Wingo, Graves County, Kentucky Property Taxes
The median property tax rate in Wingo, KY is 0.80%, which is lower than both the national median of 0.99% and the Kentucky state median of 1.02%. With a median home value of $85,000 in Wingo, the typical annual property tax bill is $483, significantly below the national median of $2,690. Property taxes in Wingo are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like primary residence and agricultural exemptions. Understanding Wingo'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 Wingo 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
Wingo, Graves County, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.8%
Estimate Property Tax Bill
$680
$631
Ownwell’s Wingo Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Wingo with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Wingo 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 Wingo, Graves County, Kentucky
Property taxes in Wingo, Kentucky, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Wingo is 0.80%, which is notably lower than the U.S. national median of 0.99%. Local government entities within Wingo set these rates annually, and they can vary significantly across different neighborhoods. Each year, Wingo 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 Wingo's effective property tax rate to other areas in Kentucky and the national median. For comparison, the zip code 42088 has both the highest and lowest median property tax rate of 0.80%. Understanding how these areas compare with Wingo provides valuable insights into the varying tax landscape across Graves County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Wingo Tax Rate
0.80%
Average Graves County Tax Rate
0.67%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Wingo, Graves County, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42088 | 0.18% | 0.45% | 0.80% | 0.87% | 0.91% |
Source: Ownwell
Property Tax Assessment Values Across Wingo, Graves County, Kentucky
In Wingo, 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 Graves 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 Wingo, 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 Wingo helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Wingo is $483 in zip code 42088, while the lowest is also $483 in the same zip code.
Property Tax Assessment Values Across Wingo, Graves County, Kentucky
Source: Ownwell
$13,500
$76,750
$140,000
Average Wingo Assessed Value
$85,000
Average Graves County Assessed Value
$80,000
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Wingo, Graves County, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42088 | $6,300 | $37,500 | $85,000 | $139,900 | $250,000 |
Source: Ownwell
Property Tax Bills Across Wingo, Graves County, Kentucky
In Wingo, KY, property tax bills are determined by assessing the value of a homeowner's property. The assessed value is then multiplied by the local tax rate to calculate the tax bill. Factors that influence the assessed value include the property's market value, location, and condition. Homeowners in Wingo can expect varying tax bills depending on their property's assessed value. For instance, the 25th percentile tax bill is around $190, while those in the 75th percentile may pay approximately $894. At the 90th percentile, tax bills can reach up to $1,361. The highest and lowest median tax bills in the area both stand at $483, reflecting a relatively consistent tax environment within the zip code 42088. Comparatively, Wingo's property tax rates are generally lower than the national median property tax rate of 0.99%, offering a more affordable tax landscape for homeowners. This variability in tax bills underscores the importance of understanding local property assessments and how they impact overall tax obligations.
Average Wingo Tax Bill
$483
Average Graves County Tax Bill
$394
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Wingo, Graves County, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42088 | $40 | $190 | $483 | $894 | $1,361 |
Source: Ownwell