Midway, Franklin County, Kentucky Property Taxes
The median property tax rate in Midway, KY, is 1.20%, considerably higher than both the national median of 0.99% and the Kentucky state median of 1.02%. With the median home value in Midway at $182,500, the typical annual property tax bill reaches $2,042, which is below the national median of $2,690. Property taxes in Midway 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 Midway'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 Midway 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
Midway, Franklin County, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.2%
Estimate Property Tax Bill
$2,190
$2,032
Ownwell’s Midway Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Midway with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Midway 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 Midway, Franklin County, Kentucky
Property taxes in Midway, Kentucky, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Midway stands at 1.20%, which is higher than the U.S. national median of 0.99%. Local government entities within Midway set these rates annually, and they can vary significantly across different neighborhoods. Each year, Midway 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 Midway's effective property tax rate to other counties in Kentucky and the national median. For comparison, the zip code 40347 has the highest median property tax rate of 1.20%, while the lowest median tax rate is also 1.20%, indicating uniformity in this specific area. Understanding how these cities compare with Midway provides valuable insights into the varying tax landscape across Franklin County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Midway Tax Rate
1.20%
Average Franklin County Tax Rate
1.20%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Midway, Franklin County, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40347 | 0.74% | 0.93% | 1.20% | 1.20% | 1.20% |
Source: Ownwell
Property Tax Assessment Values Across Midway, Franklin County, Kentucky
In Midway, 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 Franklin 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. 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 Midway helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest and lowest median tax bill is 40347, with a tax bill of $2042.
Property Tax Assessment Values Across Midway, Franklin County, Kentucky
Source: Ownwell
$92,208
$138,492
$184,776
Average Midway Assessed Value
$182,500
Average Franklin County Assessed Value
$129,000
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Midway, Franklin County, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40347 | $21,800 | $107,500 | $182,500 | $299,697 | $426,200 |
Source: Ownwell
Property Tax Bills Across Midway, Franklin County, Kentucky
In Midway, KY, property tax bills are calculated based on the assessed value of a home, which is determined by the local county assessor. The assessed value is then multiplied by the local property tax rate to determine the tax bill. For instance, with a median home price of $182,500, homeowners can expect varying tax bills depending on their property's assessed value. Factors such as property improvements, market conditions, and neighborhood characteristics influence the assessed value. In Franklin County, the tax bill can vary significantly. For example, the 25th percentile tax bill is around $927, while the 75th percentile tax bill reaches up to $3,522. At the high end, the 90th percentile tax bill can be as much as $5,115. The median tax bill in the zip code 40347 stands at $2,042, which is above the national median property tax rate of 0.99%. These property taxes fund essential local services, impacting homeowners by contributing to community resources like schools, infrastructure, and emergency services.
Average Midway Tax Bill
$2,042
Average Franklin County Tax Bill
$1,314
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Midway, Franklin County, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40347 | $498 | $927 | $2,042 | $3,522 | $5,115 |
Source: Ownwell