Williamsport, Kentucky Property Taxes
The median property tax rate in Williamsport, KY is 1.01%, slightly higher than the national median of 0.99% but just below Kentucky's state median of 1.02%. With the median home value in Williamsport at $43,750, the typical annual property tax bill amounts to $240, which is significantly lower than the national median of $2,690. Property taxes in Williamsport are calculated based on the tax assessed value, often lower than the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Williamsport'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 Williamsport 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
Williamsport, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.01%
Estimate Property Tax Bill
$442
Ownwell’s Williamsport Property Tax Bill Calculator is an essential tool for any homeowner, real estate investor, or potential owner looking to estimate their annual property taxes in Williamsport with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Williamsport 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 Johnson County for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Williamsport, Kentucky
Property taxes in Williamsport, Kentucky, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Williamsport is 1.01%, slightly higher than the U.S. national median of 0.99%. Local government entities within Williamsport set these rates annually, and they can vary significantly across different neighborhoods. Each year, Williamsport 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 Williamsport's effective property tax rate to other areas in Kentucky and the national median. For comparison, the zip code 41271 has both the highest and lowest median property tax rate of 1.01%. Understanding how these areas compare with Williamsport provides valuable insights into the varying tax landscape across Johnson County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Williamsport Tax Rate
1.01%
Average Johnson County Tax Rate
1.01%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Williamsport, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41271 | 0.13% | 0.39% | 1.01% | 1.07% | 1.24% |
Source: Ownwell
Property Tax Assessment Values Across Williamsport, Kentucky
In Williamsport, 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 local 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 Williamsport, 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. For example, the highest median tax bill in the area is $240.00 in the 41271 zip code, while the lowest median tax bill is also $240.00 in the same zip code. Being aware of these valuation processes in Williamsport helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Williamsport Assessed Value
$43,750
Average Johnson County Assessed Value
$56,700
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Williamsport, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41271 | $8,000 | $20,000 | $43,750 | $77,000 | $115,040 |
Source: Ownwell
Property Tax Bills Across Williamsport, Kentucky
In Williamsport, KY, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor's office. The assessed value typically reflects a percentage of the market value. For instance, with a median home price of $43,750, the tax bill can vary significantly. Homeowners in the 25th percentile pay around $107, while those in the 75th percentile see bills closer to $617. At the 90th percentile, the tax bill can be as high as $954. These figures illustrate the range of property tax burdens faced by homeowners in the area. Factors such as property size, location, and improvements can influence the assessed value and, consequently, the tax bill. Compared to the national median property tax rate of 0.99%, Williamsport's rates can be relatively modest, but individual circumstances can lead to higher or lower bills. Understanding these factors helps homeowners anticipate their property tax obligations and plan accordingly.
Average Williamsport Tax Bill
$240
Average Johnson County Tax Bill
$379
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Williamsport, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41271 | $47 | $107 | $240 | $617 | $954 |
Source: Ownwell