Woodford County Property Taxes
The median property tax rate in Woodford County is 1.03%, which is slightly higher than both the national median of 0.99% and the Kentucky state median of 1.02%. With the median home value in Woodford County at $190,000, the typical annual property tax bill amounts to $1,832, which is below the national median of $2,690. Property taxes in Woodford County are based on the tax assessed value, generally lower than the actual market value due to various property tax exemptions such as primary residence and agricultural exemptions. Understanding Woodford County's specific property tax system, exploring available exemptions, and identifying opportunities for property tax reductions can provide significant annual savings. Whether you live in Versailles or another part of Woodford County, gaining comprehensive knowledge of local property taxes will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Woodford County Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.03%
Estimate Property Tax Bill
$1,957
Ownwell’s Woodford Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner to estimate their annual property taxes in Woodford with just 2 data points. Enter your property's estimated assessed value, and our calculator applies the median tax rate in Woodford to estimate your property tax bill. This insight helps you understand potential tax liabilities. If you’d like to see trends on a city level, scroll down to navigate to a more local informational page. Your property assessed value is the value assigned to your property by your county for property tax calculations. Assessed value takes into account any exemptions you may have on your property.
Property Tax Rates Across Woodford County, Kentucky
Property taxes in Woodford County play a crucial role in funding essential local services like public schools, road maintenance, and emergency services. The median tax rate in Woodford County is 1.03%, which is higher than both the Kentucky state median and the U.S. national median of 0.99%. Local government entities within Woodford County set these rates annually, and they can vary significantly between different areas within the county. Each year, Woodford County estimates its required budget to maintain services for the upcoming fiscal year and divides this budget by the total value of all taxable property in the jurisdiction, resulting in the property tax rate. Although tax rates and budgets are influenced by laws and voter input, this calculation forms the basic process for setting property tax rates. For comparison, the city of Frankfort has one of the higher property tax rates in Kentucky at 1.07%, while the city of Midway boasts one of the lowest at 1.02%. Analyzing how Woodford County's tax rates stack up against these benchmarks can give homeowners a better understanding of the local tax landscape.
Average Woodford County Tax Rate
1.03%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Woodford County, Kentucky
| City | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| Frankfort | 0.70% | 0.84% | 1.07% | 1.10% | 1.17% |
| Lexington | 1.06% | 1.06% | 1.06% | 1.06% | 1.06% |
| Midway | 0.76% | 0.93% | 1.02% | 1.05% | 1.08% |
| Versailles | 0.80% | 0.90% | 1.04% | 1.07% | 1.09% |
| Wilmore | 0.59% | 0.87% | 1.05% | 1.08% | 1.10% |
Source: Ownwell
Property Tax Assessment Values Across Woodford County, Kentucky
In Woodford County, understanding the difference between "market value" and "assessed value" is key to comprehending property taxes. The market value represents the price a willing buyer would pay to a willing seller in an open, competitive market, considering location, property condition, and current economic trends. For tax purposes, this value is estimated by the Woodford County Appraisal District. The assessed value, however, 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. Assessment notices in Woodford County are typically mailed in the spring, usually by the middle of April. These notices provide homeowners with both the market and assessed values, along with an estimate of the annual property tax bill. By distinguishing between these valuation concepts, property owners can better navigate their tax responsibilities and understand how their property taxes are affected. For instance, Lexington has the highest median tax bill at $6,077, while Frankfort has the lowest at $1,224. Being aware of these valuation processes in Woodford County will help you identify opportunities for appealing assessments or applying for exemptions to manage your tax burden more effectively.
Property Tax Assessment Values Across Woodford County, Kentucky
Source: Ownwell
$129,000
$352,000
$575,000
Average Woodford County Assessed Value
$190,000
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Woodford County, Kentucky
| City | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| Frankfort | $35,000 | $68,000 | $129,000 | $189,750 | $271,830 |
| Lexington | $575,000 | $575,000 | $575,000 | $575,000 | $575,000 |
| Midway | $72,000 | $120,000 | $181,500 | $256,000 | $364,000 |
| Versailles | $90,000 | $130,000 | $194,000 | $280,000 | $380,000 |
| Wilmore | $30,060 | $84,100 | $140,000 | $202,850 | $270,020 |
Source: Ownwell
Property Tax Bills Across Woodford County, Kentucky
In Woodford County, KY, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. This assessed value represents a percentage of the market value of the property. Homeowners in Woodford County can expect their tax bills to vary significantly, influenced by factors such as property size, location, and market conditions. The median home price in the county is $190,000, and property tax bills range from the 25th percentile at $1,245 to the 90th percentile at $3,783, with a median tax rate just below the national median of 0.99%. The highest median tax bill in the region is found in Lexington at $6,077, while the lowest is in Frankfort at $1,224, showing a wide disparity within the state. For homeowners, understanding these factors is crucial as they directly impact the annual financial obligations tied to property ownership, influencing overall housing affordability and long-term investment potential.
Average Woodford County Tax Bill
$1,832
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Woodford County, Kentucky
| City | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| Frankfort | $247 | $586 | $1,224 | $1,821 | $2,820 |
| Lexington | $6,077 | $6,077 | $6,077 | $6,077 | $6,077 |
| Midway | $659 | $1,109 | $1,672 | $2,505 | $3,602 |
| Versailles | $790 | $1,283 | $1,879 | $2,782 | $3,828 |
| Wilmore | $132 | $671 | $1,527 | $2,085 | $2,596 |
Source: Ownwell