Waco, Kentucky Property Taxes
The median property tax rate in Waco, KY is 1.07%, slightly higher than both the national median of 0.99% and Kentucky's state median of 1.02%. With a median home value of $42,000 in Waco, the typical annual property tax bill amounts to $666, which is significantly lower than the national median of $2,690. Property taxes in Waco are calculated based on the assessed value, which is often below market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Waco'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 Waco or another part of the city, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Waco, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.07%
Estimate Property Tax Bill
$449
Ownwell’s Waco Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Waco with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Waco 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 Waco, Kentucky
Property taxes in Waco, Kentucky, play a crucial role in funding essential local services, including public schools, road maintenance, and emergency services. The median tax rate in Waco is 1.07%, which is higher than the U.S. national median of 0.99%. Local government entities within Waco set these rates annually, and they can vary significantly across different neighborhoods. Each year, Waco 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 Waco's effective property tax rate to other counties in Kentucky and the national median. For comparison, the 40385 zip code has the highest median property tax rate of 1.07%, while the same 40385 zip code also has the lowest median tax rate of 1.07%. Understanding how these areas compare with Waco provides valuable insights into the varying tax landscape across Estill County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Waco Tax Rate
1.07%
Average Estill County Tax Rate
1.07%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Waco, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40385 | 1.07% | 1.07% | 1.07% | 1.07% | 1.07% |
Source: Ownwell
Property Tax Assessment Values Across Waco, Kentucky
In Waco, 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 Estill 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 Waco, 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. For instance, the highest median tax bill in Waco is $666.00, found in the 40385 zip code, which also has the lowest median tax bill at $666.00. 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 Waco helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Waco Assessed Value
$42,000
Average Estill County Assessed Value
$35,000
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Waco, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40385 | $16,400 | $26,000 | $42,000 | $51,992 | $57,987 |
Source: Ownwell
Property Tax Bills Across Waco, Kentucky
In Waco, Estill County, KY, property tax bills are calculated based on the assessed value of a home. The median home price here is $42,000, significantly lower than the national median. The tax rate applied to this assessed value determines the final tax bill. For Waco, the median tax bill stands at $666, which is consistent across various percentiles, including the 25th, 75th, and 90th, reflecting a uniformity in tax assessments within the area. Factors influencing the tax bill include the property’s assessed value, which is determined by local assessors, and the tax rate set by local government authorities. Homeowners in Waco benefit from the relatively low property values and, consequently, lower tax bills compared to the national median property tax rate of 0.99%. This lower tax burden can make homeownership more affordable, though it also means that local revenues for public services funded by property taxes may be more limited. Understanding these factors can help homeowners better anticipate their financial obligations and plan accordingly.
Average Waco Tax Bill
$666
Average Estill County Tax Bill
$279
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Waco, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40385 | $666 | $666 | $666 | $666 | $666 |
Source: Ownwell