Waddy, Kentucky Property Taxes
The median property tax rate in Waddy, KY is 1.04%, slightly higher than both the national median of 0.99% and the Kentucky state median of 1.02%. With a median home value of $165,200 in Waddy, the typical annual property tax bill amounts to $1,211, which is below the national median of $2,690. Property taxes in Waddy are calculated based on the tax assessed value, which usually falls below the market value due to various exemptions, including 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 Anderson County, grasping 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
1.04%
Estimate Property Tax Bill
$1,718
Ownwell’s Waddy Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Waddy with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Waddy 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 Waddy, Kentucky
Property taxes in Waddy, Kentucky, are essential for funding key local services such as public schools, road maintenance, and emergency services. The median tax rate in Waddy is 0.72%, which is significantly lower than both the Kentucky state median of 0.83% 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 zip code 40076 has the highest median property tax rate of 0.72%, while the same zip code also has the lowest median tax rate of 0.72%. Understanding how these cities compare with Waddy provides valuable insights into the varying tax landscape across Anderson County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Waddy Tax Rate
1.04%
Average Anderson County Tax Rate
0.94%
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 | 0.40% | 0.73% | 1.04% | 1.04% | 1.06% |
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, Kentucky. The market value represents 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 Anderson 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 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. 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 Waddy helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 40076 has the highest median tax bill at $1,211, which is the same as the lowest median tax bill, highlighting the uniformity in property tax assessments within the area.
Average Waddy Assessed Value
$165,200
Average Anderson County Assessed Value
$145,000
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 | $22,000 | $50,450 | $165,200 | $265,125 | $339,521 |
Source: Ownwell
Property Tax Bills Across Waddy, Kentucky
In Waddy, Anderson County, KY, property tax bills are calculated based on the assessed value of a home. The assessed value is determined by the local tax assessor and reflects the market value of the property. Homeowners in Waddy can expect a median property tax rate that aligns closely with the national median rate of 0.99%. Factors influencing the tax bill include the property's size, location, and any improvements made. For example, with a median home price of $165,200, homeowners might see tax bills ranging from $469 at the 25th percentile to $2,898 at the 90th percentile. The median tax bill in Waddy is $1,211, which is consistent across the zip code 40076. These tax bills directly impact homeowners by contributing to local services such as schools, infrastructure, and emergency services. Understanding how these factors come into play can help homeowners better anticipate their annual property tax liabilities and manage their finances more effectively.
Average Waddy Tax Bill
$1,211
Average Anderson County Tax Bill
$1,273
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 | $258 | $469 | $1,211 | $2,011 | $2,898 |
Source: Ownwell