Waynesburg, Kentucky Property Taxes
The median property tax rate in Waynesburg, KY is 0.96%, slightly below both the national median of 0.99% and the Kentucky state median of 1.02%. With a median home value of $50,750 in Waynesburg, the typical annual property tax bill is $406, significantly lower than the national median of $2,690. Property taxes in Waynesburg are calculated based on the tax assessed value, which is often less than the market value due to exemptions such as those for primary residences and agricultural use. By understanding Waynesburg's property tax system, exploring available exemptions, and identifying opportunities for reductions, homeowners and real estate investors can achieve considerable annual savings. Whether you're in the heart of Waynesburg or another part of the city, getting a grasp of the local property tax system is essential for maximizing financial benefits.
Last Updated June 14, 2024
Waynesburg, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.96%
Estimate Property Tax Bill
$487
Ownwell’s Waynesburg Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Waynesburg with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Waynesburg to estimate your property tax bill. This insightful tool helps you understand potential tax liabilities. If you’re interested in seeing trends on a neighborhood level, scroll down to find more localized information. Your property’s assessed value is the value assigned by the county for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Waynesburg, Kentucky
Property taxes in Waynesburg, Kentucky, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Waynesburg is 0.96%, which is slightly lower than the U.S. national median of 0.99%. Local government entities within Waynesburg set these rates annually, and they can vary significantly across different neighborhoods. Each year, Waynesburg estimates its required budget to maintain services for the upcoming fiscal year, then divides this budget by the total value of all taxable property within the jurisdiction to calculate the property tax rate. While tax rates and budgets are influenced by laws and voter input, this calculation forms the basis of setting property tax rates. The data below compares Waynesburg's effective property tax rate to other counties in Kentucky and the national median. For comparison, the 40489 zip code has both the highest and lowest median property tax rate in the area at 0.96%. Understanding how these cities compare with Waynesburg provides valuable insights into the varying tax landscape across Casey County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Waynesburg Tax Rate
0.96%
Average Casey County Tax Rate
0.96%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Waynesburg, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40489 | 0.28% | 0.68% | 0.96% | 0.96% | 0.96% |
Source: Ownwell
Property Tax Assessment Values Across Waynesburg, Kentucky
In Waynesburg, Kentucky, understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes. The market value is the price a willing buyer would pay a willing seller in an open and competitive market, influenced by factors like location, property condition, and economic trends. This value is estimated by the Casey County Appraisal District for tax purposes. In contrast, the assessed value is the market value minus any applicable exemptions or limits based on local laws and available programs. The assessed value is then used to calculate your property taxes by multiplying it by the combined tax rates of all relevant taxing entities. In Waynesburg, assessment notices are typically mailed out in the spring, usually by mid-April. These notices provide homeowners with both the market and assessed values, along with an estimate of the annual property tax bill. The median home price in Waynesburg is $50,750, with tax bills ranging from $154 at the 25th percentile to $1,447 at the 90th percentile. Notably, the zip code 40489 has the highest and lowest median tax bill at $406. By understanding the distinction between these valuation concepts, property owners can better navigate their tax responsibilities and comprehend how their property taxes are determined. Being aware of these valuation processes in Waynesburg helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Waynesburg Assessed Value
$50,750
Average Casey County Assessed Value
$43,000
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Waynesburg, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40489 | $7,500 | $20,750 | $50,750 | $94,125 | $156,000 |
Source: Ownwell
Property Tax Bills Across Waynesburg, Kentucky
In Waynesburg, Casey County, KY, property tax bills are calculated based on the assessed value of a property. The median home price in this region is $50,750. Property taxes are determined by multiplying the assessed value by the local tax rate. Factors such as property size, location, and market conditions influence the assessed value. Homeowners in Waynesburg can expect their tax bills to vary significantly; for instance, the 25th percentile tax bill is around $154, while the 75th percentile tax bill reaches $808. Even more, the 90th percentile tax bill can go up to $1,447. These variations highlight the importance of understanding how property characteristics and local tax policies impact financial obligations. Compared to the national median property tax rate of 0.99%, Waynesburg's rates reflect the unique economic and regional factors at play, directly affecting homeowners' annual expenses.
Average Waynesburg Tax Bill
$406
Average Casey County Tax Bill
$324
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Waynesburg, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40489 | $48 | $154 | $406 | $808 | $1,447 |
Source: Ownwell