40347 Property Tax Rate

Property owners in ZIP code 40347 (Midway, Kentucky) pay a median of $2,482/year in property taxes on homes valued at $318,400. This translates to an effective tax rate of 0.78%, which is 4% above the Kentucky state average of 0.75%.

The monthly property tax burden for a median-valued home in 40347 is approximately $207, which factors into escrow payments on mortgages. This ZIP code is located within Woodford County. This is $1,385 more than the Kentucky average of $1,097/year.

Compared to similar ZIP codes in Kentucky, 40347 has higher property taxes. ZIP codes with similar effective rates include 40004 (0.78%) and 40033 (0.78%).

In Midway, property taxes represent approximately 3.0% of the median household income of $84,054, providing context for the relative tax burden on homeowners in this area.

Kentucky conducts periodic statewide property valuations (every 4–6 years) without reassessment at sale; the Woodford County Property Valuation Administrator applies annual adjustments per state guidelines. Woodford County provides Senior/Disabled Property Tax Credit eligibility (age 65+ or permanently disabled, income-limited) and may offer municipal Homestead Exemptions — contact the Woodford County PVA to learn which programs apply to your jurisdiction. After closing, obtain your official Notice of Assessment and file all exemption/credit claims with the Woodford County PVA within 60 days to lock in available tax relief.