Waco, Madison County, Kentucky Property Taxes
The median property tax rate in Waco, KY is 0.97%, slightly below the national median of 0.99% and the Kentucky state median of 1.02%. With the median home value in Waco at $85,000, the typical annual property tax bill is approximately $662, which is significantly lower than the national median of $2,690. Property taxes in Waco are calculated based on the assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Waco'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 Waco or another part of Madison County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Waco, Madison County, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.97%
Estimate Property Tax Bill
$825
$765
Ownwell’s Waco Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Waco with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Waco 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 Waco, Madison County, Kentucky
Property taxes in Waco, Kentucky, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Waco is 0.97%, which is slightly below the U.S. national median of 0.99%. Local government entities within Waco set these rates annually, and they can vary significantly across different neighborhoods. Each year, Waco 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 Waco's effective property tax rate to other areas in Kentucky and the national median. For comparison, the 40385 zip code has both the highest and the lowest median property tax rate at 0.97%. Understanding how these areas compare with Waco provides valuable insights into the varying tax landscape across Madison County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Waco Tax Rate
0.97%
Average Madison County Tax Rate
0.97%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Waco, Madison County, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40385 | 0.54% | 0.85% | 0.97% | 0.97% | 0.97% |
Source: Ownwell
Property Tax Assessment Values Across Waco, Madison County, Kentucky
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Waco, 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 local 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 Waco, 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 Waco helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with both the highest and lowest median tax bill is 40385, with a median tax bill of $662.
Property Tax Assessment Values Across Waco, Madison County, Kentucky
Source: Ownwell
$85,000
$123,900
$162,800
Average Waco Assessed Value
$85,000
Average Madison County Assessed Value
$149,000
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Waco, Madison County, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40385 | $12,000 | $38,000 | $85,000 | $139,600 | $210,420 |
Source: Ownwell
Property Tax Bills Across Waco, Madison County, Kentucky
In Waco, Madison County, KY, property tax bills are calculated based on the assessed value of a home, which is determined by the local property assessor. The median home price in Waco is $85,000. Homeowners in this area can expect their property tax bills to vary significantly. For example, the 25th percentile tax bill is around $260, while the 75th percentile reaches up to $1,250, and the 90th percentile can be as high as $1,881. The highest median tax bill recorded in the area is $662, which is relatively moderate compared to the national median property tax rate of 0.99%. Several factors influence these tax bills, including the home's market value, local tax rates, and any applicable exemptions or deductions. These property taxes fund essential community services such as schools, public safety, and infrastructure. For homeowners, understanding how these taxes are calculated and what influences them can help in budgeting and financial planning, ensuring they are prepared for these annual expenses.
Average Waco Tax Bill
$662
Average Madison County Tax Bill
$1,352
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Waco, Madison County, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40385 | $101 | $260 | $662 | $1,250 | $1,881 |
Source: Ownwell