Wingo, Kentucky Property Taxes
The median property tax rate in Wingo, 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 Wingo at $53,250, the typical annual property tax bill reaches $470, which is significantly below the national median of $2,690. Property taxes in Wingo are calculated based on the tax assessed value, often lower than the market value due to various exemptions like the 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, 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 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, 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 1.03%, higher than the 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 counties in Kentucky and the national median. For comparison, the zip code 42088 has both the highest and lowest median property tax rate of 1.03%. Understanding how these cities compare with Wingo 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 Wingo Tax Rate
1.03%
Average Hickman County Tax Rate
1.04%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Wingo, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42088 | 0.39% | 0.94% | 1.03% | 1.13% | 1.21% |
Source: Ownwell
Property Tax Assessment Values Across Wingo, Kentucky
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Wingo, 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 by the Hickman 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. The median home price in Wingo is $53,250, with property tax bills ranging from $264 at the 25th percentile to $1,333 at the 90th percentile. Being aware of these valuation processes in Wingo helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Wingo Assessed Value
$53,250
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 Wingo, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42088 | $15,000 | $28,250 | $53,250 | $92,500 | $161,100 |
Source: Ownwell
Property Tax Bills Across Wingo, Kentucky
In Wingo, located in Hickman County, KY, property tax bills are calculated based on the assessed value of a home rather than its market value. The local tax rate is applied to this assessed value to determine the annual tax bill. For homeowners in Wingo, the median home price stands at $53,250. Property tax bills can vary significantly, with the 25th percentile at $264 and the 75th percentile reaching $848. At the 90th percentile, homeowners might see tax bills as high as $1,333. Several factors influence these calculations, including the assessed value set by the local tax assessor, any applicable exemptions, and the specific tax rate for the region. Compared to the national median property tax rate of 0.99%, Wingo's tax burden is relatively moderate. For homeowners, these property taxes contribute to local services and infrastructure, impacting community resources and overall quality of life. Understanding how these taxes are calculated can help homeowners better anticipate and manage their annual expenses.
Average Wingo Tax Bill
$470
Average Hickman County Tax Bill
$412
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Wingo, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42088 | $130 | $264 | $470 | $848 | $1,333 |
Source: Ownwell