Williamstown, Kentucky Property Taxes
The median property tax rate in Williamstown, KY is 1.29%, notably higher than both the national median of 0.99% and the Kentucky state median of 1.02%. With a median home value of $74,525 in Williamstown, the typical annual property tax bill amounts to $748, which is significantly lower than the national median of $2,690. Property taxes in Williamstown are calculated based on the assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Williamstown'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 Williamstown or another part of Pendleton County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Williamstown, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.29%
Estimate Property Tax Bill
$961
Ownwell’s Williamstown Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Williamstown with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Williamstown 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 Williamstown, Kentucky
Property taxes in Williamstown, Kentucky, are essential for funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Williamstown is 0.83%, lower than both the Kentucky state median of 0.86% and the U.S. national median of 0.99%. Local government entities within Williamstown set these rates annually, and they can vary significantly across different neighborhoods. Each year, Williamstown 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 Williamstown's effective property tax rate to other counties in Kentucky and the national median. For comparison, the highest median property tax rate in Pendleton County is 0.83%, while the lowest median tax rate is also 0.83%. Understanding how these cities compare with Williamstown provides valuable insights into the varying tax landscape across Grant County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Williamstown Tax Rate
1.29%
Average Pendleton County Tax Rate
1.29%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Williamstown, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41097 | 0.49% | 0.96% | 1.29% | 1.29% | 1.29% |
Source: Ownwell
Property Tax Assessment Values Across Williamstown, Kentucky
In Williamstown, Kentucky, understanding the distinction between "market value" and "assessed value" is essential for grasping property taxes. The market value represents the price a willing buyer would pay a willing seller in an open and competitive market, influenced by factors such as 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 Williamstown, 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 Williamstown helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Williamstown is $74,525. The tax bill for the 25th percentile is $337, while for the 75th percentile, it is $1,394. The highest median tax bill is found in the 41097 zip code, amounting to $748.
Average Williamstown Assessed Value
$74,525
Average Pendleton County Assessed Value
$91,000
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Williamstown, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41097 | $15,000 | $47,188 | $74,525 | $120,925 | $185,420 |
Source: Ownwell
Property Tax Bills Across Williamstown, Kentucky
In Williamstown, KY, property tax bills are calculated based on the assessed value of your home. The local tax rate is applied to this assessed value to determine your annual tax bill. Factors influencing the tax bill include the median home price, which is $74,525, and the specific tax rates set by local authorities. Tax bills can vary significantly, with the 25th percentile at $337 and the 75th percentile at $1,394. The 90th percentile sees tax bills as high as $2,256. Compared to the national median property tax rate of 0.99%, homeowners in Williamstown may find their tax bills relatively manageable. However, the impact on homeowners can vary widely depending on the assessed value of their property and the specific tax rates applicable to their area. In Pendleton County, where Williamstown is located, the highest and lowest median tax bills are both $748, indicating a consistent tax rate within the county. Understanding these factors can help homeowners better anticipate their annual property tax expenses.
Average Williamstown Tax Bill
$748
Average Pendleton County Tax Bill
$1,015
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Williamstown, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41097 | $129 | $337 | $748 | $1,394 | $2,256 |
Source: Ownwell