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Midway, Woodford County, Kentucky Property Taxes

  • Median Midway, KY effective property tax rate: 1.02%, consistent with the national median of 1.02%, and equal to the Kentucky state median of 1.02%.

  • Median Midway, KY home value: $181,500

  • Median annual Midway, KY tax bill: $1,672, $728 lower than the national median property tax bill of $2,400.

How are property taxes in Woodford County calculated?

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

Last Updated March 1, 2025

Midway, Woodford County, Kentucky Property Tax Bill Calculator

$100,000

$1,500,000

$3,000,000

Median Effective Tax Rate

0.97%

Estimate Property Tax Bill

$1,807

$1,676

Ownwell’s Midway Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Midway with just two data points. By entering your property's estimated assessed value, our calculator applies Midway’s median effective tax rate to accurately estimate your property tax bill. Note that your property's assessed value — determined by Woodford 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 County. For those interested in more localized information, please scroll down to explore city-level trends!

Property Tax Rates Across Midway, Woodford County, Kentucky

Local government entities set tax rates, which can vary widely within a state. This is because annually, each county estimates its required budget to provide services and divides that by the total value of all taxable property within its jurisdiction. This calculation results in the property tax rate. While there are votes and laws involved in setting tax rates and budgets, in a nutshell, this is the annual process. Below, you can compare Midway’s effective property tax rate to other cities in Kentucky and the median property tax rates in Kentucky and the U.S.

Property Tax Rates Across Midway, Woodford County, Kentucky

Source: Ownwell

0.97%

1.00%

1.04%

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 Midway Tax Rate

0.97%

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

0.98%

Median Effective Kentucky Tax Rate

1.02%

Median Effective United States Tax Rate

1.02%

Property Tax Rates Across Midway, Woodford County, Kentucky

Zip10th Percentile25th PercentileMedian Tax Rate75th Percentile90th Percentile
403470.73%0.90%0.97%1.01%1.05%

Source: Ownwell

Property Tax Assessment Values Across Midway, Woodford County, Kentucky

When examining property taxes in Midway, 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.

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 Midway.

For example, the median home price in Midway is $181,500, with tax bills ranging significantly across the county. Zip code 40347 has the highest median home price at $181,500.

Property Tax Assessment Values Across Midway, Woodford County, Kentucky

Source: Ownwell

$130,000

$174,000

$218,000

Median Midway Market Value

$186,250

Median Woodford County Market Value

$212,000

Median Kentucky Market Value

$116,000

Median United States Market Value

$235,294

Property Tax Assessment Values Across Midway, Woodford County, Kentucky

Zip10th Percentile25th PercentileMedian Home Price75th Percentile90th Percentile
40347$72,650$121,975$186,250$265,000$394,250

Source: Ownwell

Property Tax Bills Across Midway, Woodford County, Kentucky

In Midway, Kentucky, property tax bills are determined based on the assessed value of a home, which is a percentage of its market value. The local tax rate is then applied to this assessed value to calculate the annual tax bill. Factors such as property location, size, and any improvements can influence the assessed value, impacting the final tax bill. In Midway, the median property tax bill stands at $1,672, notably lower than the national median of $2,400. However, homeowners in the 75th percentile may face bills as high as $2,505, while those in the 90th percentile could see bills reaching $3,602. For homeowners seeking to manage these costs, Ownwell offers expert property tax appeal and exemption services. By analyzing the assessed value and ensuring it accurately reflects the property's market value, Ownwell helps homeowners potentially reduce their tax liabilities. This service is invaluable for those looking to achieve savings and ensure fair property tax assessments.

Property Tax Bills Across Midway, Woodford County, Kentucky

Source: Ownwell

$1,207

$1,631

$2,055

Median Midway Tax Bill

$1,694

Median Woodford County Tax Bill

$1,994

Median Kentucky Tax Bill

$1,071

Median United States Tax Bill

$2,400

Property Tax Bills Across Midway, Woodford County, Kentucky

Zip10th Percentile25th PercentileMedian Tax Bill75th Percentile90th Percentile
40347$631$1,083$1,694$2,454$3,795

Source: Ownwell

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