Waddy, Shelby County, Kentucky Property Taxes
The median property tax rate in Waddy, KY is 1.17%, which is considerably higher than both the national median of 0.99% and the Kentucky state median of 1.02%. With the median home value in Waddy at $115,000, the typical annual property tax bill reaches $1,183, exceeding the national median of $2,690. Property taxes in Waddy 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 Waddy'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 Waddy 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
Waddy, Shelby County, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.17%
Estimate Property Tax Bill
$1,345
$1,249
Ownwell’s Waddy Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Waddy with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Waddy 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 Waddy, Shelby County, Kentucky
Property taxes in Waddy, Kentucky, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Waddy is 1.17%, higher than both the Kentucky state median and the U.S. national median of 0.99%. Local government entities within Waddy set these rates annually, and they can vary significantly across different neighborhoods. Each year, Waddy 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 Waddy's effective property tax rate to other counties in Kentucky and the national median. For comparison, the 40076 zip code has the highest median property tax rate of 1.17%, while the same zip code holds the lowest median tax rate of 1.17%. Understanding how these cities compare with Waddy provides valuable insights into the varying tax landscape across Shelby County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Waddy Tax Rate
1.17%
Average Shelby County Tax Rate
1.15%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Waddy, Shelby County, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40076 | 0.65% | 1.02% | 1.17% | 1.19% | 1.23% |
Source: Ownwell
Property Tax Assessment Values Across Waddy, Shelby County, Kentucky
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Waddy, 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 Shelby County Property Valuation Administrator 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 Waddy, 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. The median home price in Waddy is $115,000, with tax bills ranging from $575 at the 25th percentile to $3,154 at the 90th percentile. The zip code 40076 has the highest and lowest median tax bill at $1,183. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage their tax burden.
Property Tax Assessment Values Across Waddy, Shelby County, Kentucky
Source: Ownwell
$50,000
$222,500
$395,000
Average Waddy Assessed Value
$115,000
Average Shelby County Assessed Value
$175,000
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Waddy, Shelby County, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40076 | $28,200 | $61,000 | $115,000 | $185,640 | $280,000 |
Source: Ownwell
Property Tax Bills Across Waddy, Shelby County, Kentucky
In Waddy, located in Shelby County, KY, property tax bills are calculated based on the assessed value of a home. The assessed value is determined by local assessors and typically reflects a percentage of the market value of the property. For instance, the median home price in Waddy is $115,000. Property tax rates are then applied to this assessed value to determine the tax bill. Several factors influence the final tax bill, including the property's location, its assessed value, and applicable exemptions or deductions. For homeowners in Waddy, the tax bill can vary significantly. For example, the 25th percentile tax bill is $575, while the 75th percentile tax bill reaches $2,027, and the 90th percentile tax bill can be as high as $3,154. These property taxes fund essential public services such as schools, infrastructure, and emergency services. For homeowners, understanding how their tax bill is calculated can help in budgeting and financial planning, ensuring they are prepared for their annual property tax obligations.
Average Waddy Tax Bill
$1,183
Average Shelby County Tax Bill
$1,854
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Waddy, Shelby County, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40076 | $213 | $575 | $1,183 | $2,027 | $3,154 |
Source: Ownwell