Woodburn, Kentucky Property Taxes
The median property tax rate in Woodburn, KY is 0.93%, slightly below both the national median of 0.99% and the Kentucky state median of 1.02%. With the median home value in Woodburn at $150,000, the typical annual property tax bill amounts to $1,305, which is lower than the national median of $2,690. Property taxes in Woodburn 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 Woodburn'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 Woodburn 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
Woodburn, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.93%
Estimate Property Tax Bill
$1,395
Ownwell’s WOODBURN Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in WOODBURN with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in WOODBURN 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 Woodburn, Kentucky
Property taxes in Woodburn, Kentucky, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Woodburn is 0.93%, which is lower than the U.S. national median of 0.99%. Local government entities within Woodburn set these rates annually, and they can vary significantly across different neighborhoods. Each year, Woodburn 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 Woodburn's effective property tax rate to other areas in Kentucky and the national median. For comparison, the zip code 42170 has the same median property tax rate of 0.93%, highlighting a consistent tax landscape within the region. Understanding how these areas compare with Woodburn provides valuable insights into the varying tax landscape across Simpson County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Woodburn Tax Rate
0.93%
Average Simpson County Tax Rate
0.93%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Woodburn, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42170 | 0.66% | 0.82% | 0.93% | 0.95% | 0.97% |
Source: Ownwell
Property Tax Assessment Values Across Woodburn, Kentucky
In Woodburn, 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 Simpson 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 Woodburn, 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 Woodburn helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Woodburn is $150,000, with tax bills ranging from $827 at the 25th percentile to $2,711 at the 90th percentile. The highest and lowest median tax bill is $1,305, found in the 42170 zip code.
Average Woodburn Assessed Value
$150,000
Average Simpson County Assessed Value
$130,000
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Woodburn, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42170 | $60,000 | $101,250 | $150,000 | $233,750 | $300,700 |
Source: Ownwell
Property Tax Bills Across Woodburn, Kentucky
In Woodburn, 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. For homeowners in Woodburn, the tax bill can vary widely. For instance, the tax bill at the 25th percentile is $827, while at the 75th percentile, it rises to $2044. At the 90th percentile, homeowners might see a tax bill as high as $2711. Compared to the national median property tax rate of 0.99%, Woodburn's property taxes can be significant, especially for higher-valued homes. The highest median tax bill in the region is $1305, which is also the lowest, indicating a consistent rate across different areas within Simpson County. These property taxes fund essential local services, such as public schools, infrastructure, and emergency services, directly impacting the community’s quality of life. Therefore, understanding how property tax bills are calculated can help homeowners better manage their finances and anticipate annual expenses.
Average Woodburn Tax Bill
$1,305
Average Simpson County Tax Bill
$1,117
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Woodburn, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42170 | $457 | $827 | $1,305 | $2,044 | $2,711 |
Source: Ownwell