40059 Property Tax Rate

Property owners in ZIP code 40059 (Prospect, Kentucky) pay a median of $4,916/year in property taxes on homes valued at $533,800. This translates to an effective tax rate of 0.92%, which is 22% above the Kentucky state average of 0.75%.

The monthly property tax burden for a median-valued home in 40059 is approximately $410, which factors into escrow payments on mortgages. This ZIP code is located within Oldham County. This is $3,819 more than the Kentucky average of $1,097/year.

Compared to similar ZIP codes in Kentucky, 40059 has higher property taxes. ZIP codes with similar effective rates include 40516 (0.92%) and 41011 (0.92%).

In Prospect, property taxes represent approximately 3.0% of the median household income of $165,000, providing context for the relative tax burden on homeowners in this area.

Kentucky reassesses property at fair market value upon sale with no statewide cap; most counties use the assessment-to-value ratio set by state law. Oldham County homeowners should contact the Oldham County Property Valuation Administrator to determine eligibility for senior, disabled, and veteran exemptions. File exemption applications with the Oldham County Property Valuation Administrator immediately after purchase to ensure you receive all available tax benefits.