Woollum, Kentucky Property Taxes
The median property tax rate in Woollum, KY is 1.17%, higher than both the national median of 0.99% and the Kentucky state median of 1.02%. With the median home value in Woollum, the typical annual property tax bill reaches $302, which is significantly lower than the national median of $2,690. Property taxes in Woollum are calculated based on the tax assessed value, which often falls below the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Woollum's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Woollum or another part of Knox County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Woollum, Kentucky Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
1.02%
Estimate Property Tax Bill
$2,040
Ownwell’s Woollum Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Woollum with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Woollum 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 Woollum, Kentucky
Property taxes in Woollum, Kentucky, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Woollum is 1.17%, higher than both the Kentucky state median and the U.S. national median of 0.99%. Local government entities within Woollum set these rates annually, and they can vary significantly across different neighborhoods. Each year, Woollum 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 Woollum's effective property tax rate to other counties in Kentucky and the national median. For comparison, the 40906 zip code has the highest median property tax rate of 1.17%, while the same zip code also has the lowest median tax rate of 1.17%. Understanding how these cities compare with Woollum provides valuable insights into the varying tax landscape across Knox County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Woollum Tax Rate
1.17%
Average Knox County Tax Rate
1.14%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Woollum, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40906 | 1.07% | 1.12% | 1.17% | 1.31% | 1.78% |
Source: Ownwell
Property Tax Assessment Values Across Woollum, Kentucky
In Woollum, 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 Knox 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 Woollum, 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 Woollum helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the area are both found in the 40906 zip code, each at $302.
Average Woollum Assessed Value
$28,600
Average Knox County Assessed Value
$35,000
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Woollum, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40906 | $4,550 | $10,000 | $28,600 | $54,500 | $81,110 |
Source: Ownwell
Property Tax Bills Across Woollum, Kentucky
In Woollum, located in Knox County, KY, property tax bills are calculated based on the assessed value of a home. The median home price in Woollum is $28,600, which is significantly lower than the national median. The property tax rate applied to this assessed value determines the tax bill. Several factors influence the tax bill, including the assessed value of the property and the local tax rate set by the county. Homeowners in Woollum experience a wide range of tax bills. For instance, the 25th percentile of tax bills is $121, while the 75th percentile reaches $577. At the 90th percentile, tax bills can go up to $886. Despite these variations, the highest median tax bill reported in the area is $302, found in the 40906 zip code. These tax bills impact homeowners by contributing to their annual expenses, but the relatively low home prices in Woollum help keep overall tax burdens manageable compared to national averages.
Average Woollum Tax Bill
$302
Average Knox County Tax Bill
$358
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Woollum, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40906 | $56 | $121 | $302 | $577 | $886 |
Source: Ownwell