Waverly, Kentucky Property Taxes
The median property tax rate in Waverly, KY is 1.03%, slightly above both the national median of 0.99% and the Kentucky state median of 1.02%. With the median home value in Waverly at $94,300, the typical annual property tax bill reaches $891, which is lower than the national median of $2,690. Property taxes in Waverly are calculated based on the assessed value, which often falls below the market value due to various exemptions like primary residence and agricultural exemptions. Understanding Waverly'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 Waverly or elsewhere in the area, comprehending the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Waverly, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.03%
Estimate Property Tax Bill
$971
Ownwell’s Waverly Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Waverly with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Waverly 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 Waverly, Kentucky
Property taxes in Waverly, Kentucky, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Waverly stands at 1.03%, which is higher than the U.S. national median of 0.99%. Local government entities within Waverly set these rates annually, and they can vary significantly across different neighborhoods. Each year, Waverly 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 Waverly's effective property tax rate to other counties in Kentucky and the national median. For comparison, the zip code 42462 has both the highest and lowest median property tax rate of 1.03%. Understanding how these cities compare with Waverly provides valuable insights into the varying tax landscape across Union County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Waverly Tax Rate
1.03%
Average Union County Tax Rate
1.03%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Waverly, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42462 | 0.21% | 0.61% | 1.03% | 1.03% | 1.03% |
Source: Ownwell
Property Tax Assessment Values Across Waverly, Kentucky
In Waverly, 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 Union 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 Waverly, 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 Waverly is $94,300, while the tax bill ranges from $468 at the 25th percentile to $2,480 at the 90th percentile. 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 Waverly helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Waverly Assessed Value
$94,300
Average Union County Assessed Value
$68,000
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Waverly, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42462 | $22,240 | $60,047 | $94,300 | $167,640 | $421,126 |
Source: Ownwell
Property Tax Bills Across Waverly, Kentucky
In Waverly, Union County, KY, property tax bills are calculated based on the assessed value of the home. The median home price in Waverly is $94,300. The tax rate applied to this assessed value determines the annual property tax bill. Several factors influence the assessed value, including property size, location, and condition. For homeowners in Waverly, the property tax bill can vary significantly. At the 25th percentile, homeowners might pay around $468 annually, while those at the 75th percentile could see bills as high as $1,473. The top 10% of tax bills can reach up to $2,480. Compared to the national median property tax rate of 0.99%, Waverly's property tax bills reflect a range that can impact homeowners differently based on their property's assessed value. Understanding these factors is crucial for homeowners to anticipate their financial obligations and plan accordingly. Accurate property assessments ensure that homeowners pay a fair share relative to the value of their property.
Average Waverly Tax Bill
$891
Average Union County Tax Bill
$566
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Waverly, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42462 | $140 | $468 | $891 | $1,473 | $2,480 |
Source: Ownwell