than the U.S. national median of 0.99%. Local government entities within Westport set these rates annually, and they can vary significantly across different neighborhoods. Each year, Westport 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 Westport's effective property tax rate to other areas and the national median. For comparison, the 40077 zip code has the highest median property tax rate of 1.25%, while the same 40077 zip code also has the lowest median tax rate of 1.25%. Understanding how these cities compare with Westport 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 Westport Tax Rate
1.25%
Average Oldham County Tax Rate
1.24%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Westport, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40077 | 0.67% | 0.97% | 1.25% | 1.27% | 1.29% |
Source: Ownwell
Property Tax Assessment Values Across Westport, Kentucky
In Westport, 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 Westport, 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 Westport helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 40077 has the highest and lowest median tax bill at $1,895.
Average Westport Assessed Value
$178,750
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 Westport, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40077 | $70,000 | $107,000 | $178,750 | $275,000 | $413,000 |
Source: Ownwell
Property Tax Bills Across Westport, Kentucky
In Westport, KY, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is determined by the county assessor and reflects the market value of the property. The tax rate is then applied to this assessed value to calculate the tax bill. Homeowners in Westport typically see tax bills that vary significantly, depending on the value of their property. For instance, tax bills in the 25th percentile are around $1,148, while those in the 75th percentile can reach up to $3,133. The 90th percentile sees tax bills as high as $4,369. These tax bills are crucial for funding local services such as schools, public safety, and infrastructure. The median property tax rate in Westport is notably higher than the national median of 0.99%, which can have a substantial impact on homeowners' financial planning. Understanding these factors helps homeowners anticipate their annual tax obligations and budget accordingly.
Average Westport Tax Bill
$1,895
Average Oldham County Tax Bill
$3,306
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Westport, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40077 | $762 | $1,148 | $1,895 | $3,133 | $4,369 |
Source: Ownwell