Wallingford, Kentucky Property Taxes
The median property tax rate in Wallingford, KY is 1.00%, slightly higher than the national median of 0.99% but lower than the Kentucky state median of 1.02%. With a median home value of $70,000 in Wallingford, the typical annual property tax bill amounts to $503, significantly less than the national median of $2,690. Property taxes in Wallingford are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Wallingford'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 Wallingford or another part of the city, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Wallingford, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1%
Estimate Property Tax Bill
$700
Ownwell’s Wallingford Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Wallingford with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Wallingford 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 Wallingford, Kentucky
Property taxes in Wallingford, Kentucky, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Wallingford is 1.00%, slightly higher than the U.S. national median of 0.99%. Local government entities within Wallingford set these rates annually, and they can vary significantly across different neighborhoods. Each year, Wallingford 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 Wallingford's effective property tax rate to other counties in Kentucky and the national median. For comparison, the 41093 zip code has both the highest and lowest median property tax rate of 1.00%. Understanding how these cities compare with Wallingford provides valuable insights into the varying tax landscape across Fleming County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Wallingford Tax Rate
1.00%
Average Fleming County Tax Rate
1.00%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Wallingford, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41093 | 0.11% | 0.40% | 1.00% | 1.02% | 1.02% |
Source: Ownwell
Property Tax Assessment Values Across Wallingford, Kentucky
In Wallingford, 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 local 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. 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 Wallingford helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. In Wallingford, the median home price is $70,000. The median tax bill ranges from $193 at the 25th percentile to $1,532 at the 90th percentile. The zip code 41093 has both the highest and lowest median tax bill at $503.
Average Wallingford Assessed Value
$70,000
Average Fleming County Assessed Value
$78,000
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Wallingford, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41093 | $16,850 | $35,000 | $70,000 | $143,000 | $245,000 |
Source: Ownwell
Property Tax Bills Across Wallingford, Kentucky
In Wallingford, KY, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. This assessed value is typically a percentage of the property's market value. For instance, with a median home price of $70,000, the tax bill can vary significantly. Homeowners in the 25th percentile can expect to pay around $193, while those in the 75th percentile might see a bill closer to $961. At the higher end, the 90th percentile tax bill reaches approximately $1,532. Several factors influence the tax bill, including the property's location within Fleming County, local tax rates, and any applicable exemptions or deductions. Compared to the national median property tax rate of 0.99%, Wallingford's tax bills reflect the local economic conditions and property values. For homeowners, these taxes fund essential public services such as schools, infrastructure, and emergency services, directly impacting community quality and property values.
Average Wallingford Tax Bill
$503
Average Fleming County Tax Bill
$620
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Wallingford, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41093 | $31 | $193 | $503 | $961 | $1,532 |
Source: Ownwell