Wickliffe, Kentucky Property Taxes
The median property tax rate in Wickliffe, KY is 1.03%, slightly higher than both the national median of 0.99% and the Kentucky state median of 1.02%. With the median home value in Wickliffe at $50,000, the typical annual property tax bill is $412, significantly lower than the national median of $2,690. Property taxes in Wickliffe are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Wickliffe'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 Wickliffe 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
Wickliffe, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.03%
Estimate Property Tax Bill
$515
Ownwell’s Wickliffe Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Wickliffe with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Wickliffe 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 Wickliffe, Kentucky
Property taxes in Wickliffe, Kentucky, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Wickliffe is 1.03%, which is higher than the U.S. national median of 0.99%. Local government entities within Wickliffe set these rates annually, and they can vary significantly across different neighborhoods. Each year, Wickliffe 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 Wickliffe's effective property tax rate to other counties in Kentucky and the national median. For comparison, the 42087 zip code has the highest median property tax rate of 1.03%, while the 42087 zip code also has the lowest median tax rate of 1.03%. Understanding how these cities compare with Wickliffe provides valuable insights into the varying tax landscape across Ballard County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Wickliffe Tax Rate
1.03%
Average Ballard County Tax Rate
1.03%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Wickliffe, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42087 | 0.42% | 1.03% | 1.03% | 1.03% | 1.04% |
Source: Ownwell
Property Tax Assessment Values Across Wickliffe, Kentucky
In Wickliffe, 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. In Wickliffe, 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. The median home price in Wickliffe is $50,000, with tax bills ranging from $125 at the 25th percentile to $1,544 at the 90th percentile. Interestingly, the zip code 42087 has both the highest and lowest median tax bill at $412. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and comprehend how their property taxes are determined. This awareness helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Wickliffe Assessed Value
$50,000
Average Ballard County Assessed Value
$52,000
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Wickliffe, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42087 | $5,000 | $17,000 | $50,000 | $94,993 | $155,600 |
Source: Ownwell
Property Tax Bills Across Wickliffe, Kentucky
In Wickliffe, KY, property tax bills are calculated based on the assessed value of the property, which is determined by the local tax assessor. This assessed value is then multiplied by the property tax rate to determine the annual tax bill. For example, with a median home price of $50,000, homeowners can expect varying tax bills depending on the assessed value and specific circumstances of their property. The tax bill for the 25th percentile is around $125, while the 75th percentile reaches up to $862. For those in the 90th percentile, the tax bill can be as high as $1,544. The highest and lowest median tax bills in the region both stand at $412, indicating a consistent rate within the zip code 42087. These property taxes significantly impact homeowners, influencing their overall cost of living and affecting decisions related to buying, selling, or investing in property. Compared to the national median property tax rate of 0.99%, Wickliffe's rates provide a more affordable option for residents.
Average Wickliffe Tax Bill
$412
Average Ballard County Tax Bill
$421
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Wickliffe, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42087 | $51 | $125 | $412 | $862 | $1,544 |
Source: Ownwell