Waynesburg, Lincoln County, Kentucky Property Taxes
The median property tax rate in Waynesburg, KY is 1.04%, slightly higher than both the national median of 0.99% and Kentucky's state median of 1.02%. With a median home value of $56,000 in Waynesburg, the typical annual property tax bill is $446, which is significantly lower than the national median of $2,690. Property taxes in Waynesburg are calculated based on the tax assessed value, which usually falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Waynesburg's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Waynesburg 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
Waynesburg, Lincoln County, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.04%
Estimate Property Tax Bill
$582
$540
Ownwell’s Waynesburg Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Waynesburg with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Waynesburg 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 Waynesburg, Lincoln County, Kentucky
Property taxes in Waynesburg, Kentucky, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Waynesburg is 0.74%, which is lower than both the Kentucky state median of 0.83% and the U.S. national median of 0.99%. Local government entities within Waynesburg set these rates annually, and they can vary significantly across different neighborhoods. Each year, Waynesburg 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 Waynesburg's effective property tax rate to other counties in Kentucky and the national median. For comparison, the 40489 zip code has the highest median property tax rate of 0.74%, while the same zip code also has the lowest median tax rate of 0.74%. Understanding how these cities compare with Waynesburg provides valuable insights into the varying tax landscape across Lincoln County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Waynesburg Tax Rate
1.04%
Average Lincoln County Tax Rate
1.04%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Waynesburg, Lincoln County, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40489 | 0.44% | 0.86% | 1.04% | 1.04% | 1.04% |
Source: Ownwell
Property Tax Assessment Values Across Waynesburg, Lincoln County, Kentucky
In Waynesburg, 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 local authorities 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 Waynesburg, 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. For instance, the median home price is $56,000, with tax bills ranging from $124 at the 25th percentile to $1,491 at the 90th percentile. The highest and lowest median tax bills are both $446, found in the 40489 zip code. 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 Waynesburg helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Waynesburg, Lincoln County, Kentucky
Source: Ownwell
$12,000
$53,375
$94,750
Average Waynesburg Assessed Value
$56,000
Average Lincoln County Assessed Value
$67,000
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Waynesburg, Lincoln County, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40489 | $5,000 | $15,000 | $56,000 | $105,000 | $157,380 |
Source: Ownwell
Property Tax Bills Across Waynesburg, Lincoln County, Kentucky
In Waynesburg, Lincoln County, KY, property tax bills are calculated based on the assessed value of a property, which is determined by the local tax assessor. The assessed value is typically a percentage of the property's market value. Homeowners in Waynesburg can expect their tax bills to fall within a range, with the 25th percentile at $124 and the 75th percentile reaching $952. At the 90th percentile, tax bills can go up to $1,491. These figures indicate that while some homeowners pay relatively low property taxes, others might face significantly higher bills depending on their property's assessed value. The median home price in Waynesburg is $56,000, which is considerably lower than the national median. Despite this, the property tax rate in Waynesburg can still impact homeowners significantly. For instance, the highest median tax bill in the area is $446, which aligns with the lowest median tax bill, both recorded in the zip code 40489. This suggests a level of consistency in property tax assessments within that zip code, affecting the financial planning and budgeting for homeowners in the region.
Average Waynesburg Tax Bill
$446
Average Lincoln County Tax Bill
$557
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Waynesburg, Lincoln County, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40489 | $52 | $124 | $446 | $952 | $1,491 |
Source: Ownwell