Woodbine, Kentucky Property Taxes
The median property tax rate in Woodbine, KY is 0.75%, which is notably lower than both the national median of 0.99% and the Kentucky state median of 1.02%. With the median home value in Woodbine at $28,000, the typical annual property tax bill amounts to $172, significantly below the national median of $2,690. Property taxes in Woodbine are calculated based on the tax assessed value, which is often lower than the market value due to various exemptions, such as those for primary residences and agricultural properties. Understanding Woodbine's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Woodbine or another part of Whitley County, comprehending the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Woodbine, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.75%
Estimate Property Tax Bill
$210
Ownwell’s Woodbine Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Woodbine with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Woodbine 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 Woodbine, Kentucky
Property taxes in Woodbine, Kentucky, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Woodbine is 0.75%, which is lower than the U.S. national median of 0.99%. Local government entities within Woodbine set these rates annually, and they can vary significantly across different neighborhoods. Each year, Woodbine 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 Woodbine's effective property tax rate to other counties in Kentucky and the national median. For comparison, the zip code 40701 has both the highest and lowest median property tax rate, standing at 0.75%. Understanding how these cities compare with Woodbine provides valuable insights into the varying tax landscape across Whitley County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Woodbine Tax Rate
0.75%
Average Whitley County Tax Rate
0.75%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Woodbine, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40701 | 0.16% | 0.18% | 0.75% | 0.75% | 0.75% |
| 40771 | 0.43% | 0.75% | 0.75% | 0.75% | 0.75% |
Source: Ownwell
Property Tax Assessment Values Across Woodbine, Kentucky
In Woodbine, 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 Woodbine, 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. For instance, the highest median tax bill in Woodbine is $176 in the 40771 zip code, while the lowest is $124 in the 40701 zip code. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Woodbine Assessed Value
$28,000
Average Whitley County Assessed Value
$32,500
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Woodbine, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40701 | $1,800 | $18,625 | $35,000 | $49,225 | $93,150 |
| 40771 | $2,500 | $8,000 | $27,500 | $57,900 | $94,500 |
Source: Ownwell
Property Tax Bills Across Woodbine, Kentucky
In Woodbine, KY, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor's office. The median home price in Woodbine is $28,000, and the assessed value is used to determine the property tax owed. Several factors are considered, including the property's market value, location, and any applicable exemptions or deductions. Homeowners in Woodbine can expect varying tax bills. At the 25th percentile, the tax bill is around $57, while at the 75th percentile, it rises to $378. For those in the 90th percentile, the tax bill can go up to $671. The highest median tax bill in the area is $176, associated with the 40771 zip code, whereas the lowest is $124 in the 40701 zip code. These variations significantly impact homeowners, as higher property taxes can affect monthly budgets and long-term financial planning. Compared to the national median property tax rate of 0.99%, Woodbine's rates offer a relatively affordable property tax environment.
Average Woodbine Tax Bill
$172
Average Whitley County Tax Bill
$170
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Woodbine, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40701 | $14 | $39 | $124 | $338 | $415 |
| 40771 | $23 | $57 | $176 | $393 | $673 |
Source: Ownwell