Williamsburg, Kentucky Property Taxes
The median property tax rate in Williamsburg, KY is 0.82%, which is lower than both the national median of 0.99% and the Kentucky state median of 1.02%. With the median home value in Williamsburg, the typical annual property tax bill reaches $139, significantly below the national median of $2,690. Property taxes in Williamsburg 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 Williamsburg'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 Williamsburg 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
Williamsburg, 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 Williamsburg Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Williamsburg with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Williamsburg 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 Williamsburg, Kentucky
Property taxes in Williamsburg, Kentucky, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Williamsburg is 0.82%, which is lower than the U.S. national median of 0.99%. Local government entities within Williamsburg set these rates annually, and they can vary significantly across different neighborhoods. Each year, Williamsburg 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 Williamsburg's effective property tax rate to other counties in Kentucky and the national median. For comparison, the 40769 zip code has both the highest and lowest median property tax rate of 0.82%. Understanding how these cities compare with Williamsburg provides valuable insights into the varying tax landscape across McCreary County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Williamsburg Tax Rate
0.82%
Average Mccreary County Tax Rate
0.82%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Williamsburg, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40769 | 0.29% | 0.62% | 0.82% | 0.82% | 0.82% |
Source: Ownwell
Property Tax Assessment Values Across Williamsburg, Kentucky
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Williamsburg, Kentucky. 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 Williamsburg, 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 Williamsburg helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. In Williamsburg, the zip code 40769 has both the highest and lowest median tax bills at $139.
Average Williamsburg Assessed Value
$26,000
Average Mccreary County Assessed Value
$37,000
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Williamsburg, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40769 | $2,230 | $6,000 | $26,000 | $53,000 | $94,500 |
Source: Ownwell
Property Tax Bills Across Williamsburg, Kentucky
In Williamsburg, KY, property tax bills are determined by assessing the value of a property and applying the local tax rate. The median home price in Williamsburg is $26,000, which is significantly lower than the national median. Property tax bills here range widely, with the 25th percentile paying around $49 and the 75th percentile paying approximately $314. For those at the 90th percentile, the tax bill can go up to $734. These figures illustrate the variability in tax burdens based on property values and assessments. The highest and lowest median tax bills in the area are both $139, occurring within the 40769 zip code. This suggests a level of consistency in how properties are assessed within that specific region. Homeowners in Williamsburg benefit from relatively low property tax rates compared to the national median property tax rate of 0.99%. However, the impact on individual homeowners can vary significantly depending on their property's assessed value, which influences their overall tax burden.
Average Williamsburg Tax Bill
$139
Average Mccreary County Tax Bill
$204
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Williamsburg, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40769 | $16 | $49 | $139 | $314 | $734 |
Source: Ownwell