Waddy, Kentucky Property Taxes
The median property tax rate in Waddy, KY is 1.20%, considerably higher than both the national median of 0.99% and the Kentucky state median of 1.02%. With the median home value in Waddy at $184,776, the typical annual property tax bill reaches $1,836, which is below the national median of $2,690. Property taxes in Waddy are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Waddy'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 Waddy or another part of Franklin County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Waddy, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.2%
Estimate Property Tax Bill
$2,217
Ownwell’s Waddy Property Tax Bill Calculator is an essential tool for homeowners, real estate investors, or potential buyers looking to estimate their annual property taxes in Waddy. By simply entering your property's estimated assessed value, the calculator uses the median tax rate in Waddy to provide an accurate estimate of your property tax bill. This valuable tool helps you understand your potential tax liabilities with ease. For those interested in more detailed information, including neighborhood-level trends, additional localized insights are available below. Remember, your property’s assessed value is determined by the county for tax purposes and includes any applicable exemptions.
Property Tax Rates Across Waddy, Kentucky
Property taxes in Waddy, Kentucky, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Waddy is 1.20%, significantly higher than both the Kentucky state median and the U.S. national median of 0.99%. Local government entities within Waddy set these rates annually, and they can vary significantly across different neighborhoods. Each year, Waddy 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 Waddy's effective property tax rate to other counties in Kentucky and the national median. For comparison, the 40076 zip code has the highest median property tax rate of 1.20%, while the same zip code also has the lowest median tax rate of 1.20%. Understanding how these areas compare with Waddy provides valuable insights into the varying tax landscape across Franklin County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Waddy Tax Rate
1.20%
Average Franklin County Tax Rate
1.20%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Waddy, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40076 | 0.77% | 0.91% | 1.20% | 1.20% | 1.20% |
Source: Ownwell
Property Tax Assessment Values Across Waddy, Kentucky
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Waddy, KY. 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 Franklin 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 Waddy, 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 median home price in Waddy is $184,776, with tax bills ranging from $1,334 at the 25th percentile to $4,107 at the 90th percentile. The zip code 40076 has the highest and lowest median tax bill, both at $1,836. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Waddy Assessed Value
$184,776
Average Franklin County Assessed Value
$129,000
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Waddy, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40076 | $93,750 | $125,666 | $184,776 | $260,450 | $343,587 |
Source: Ownwell
Property Tax Bills Across Waddy, Kentucky
In Waddy, located in Franklin County, KY, property tax bills are determined by multiplying the assessed value of a home by the local tax rate. The assessed value is usually a percentage of the market value, which is determined by the county assessor. In Franklin County, homeowners can expect a median property tax bill of $1,836, aligning closely with the national median property tax rate of 0.99%. Several factors influence the final tax bill, including the home's location, size, and any applicable exemptions. For instance, the 25th percentile of tax bills in the area is $1,334, while the 75th percentile reaches $2,728, and the 90th percentile can go up to $4,107. These variations highlight how different property characteristics and valuations can significantly impact what homeowners owe. Understanding how these factors interplay helps homeowners anticipate their tax liabilities, ensuring they are better prepared for annual expenses. This knowledge is crucial for financial planning and can influence decisions related to buying or selling property in the area.
Average Waddy Tax Bill
$1,836
Average Franklin County Tax Bill
$1,314
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Waddy, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40076 | $734 | $1,334 | $1,836 | $2,728 | $4,107 |
Source: Ownwell