Water Valley, Hickman County, Kentucky Property Taxes
The median property tax rate in Water Valley, KY is 0.99%, aligning perfectly with the national median of 0.99% but slightly lower than the Kentucky state median of 1.02%. With the median home value in Water Valley at $72,000, the typical annual property tax bill reaches $645, which is significantly below the national median of $2,690. Property taxes in Water Valley are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Water Valley'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 Water Valley 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
Water Valley, Hickman County, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.99%
Estimate Property Tax Bill
$713
$661
Ownwell’s Water Valley Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Water Valley with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Water Valley 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 Water Valley, Hickman County, Kentucky
Property taxes in Water Valley, Kentucky, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Water Valley is 0.99%, which aligns with both the Kentucky state median and the U.S. national median of 0.99%. Local government entities within Water Valley set these rates annually, and they can vary significantly across different neighborhoods. Each year, Water Valley 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 Water Valley's effective property tax rate to other counties in Kentucky and the national median. For comparison, the zip code 42085 has both the highest and lowest median property tax rates of 0.99%. Understanding how these cities compare with Water Valley provides valuable insights into the varying tax landscape across Hickman County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Water Valley Tax Rate
0.99%
Average Hickman County Tax Rate
1.04%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Water Valley, Hickman County, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42085 | 0.46% | 0.73% | 0.99% | 1.04% | 1.09% |
Source: Ownwell
Property Tax Assessment Values Across Water Valley, Hickman County, Kentucky
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Water Valley, Kentucky. 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 for tax purposes by the relevant authorities. 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 Water Valley, 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 Water Valley helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. For instance, the median home price in Water Valley is $72,000, with tax bills ranging from $377 at the 25th percentile to $1,366 at the 90th percentile. The highest and lowest median tax bills are both $645, found in zip code 42085.
Property Tax Assessment Values Across Water Valley, Hickman County, Kentucky
Source: Ownwell
$29,800
$50,900
$72,000
Average Water Valley Assessed Value
$72,000
Average Hickman County Assessed Value
$50,000
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Water Valley, Hickman County, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42085 | $25,200 | $40,500 | $72,000 | $111,750 | $155,600 |
Source: Ownwell
Property Tax Bills Across Water Valley, Hickman County, Kentucky
In Water Valley, KY, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. This assessed value is then multiplied by the local property tax rate to determine the annual tax bill. For example, with a median home price of $72,000 in Water Valley, homeowners can expect varying tax bills depending on the specific assessed value of their property. Factors such as property location within Hickman County, home improvements, and market conditions can influence the assessed value. Homeowners in Water Valley typically see tax bills ranging from $377 at the 25th percentile to $995 at the 75th percentile, with the 90th percentile reaching up to $1366. These figures show a significant range, reflecting the diversity in property values and conditions within the area. Understanding how these factors interplay can help homeowners better anticipate their property tax obligations and plan accordingly. Compared to the national median property tax rate of 0.99%, Water Valley's tax bills are relatively moderate, offering a balanced approach to property taxation.
Average Water Valley Tax Bill
$645
Average Hickman County Tax Bill
$412
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Water Valley, Hickman County, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42085 | $167 | $377 | $645 | $995 | $1,366 |
Source: Ownwell