Wheatcroft, Kentucky Property Taxes
The median property tax rate in Wheatcroft, KY is 1.13%, slightly higher than both the national median of 0.99% and Kentucky's state median of 1.02%. With a median home value of $19,950 in Wheatcroft, the typical annual property tax bill amounts to $157, which is significantly lower than the national median of $2,690. Property taxes in Wheatcroft are calculated based on the assessed value, often lower than the market value due to exemptions such as those for primary residences and agricultural properties. Understanding Wheatcroft's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Wheatcroft or another part of the city, comprehending the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Wheatcroft, 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 Wheatcroft Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Wheatcroft with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Wheatcroft 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 Wheatcroft, Kentucky
Property taxes in Wheatcroft, Kentucky, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Wheatcroft is 0.82%, which is lower than both the Kentucky state median of 0.83% and the U.S. national median of 0.99%. Local government entities within Wheatcroft set these rates annually, and they can vary significantly across different neighborhoods. Each year, Wheatcroft 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 Wheatcroft's effective property tax rate to other counties in Kentucky and the national median. For comparison, the 42463 zip code has the highest median property tax rate of 0.82%, while the same zip code also has the lowest median tax rate of 0.82%. Understanding how these cities compare with Wheatcroft provides valuable insights into the varying tax landscape across Webster County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Wheatcroft Tax Rate
1.13%
Average Webster County Tax Rate
1.13%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Wheatcroft, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42463 | 0.62% | 1.13% | 1.13% | 1.13% | 1.13% |
Source: Ownwell
Property Tax Assessment Values Across Wheatcroft, Kentucky
In Wheatcroft, 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 Webster 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 Wheatcroft, 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 Wheatcroft is $19,950, with tax bills varying significantly. The 25th percentile tax bill is $48, while the 75th percentile tax bill is $370, and the 90th percentile tax bill reaches $575. The zip code with the highest median tax bill is 42463, at $157. 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 Wheatcroft Assessed Value
$19,950
Average Webster County Assessed Value
$46,000
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Wheatcroft, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42463 | $1,600 | $5,188 | $19,950 | $40,375 | $59,810 |
Source: Ownwell
Property Tax Bills Across Wheatcroft, Kentucky
In Wheatcroft, KY, property tax bills are calculated based on the assessed value of a property, which is derived from its market value. The local tax rate is then applied to this assessed value to determine the final tax bill. For homeowners in Wheatcroft, the median home price is $19,950, which provides a baseline for understanding property tax obligations. Factors such as the property's location within Webster County and any applicable exemptions can influence the assessed value and, consequently, the tax bill. For instance, in Wheatcroft, the 25th percentile tax bill is $48, while the 75th percentile tax bill is $370. At the higher end, the 90th percentile tax bill reaches $575. These tax bills can significantly impact homeowners, especially when compared to the national median property tax rate of 0.99%. Understanding how these factors interplay helps homeowners anticipate their financial responsibilities and plan accordingly.
Average Wheatcroft Tax Bill
$157
Average Webster County Tax Bill
$344
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Wheatcroft, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42463 | $18 | $48 | $157 | $370 | $575 |
Source: Ownwell