Waverly, Kentucky Property Taxes
The median property tax rate in Waverly, KY is 1.18%, considerably higher than both the national median of 0.99% and the Kentucky state median of 1.02%. With the median home value in Waverly at $70,000, the typical annual property tax bill reaches $769, which is significantly lower than the national median of $2,690. Property taxes in Waverly are calculated based on the assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Waverly'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 Waverly or another part of Henderson County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Waverly, 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 Waverly Property Tax Bill Calculator is a valuable tool for homeowners, real estate investors, and potential buyers to estimate their annual property taxes with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Waverly to provide an estimate of 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 Waverly, Kentucky
Property taxes in Waverly, Kentucky, are essential for funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Waverly is 1.18%, which is higher than the U.S. national median of 0.99%. Local government entities within Waverly set these rates annually, and they can vary across different neighborhoods. Each year, Waverly 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 Waverly's effective property tax rate to other counties in Kentucky and the national median. For comparison, the zip code 42462 has the highest median property tax rate of 1.18%, while the same zip code also has the lowest median tax rate of 1.18%. Understanding how these cities compare with Waverly provides valuable insights into the varying tax landscape across Henderson County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Waverly Tax Rate
1.18%
Average Henderson County Tax Rate
1.12%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Waverly, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42462 | 0.53% | 1.12% | 1.18% | 1.22% | 1.29% |
Source: Ownwell
Property Tax Assessment Values Across Waverly, Kentucky
In Waverly, 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 Henderson 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. Assessment notices in Waverly 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 Waverly helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. In Waverly, zip code 42462 has the highest and lowest median tax bill at $769.
Average Waverly Assessed Value
$70,000
Average Henderson County Assessed Value
$98,900
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Waverly, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42462 | $29,430 | $50,000 | $70,000 | $98,050 | $139,350 |
Source: Ownwell
Property Tax Bills Across Waverly, Kentucky
In Waverly, property tax bills are calculated based on the assessed value of a home, which is determined by the Henderson County Assessor's Office. This assessed value is then multiplied by the local property tax rate to determine the annual tax bill. Several factors influence the assessed value, including the property's market value, location, and any improvements made to the property. For homeowners in Waverly, the median home price stands at $70,000. With the national median property tax rate at 0.99%, Waverly's tax bills vary significantly, reflecting the assessed values and local tax rates. The tax bill for the 25th percentile is $459, while it rises to $1,047 for the 75th percentile and reaches $1,611 for the 90th percentile. These property tax bills have a direct impact on homeowners' financial planning, influencing decisions on buying, selling, and investing in property improvements. Understanding how these bills are calculated can help homeowners better manage their expenses and anticipate future tax obligations.
Average Waverly Tax Bill
$769
Average Henderson County Tax Bill
$1,006
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Waverly, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42462 | $256 | $459 | $769 | $1,047 | $1,611 |
Source: Ownwell