Water Valley, Kentucky Property Taxes
The median property tax rate in Water Valley, KY is 0.80%, which is lower than both the national median of 0.99% and the Kentucky state median of 1.02%. With a median home value of $40,000 in Water Valley, the typical annual property tax bill amounts to $241, significantly below the national median of $2,690. Property taxes in Water Valley are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Water Valley's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Water Valley or another part of Graves County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Water Valley, Kentucky Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
1.02%
Estimate Property Tax Bill
$2,040
Ownwell’s Water Valley Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Water Valley with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Water Valley 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 Water Valley, Kentucky
Property taxes in Water Valley, Kentucky, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Water Valley is 0.80%, lower than the U.S. national median of 0.99%. Local government entities within Water Valley set these rates annually, and they can vary significantly across different neighborhoods. Each year, Water Valley 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 Water Valley's effective property tax rate to other areas in Kentucky and the national median. For comparison, the highest and lowest median property tax rates within Graves County are both 0.80%, found in the 42085 zip code. Understanding how these cities compare with Water Valley provides valuable insights into the varying tax landscape across Graves County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Water Valley Tax Rate
0.80%
Average Graves County Tax Rate
0.67%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Water Valley, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42085 | 0.16% | 0.45% | 0.80% | 0.89% | 1.00% |
Source: Ownwell
Property Tax Assessment Values Across Water Valley, Kentucky
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Water Valley, Kentucky. 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 Graves County Property Valuation Administrator 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 Water Valley, 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. 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 Water Valley helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest median tax bill is 42085, with a median tax bill of $241.
Average Water Valley Assessed Value
$40,000
Average Graves County Assessed Value
$80,000
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Water Valley, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42085 | $3,000 | $10,000 | $40,000 | $89,250 | $171,700 |
Source: Ownwell
Property Tax Bills Across Water Valley, Kentucky
In Water Valley, KY, property tax bills are determined by the assessed value of a home and the local tax rate. The median home price in the area is $40,000, significantly lower than the national median home price. Property taxes are calculated by multiplying the assessed value by the local tax rate, which varies within Graves County. Factors such as property size, location, and improvements can influence the assessed value, thereby affecting the tax bill. For homeowners in Water Valley, the tax bill can range significantly. The 25th percentile tax bill is around $60, while the 75th percentile reaches $607, and the 90th percentile can go up to $1,005. This range shows the variability based on property value and other factors. Comparatively, the highest median tax bill in the area is $241, which is still quite affordable compared to the national median property tax rate of 0.99%. Lower property tax bills in Water Valley can make homeownership more accessible and less financially burdensome for residents.
Average Water Valley Tax Bill
$241
Average Graves County Tax Bill
$394
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Water Valley, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42085 | $24 | $60 | $241 | $607 | $1,005 |
Source: Ownwell