Woodford County, Kentucky Property Taxes
Median Woodford County effective property tax rate: 1.03%, slightly higher than the national median of 1.02%.
Median Woodford County home value: $190,000
Median annual Woodford County tax bill: $1,832, $568 lower than the national median property tax bill of $2,400.
How are property taxes in Woodford County calculated?
Property taxes in Woodford County are calculated based on the tax assessed value, which is often lower than the actual market value due to property tax exemptions such as the homestead or senior exemption.
Understanding your county's property tax system, exemptions, and reduction opportunities can lead to significant savings. Whether you live in Versailles or another part of Woodford County, knowing local tax details benefits homeowners and investors.
Last Updated March 1, 2025
Woodford County, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Median Effective Tax Rate
1.03%
Estimate Property Tax Bill
$1,957
$1,816
Property Tax Rates Across Woodford County, Kentucky
Local government entities are responsible for setting tax rates, which can differ significantly within a state. This variation is due to each county's annual process of estimating its required budget for public services and dividing that by the total value of all taxable property within its jurisdiction. This calculation determines the property tax rate. While the process involves votes and laws, this is the essence of how property tax rates are set each year.
In Woodford County, Kentucky, the effective property tax rate can be compared to other counties in the state or the U.S. median property tax rate. Woodford County's rate is slightly above the national median of 1.02%, indicating a relatively higher tax burden compared to the national average. However, within Kentucky, Woodford County's rate is neither the highest nor the lowest. For instance, Frankfort has a slightly higher median tax rate, while Midway has a rate that matches the national median. Understanding these differences can help property owners in Woodford County make informed decisions about their property tax obligations.
Our median effective property tax rate (tax bill ÷ assessor's market value) accounts for exemptions and deductions, making it more accurate than the general median tax rate, which is the midpoint of statutory rates before adjustments.
Median Effective Woodford County Tax Rate
1.03%
Our median effective property tax rate (tax bill ÷ assessor's market value) accounts for exemptions and deductions, making it more accurate than the general median tax rate, which is the midpoint of statutory rates before adjustments.
Median Effective Kentucky Tax Rate
1.02%
Median Effective United States Tax Rate
1.02%
Property Tax Rates Across Woodford County, Kentucky
| City | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| Frankfort | 0.70% | 0.84% | 1.07% | 1.10% | 1.17% |
| Midway | 0.76% | 0.93% | 1.02% | 1.05% | 1.08% |
| Versailles | 0.80% | 0.90% | 1.04% | 1.07% | 1.09% |
| Wilmore | 0.59% | 0.87% | 1.05% | 1.08% | 1.10% |
| Lexington | N/A | N/A | N/A | N/A | N/A |
Source: Ownwell
Property Tax Assessment Values Across Woodford County, Kentucky
When examining property taxes in Woodford County, understanding the distinction between "market value" and "assessed value" is crucial. The market value is what a willing buyer would pay to a willing seller in an open and competitive market, often influenced by location, property condition, and economic market trends. The Woodford County Property Valuation Administrator estimates the market value for tax purposes. The assessed value is the market value minus any applicable exemptions or limits determined by local laws and offerings. The tax assessed value is the figure used to calculate your property taxes or the amount multiplied by your tax rate to get your tax bill.
Assessment notices: In Woodford County, assessment notices are sent in the spring each year. They’ll typically reach your mailbox by the middle of April. Each property owner receives an assessment notice that contains both the market value and assessed value, along with an estimate of your property tax bill. By providing insights into how assessed and market values are determined, this section helps property owners navigate their tax responsibilities and understand the valuation processes affecting their property taxes in Woodford County.
For example, the median tax bill in Woodford County is $1,879, with tax bills ranging significantly across the county. Versailles has the highest median home price at $194,000.
Property Tax Assessment Values Across Woodford County, Kentucky
Source: Ownwell
$129,000
$161,500
$194,000
Median Woodford County Market Value
$190,000
Median Kentucky Market Value
$110,000
Median United States Market Value
$235,294
Property Tax Assessment Values Across Woodford County, Kentucky
| City | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| Frankfort | $35,000 | $68,000 | $129,000 | $189,750 | $271,830 |
| Midway | $72,000 | $120,000 | $181,500 | $256,000 | $364,000 |
| Versailles | $90,000 | $130,000 | $194,000 | $280,000 | $380,000 |
| Wilmore | $30,060 | $84,100 | $140,000 | $202,850 | $270,020 |
| Lexington | N/A | N/A | N/A | N/A | N/A |
Source: Ownwell
Property Tax Bills Across Woodford County, Kentucky
Median Woodford County Tax Bill
$1,832
Median Kentucky Tax Bill
$1,031
Median United States Tax Bill
$2,400
Property Tax Bills Across Woodford County, Kentucky
| City | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| Frankfort | $247 | $586 | $1,224 | $1,821 | $2,820 |
| Midway | $659 | $1,109 | $1,672 | $2,505 | $3,602 |
| Versailles | $790 | $1,283 | $1,879 | $2,782 | $3,828 |
| Wilmore | $132 | $671 | $1,527 | $2,085 | $2,596 |
| Lexington | N/A | N/A | N/A | N/A | N/A |
Source: Ownwell