Versailles, Kentucky Property Taxes
The median property tax rate in Versailles, KY is 1.04%, slightly higher than both the national median of 0.99% and the Kentucky state median of 1.02%. With the median home value in Versailles at $194,000, the typical annual property tax bill reaches $1,879, which is lower than the national median of $2,690. Property taxes in Versailles are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Versailles'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 Versailles 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
Versailles, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.04%
Estimate Property Tax Bill
$2,018
Ownwell’s Versailles Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Versailles with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Versailles 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 Versailles, Kentucky
Property taxes in Versailles, Kentucky, are essential for funding local services such as public schools, road maintenance, and emergency services. The median tax rate in Versailles is 1.04%, which is higher than the U.S. national median of 0.99%. Local government entities within Versailles set these rates annually, and they can vary significantly across different neighborhoods. Each year, Versailles 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 Versailles's effective property tax rate to other areas in Woodford County and the national median. For comparison, the 40390 zip code has the highest median property tax rate of 1.08%, while the 40383 zip code has the lowest median tax rate of 1.04%. Understanding how these areas compare with Versailles provides valuable insights into the varying tax landscape across Woodford County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Versailles Tax Rate
1.04%
Average Woodford County Tax Rate
1.03%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Versailles, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40383 | 0.80% | 0.90% | 1.04% | 1.07% | 1.09% |
| 40390 | 1.08% | 1.08% | 1.08% | 1.08% | 1.08% |
Source: Ownwell
Property Tax Assessment Values Across Versailles, Kentucky
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Versailles, KY. 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 Woodford County 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 Versailles, 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 Versailles helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. For instance, the zip code 40390 has the highest median tax bill at $2,320, while zip code 40383 has the lowest at $1,879.
Average Versailles Assessed Value
$194,000
Average Woodford County Assessed Value
$190,000
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Versailles, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40383 | $90,000 | $130,000 | $194,000 | $280,000 | $380,000 |
| 40390 | $215,800 | $215,800 | $215,800 | $215,800 | $215,800 |
Source: Ownwell
Property Tax Bills Across Versailles, Kentucky
In Versailles, 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 calculate the annual tax bill. Factors such as the home's location, size, and condition play a significant role in determining its assessed value. For homeowners in Versailles, the property tax bill can vary widely. For instance, the 25th percentile tax bill is $1,283, while the 75th percentile tax bill reaches $2,782. Those in the 90th percentile see tax bills as high as $3,828. The median home price in Versailles is $194,000, and the property tax rates here are competitive compared to the national median property tax rate of 0.99%. Understanding these factors can help homeowners anticipate their annual property tax expenses, which can significantly impact their overall financial planning.
Average Versailles Tax Bill
$1,879
Average Woodford County Tax Bill
$1,832
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Versailles, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40383 | $790 | $1,283 | $1,879 | $2,782 | $3,828 |
| 40390 | $2,320 | $2,320 | $2,320 | $2,320 | $2,320 |
Source: Ownwell