Lexington, Woodford County, Kentucky Property Taxes

Name: Property Tax Bills Across Lexington, Woodford County, Kentucky
Creator: Ownwell
License: https://creativecommons.org/licenses/by-nc/4.0/

Median Lexington, KY effective property tax rate: 1.06%, slightly higher than the national median of 1.02%, but lower than the Kentucky state median of 1.02%.
Median Lexington, KY home value: $575,000
Median annual Lexington, KY tax bill: $6,077, $3,677 higher than the national median property tax bill of $2,400.

How are property taxes in Woodford calculated?

Property taxes in Lexington, KY 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 Lexington’s property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in Lexington, knowing local tax details benefits homeowners and investors.

Last Updated March 1, 2025

Lexington, Woodford County, Kentucky Property Tax Bill Calculator

Property Assessed Value

$100,000

$1,500,000

$3,000,000

Median Effective Tax Rate

1.06%

Estimate Property Tax Bill

$6,095

$5,656

Ownwell’s Lexington Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Lexington with just two data points. By entering your property's estimated assessed value, our calculator applies Lexington’s median effective tax rate to accurately estimate your property tax bill. Note that your property's assessed value — determined by your county — reflects any exemptions you may have, ensuring a precise calculation for your property tax obligations. This insightful tool helps you understand potential tax liabilities and highlights how Ownwell can assist in reducing property taxes in Woodford. For those interested in more localized information, please scroll down to explore city-level trends!

Property Tax Rates Across Lexington, Woodford County, Kentucky

Local government entities set tax rates, which can vary widely within a state. This is because each county estimates its required budget annually to provide services and divides that by the total value of all taxable property within its jurisdiction, resulting in the property tax rate. While votes and laws are involved in setting tax rates and budgets, this is the annual process in a nutshell. In Lexington, located in Woodford County, KY, the effective property tax rate can be compared to other cities in Kentucky and the median property tax rates in Kentucky and the U.S. The median property tax rate in Kentucky is 1.06%, slightly above the national median of 1.02%. While the difference may seem small, it can significantly impact the overall property tax bill for homeowners. By understanding how local tax rates are set and comparing them to state and national medians, homeowners can better navigate their property tax obligations and potentially identify opportunities for savings through appeals or exemptions.

Property Tax Rates Across Lexington, Woodford County, Kentucky

Source: Ownwell

1.02%

1.05%

1.07%

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 Lexington Tax Rate

1.06%

Median Effective Woodford County Tax Rate

1.03%

Median Effective Kentucky Tax Rate

1.02%

Median Effective United States Tax Rate

1.02%

Property Tax Rates Across Lexington, Woodford County, Kentucky

Zip	10th Percentile	25th Percentile	Median Tax Rate	75th Percentile	90th Percentile
40513	N/A	N/A	N/A	N/A	N/A

Source: Ownwell

Property Tax Assessment Values Across Lexington, Woodford County, Kentucky

When examining property taxes in Lexington, KY, 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 Appraisal District 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 Lexington. For example, the median home price in Lexington is $575,000, with tax bills ranging significantly across the county. 40502 has the highest median home price at $607,700.

Property Tax Assessment Values Across Lexington, Woodford County, Kentucky

Source: Ownwell

$129,000

$161,500

$194,000

Median Lexington Market Value

$575,000

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 Lexington, Woodford County, Kentucky

Zip	10th Percentile	25th Percentile	Median Home Price	75th Percentile	90th Percentile
40513	N/A	N/A	N/A	N/A	N/A

Source: Ownwell

Property Tax Bills Across Lexington, Woodford County, Kentucky

In Lexington, located in Woodford County, KY, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. This assessed value is then multiplied by the local property tax rate to determine the annual tax bill. The median property tax bill in Lexington stands at $6,077, significantly higher than the national median of $2,400, which can place a considerable financial burden on homeowners. Factors influencing the tax bill include the market value of the property, local tax rates, and any applicable exemptions or deductions.

Homeowners in Lexington can benefit from Ownwell’s expertise in property tax appeal and exemption services. By leveraging their knowledge and experience, Ownwell can help identify potential inaccuracies in property assessments and explore eligibility for exemptions, ultimately reducing the overall tax burden. With personalized guidance and support, homeowners can potentially save significantly on their property tax bills, ensuring they pay only what is fair and accurate.

Property Tax Bills Across Lexington, Woodford County, Kentucky

Source: Ownwell

$1,224

$1,552

$1,879

Median Lexington Tax Bill

$6,077

Median Woodford County Tax Bill

$1,832

Median Kentucky Tax Bill

$1,031

Median United States Tax Bill

$2,400

Property Tax Bills Across Lexington, Woodford County, Kentucky

Zip	10th Percentile	25th Percentile	Median Tax Bill	75th Percentile	90th Percentile
40513	N/A	N/A	N/A	N/A	N/A

Source: Ownwell