Midway, Kentucky Property Taxes
The median property tax rate in Midway, KY is 0.61%, which is significantly lower than both the national median of 0.99% and the Kentucky state median of 1.02%. With the median home value in Midway, the typical annual property tax bill reaches $3,161, surpassing the national median of $2,690. Property taxes in Midway 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 Midway'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 Midway 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
Midway, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.61%
Estimate Property Tax Bill
$2,841
Ownwell’s Midway Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Midway with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Midway 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 Midway, Kentucky
Property taxes in Midway, Kentucky, are essential for funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Midway stands at 0.61%, which is lower than the U.S. national median of 0.99%. Local government entities within Midway set these rates annually, and they can vary significantly across different neighborhoods. Each year, Midway 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 Midway's effective property tax rate to other counties in Kentucky and the national median. For comparison, the 40347 zip code has both the highest and lowest median property tax rate of 0.61%. Understanding how these cities compare with Midway provides valuable insights into the varying tax landscape across Scott County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Midway Tax Rate
0.61%
Average Scott County Tax Rate
0.68%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Midway, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40347 | 0.14% | 0.34% | 0.61% | 0.78% | 0.79% |
Source: Ownwell
Property Tax Assessment Values Across Midway, Kentucky
In Midway, 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 Midway, 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 Midway helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Midway is $3,161 in the 40347 zip code, while the lowest median tax bill is also $3,161 in the same zip code.
Average Midway Assessed Value
$465,700
Average Scott County Assessed Value
$199,800
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Midway, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40347 | $109,560 | $278,300 | $465,700 | $719,280 | $1,174,100 |
Source: Ownwell
Property Tax Bills Across Midway, Kentucky
Property tax bills in Midway, KY, are determined by assessing the value of a property and applying the local tax rate to this assessed value. The median home price in Midway is $465,700, which serves as a basis for calculating the property tax. The tax rate is applied to this assessed value, and various factors such as property location, improvements, and market conditions can influence the final tax bill. Homeowners in Midway can expect their annual property tax bills to vary significantly. For instance, the tax bill at the 25th percentile is $1,353, while at the 75th percentile, it rises to $3,983. At the 90th percentile, it can reach as high as $6,421. These figures are influenced by the assessed value of the property and the local tax rate. Compared to the national median property tax rate of 0.99%, Midway's rates can result in a wide range of tax bills, impacting homeowners' financial planning and budgeting.
Average Midway Tax Bill
$3,161
Average Scott County Tax Bill
$1,297
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Midway, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40347 | $214 | $1,353 | $3,161 | $3,983 | $6,421 |
Source: Ownwell