Warfield, Kentucky Property Taxes
The median property tax rate in Warfield, KY is 1.28%, considerably higher than both the national median of 0.99% and the Kentucky state median of 1.02%. With the median home value in Warfield at $35,500, the typical annual property tax bill reaches $281, which is significantly lower than the national median of $2,690. Property taxes in Warfield 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 Warfield'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 Warfield or another part of Martin County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Warfield, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.28%
Estimate Property Tax Bill
$454
Ownwell’s Warfield Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Warfield with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Warfield 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 Warfield, Kentucky
Property taxes in Warfield, Kentucky, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Warfield is 1.28%, significantly higher than the U.S. national median of 0.99%. Local government entities within Warfield set these rates annually, and they can vary significantly across different neighborhoods. Each year, Warfield 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 Warfield's effective property tax rate to other areas in Kentucky and the national median. For comparison, the 41267 zip code has the highest median property tax rate of 1.28%, while the same zip code also has the lowest median tax rate of 1.28%. Understanding how these cities compare with Warfield provides valuable insights into the varying tax landscape across Martin County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Warfield Tax Rate
1.28%
Average Martin County Tax Rate
1.41%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Warfield, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41267 | 0.32% | 0.47% | 1.28% | 1.78% | 2.41% |
Source: Ownwell
Property Tax Assessment Values Across Warfield, Kentucky
In Warfield, 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 Warfield, 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 Warfield helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Warfield are both $281.00, found in the zip code 41267. This highlights the relatively consistent property tax landscape within the region.
Average Warfield Assessed Value
$35,500
Average Martin County Assessed Value
$33,161
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Warfield, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41267 | $8,220 | $16,250 | $35,500 | $60,000 | $88,525 |
Source: Ownwell
Property Tax Bills Across Warfield, Kentucky
In Warfield, KY, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. The median home price in Warfield is $35,500. Once the assessed value is established, the local property tax rate is applied to calculate the annual tax bill. The tax rate in Warfield is influenced by various factors, including funding requirements for local services such as schools, emergency services, and infrastructure. Homeowners in Warfield can expect a wide range of tax bills. At the 25th percentile, the tax bill is around $105, while at the 75th percentile, it rises to $673. For those at the higher end, the 90th percentile tax bill can reach up to $1,133. The highest and lowest median tax bill in the area is $281, both found in the zip code 41267. These property taxes play a crucial role in maintaining community standards and services, impacting homeowners by contributing to the overall quality of life in the area.
Average Warfield Tax Bill
$281
Average Martin County Tax Bill
$308
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Warfield, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41267 | $105 | $105 | $281 | $673 | $1,133 |
Source: Ownwell