Prospect, Jefferson County, Kentucky Property Taxes

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

Median Prospect, KY effective property tax rate: 1.16%, significantly higher than the national median of 1.02%, but lower than the Kentucky state median of 1.02%.
Median Prospect, KY home value: $454,565
Median annual Prospect, KY tax bill: $5,095, $2,695 higher than the national median property tax bill of $2,400.

How are property taxes in Jefferson calculated?

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

Last Updated March 1, 2025

Prospect, Jefferson County, Kentucky Property Tax Bill Calculator

Property Assessed Value

$100,000

$1,500,000

$3,000,000

Median Effective Tax Rate

1.16%

Estimate Property Tax Bill

$5,273

$4,893

Ownwell’s Prospect Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Prospect with just two data points. By entering your property's estimated assessed value, our calculator applies Prospect’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 Jefferson County. For those interested in more localized information, please scroll down to explore city-level trends!

Property Tax Rates Across Prospect, Jefferson County, Kentucky

Local government entities are responsible for setting property tax rates, which can significantly differ within a state. This variation arises because each county annually estimates its budgetary needs for public services and then divides this amount by the total assessed value of all taxable properties in its area. This process determines the property tax rate.

While the setting of tax rates involves votes and legislation, this is essentially the yearly procedure. By examining the effective property tax rate in Prospect, located in Jefferson County, Kentucky, you can compare it to other cities within Kentucky, as well as to the median property tax rates in the state and across the U.S.

Prospect's property tax rate is notably distinct compared to the national median rate of 1.02%. This comparison highlights the unique fiscal landscape of Jefferson County, where the local tax rate aligns with the highest and lowest rates in the state, both at 1.16%. Understanding these dynamics can provide valuable insights for property owners and prospective buyers in the area.

Property Tax Rates Across Prospect, Jefferson County, Kentucky

Source: Ownwell

0.84%

1.09%

1.34%

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 Prospect Tax Rate

1.16%

Median Effective Jefferson County Tax Rate

1.17%

Median Effective Kentucky Tax Rate

1.02%

Median Effective United States Tax Rate

1.02%

Property Tax Rates Across Prospect, Jefferson County, Kentucky

Zip	10th Percentile	25th Percentile	Median Tax Rate	75th Percentile	90th Percentile
40059	1.02%	1.09%	1.16%	1.16%	1.16%

Source: Ownwell

Property Tax Assessment Values Across Prospect, Jefferson County, Kentucky

When examining property taxes in Prospect, Kentucky, 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 Jefferson 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 Jefferson 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 Prospect. For example, the median home price in Prospect is $454,565, with tax bills ranging significantly across the county. 40059 has the highest median home price at $454,565.

Property Tax Assessment Values Across Prospect, Jefferson County, Kentucky

Source: Ownwell

$11,500

$620,975

$1,230,450

Median Prospect Market Value

$454,565

Median Jefferson County Market Value

$181,690

Median Kentucky Market Value

$110,000

Median United States Market Value

$235,294

Property Tax Assessment Values Across Prospect, Jefferson County, Kentucky

Zip	10th Percentile	25th Percentile	Median Home Price	75th Percentile	90th Percentile
40059	$127,000	$315,718	$454,565	$634,085	$845,522

Source: Ownwell

Property Tax Bills Across Prospect, Jefferson County, Kentucky

In Prospect, located in Jefferson County, KY, property tax bills are calculated based on the assessed value of a home. This value is determined by local assessors who evaluate various factors, including market conditions, property size, and comparable sales in the area. Homeowners in Prospect face a median property tax bill of $5,095, which is significantly higher than the national median of $2,400. This can be attributed to the relatively high median home price of $454,565 in the area. The tax burden can vary widely, with the 25th percentile at $3,433 and the 90th percentile reaching $9,613, impacting homeowners differently depending on their property's assessed value.

Ownwell assists homeowners in Prospect by offering property tax appeal services, potentially reducing their tax bills. By analyzing property assessments and market data, Ownwell identifies opportunities for savings and guides homeowners through the appeal process. This service can lead to substantial financial relief, ensuring that homeowners are not overpaying on their property taxes.

Property Tax Bills Across Prospect, Jefferson County, Kentucky

Source: Ownwell

$132

$6,922

$13,712

Median Prospect Tax Bill

$5,095

Median Jefferson County Tax Bill

$2,069

Median Kentucky Tax Bill

$1,031

Median United States Tax Bill

$2,400

Property Tax Bills Across Prospect, Jefferson County, Kentucky

Zip	10th Percentile	25th Percentile	Median Tax Bill	75th Percentile	90th Percentile
40059	$1,387	$3,433	$5,095	$7,180	$9,613

Source: Ownwell