Willisburg, Kentucky Property Taxes
The median property tax rate in Willisburg, KY is 1.21%, higher than both the national median of 0.99% and Kentucky's state median of 1.02%. With a median home value of $119,964 in Willisburg, the typical annual property tax bill amounts to $1,447, which is below the national median of $2,690. Property taxes in Willisburg are calculated based on the tax assessed value, which often falls below the market value due to various exemptions, such as those for primary residences and agricultural properties. Understanding Willisburg'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 Willisburg 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
Willisburg, 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 Willisburg Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Willisburg with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Willisburg 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 Willisburg, Kentucky
Property taxes in Willisburg, Kentucky, play a crucial role in funding essential local services, including public schools, road maintenance, and emergency services. The median tax rate in Willisburg is 0.83%, which is lower than both the Kentucky state median of 0.83% and the U.S. national median of 0.99%. Local government entities within Willisburg set these rates annually, and they can vary significantly across different neighborhoods. Each year, Willisburg 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 Willisburg's effective property tax rate to other counties in Kentucky and the national median. For comparison, the 40078 zip code has the highest median property tax rate of 0.83%, while the same zip code also has the lowest median tax rate of 0.83%. Understanding how these areas compare with Willisburg provides valuable insights into the varying tax landscape across Mercer County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Willisburg Tax Rate
1.21%
Average Mercer County Tax Rate
1.13%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Willisburg, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40078 | 0.98% | 1.12% | 1.21% | 1.21% | 1.21% |
Source: Ownwell
Property Tax Assessment Values Across Willisburg, Kentucky
In Willisburg, 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 Willisburg, 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 Willisburg helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Willisburg are both $1447, occurring in the 40078 zip code.
Average Willisburg Assessed Value
$119,964
Average Mercer County Assessed Value
$125,484
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Willisburg, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40078 | $70,429 | $95,822 | $119,964 | $175,669 | $257,874 |
Source: Ownwell
Property Tax Bills Across Willisburg, Kentucky
In Willisburg, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. The assessed value is a percentage of the market value, reflecting the property's worth in the current real estate market. Several factors influence this valuation, including the property's size, location, and condition. Once the assessed value is established, the local tax rate is applied to calculate the annual tax bill. For homeowners in Willisburg, the median home price is $119,964. Property tax bills can vary significantly, with those at the 25th percentile paying around $1,156 annually, while those at the 75th percentile face bills closer to $1,864. At the 90th percentile, homeowners might pay up to $2,397. Compared to the national median property tax rate of 0.99%, these figures highlight the variability within the region. Understanding these factors helps homeowners anticipate their annual property tax obligations and budget accordingly.
Average Willisburg Tax Bill
$1,447
Average Mercer County Tax Bill
$1,011
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Willisburg, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40078 | $849 | $1,156 | $1,447 | $1,864 | $2,397 |
Source: Ownwell