Versailles, Woodford County, Kentucky Property Taxes

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

Median Versailles, KY effective property tax rate: 1.04%, slightly higher than the national median of 1.02%, but equal to the Kentucky state median of 1.02%.
Median Versailles, KY home value: $194,000
Median annual Versailles, KY tax bill: $1,879, $521 lower than the national median property tax bill of $2,400.

How are property taxes in Woodford County calculated?

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

Last Updated March 1, 2025

Versailles, Woodford County, Kentucky Property Tax Bill Calculator

Property Assessed Value

$100,000

$1,500,000

$3,000,000

Median Effective Tax Rate

1.04%

Estimate Property Tax Bill

$2,018

$1,872

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

Property Tax Rates Across Versailles, Woodford County, Kentucky

Local government entities in Kentucky set property tax rates, which can vary significantly within the state. Each county estimates its required budget to provide essential 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 play a role in setting these rates and budgets, this is the general annual process.

In Woodford County, the effective property tax rate for Versailles is 1.04%. This rate is slightly above the national median property tax rate of 1.02%. When comparing Versailles to other cities in Kentucky, it is evident that tax rates can differ, reflecting the unique budgetary needs and property values in each area. The median property tax rate in Kentucky aligns closely with the national median, providing a balanced perspective for property owners.

Understanding these rates is crucial for property owners, as they directly impact annual tax bills and overall financial planning. By staying informed, property owners can make better decisions regarding property investments and financial management.

Property Tax Rates Across Versailles, 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 Versailles Tax Rate

1.04%

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 Versailles, Woodford County, 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	N/A	N/A	N/A	N/A	N/A

Source: Ownwell

Property Tax Assessment Values Across Versailles, Woodford County, Kentucky

When examining property taxes in Versailles, 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 Versailles. For example, the median home price in Versailles is $194,000, with tax bills ranging significantly across the county. Zip code 40383 has the highest median home price at $194,000.

Property Tax Assessment Values Across Versailles, Woodford County, Kentucky

Source: Ownwell

$129,000

$161,500

$194,000

Median Versailles Market Value

$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 Versailles, Woodford County, 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	N/A	N/A	N/A	N/A	N/A

Source: Ownwell

Property Tax Bills Across Versailles, Woodford County, Kentucky

In Versailles, located in Woodford County, KY, property tax bills are calculated based on the assessed value of a home rather than its market value. Homeowners in this region pay a median property tax bill of $1,879, which is below the national median of $2,400. The tax bill is determined by multiplying the assessed value of the property by the local tax rate. Factors such as the home's size, location, and improvements can influence the assessed value. For homeowners, these taxes can represent a significant annual expense. However, there is potential for savings. Ownwell offers property tax appeal services, helping homeowners potentially reduce their tax bills by ensuring their property's assessed value is fair and accurate. By leveraging local expertise and a deep understanding of the tax appeal process, Ownwell can assist homeowners in Versailles in navigating the complexities of property tax assessments, ultimately aiming to lower their financial burden.

Property Tax Bills Across Versailles, Woodford County, Kentucky

Source: Ownwell

$1,224

$1,552

$1,879

Median Versailles Tax Bill

$1,879

Median Woodford County Tax Bill

$1,832

Median Kentucky Tax Bill

$1,031

Median United States Tax Bill

$2,400

Property Tax Bills Across Versailles, Woodford County, Kentucky

Zip	10th Percentile	25th Percentile	Median Tax Bill	75th Percentile	90th Percentile
40383	$790	$1,283	$1,879	$2,782	$3,828
40390	N/A	N/A	N/A	N/A	N/A

Source: Ownwell