Albany, Wayne County, Kentucky Property Taxes
The median property tax rate in Albany, KY is 0.94%, slightly lower than both the national median of 0.99% and the Kentucky state median of 1.02%. With the median home value in Albany at $52,410, the typical annual property tax bill amounts to $497, which is significantly below the national median of $2,690. Property taxes in Albany are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Albany'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 Albany 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
Albany, Wayne County, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.94%
Estimate Property Tax Bill
$493
$457
Ownwell’s Albany Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Albany with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Albany 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 Albany, Wayne County, Kentucky
Property taxes in Albany, Kentucky, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Albany is 0.94%, slightly below the U.S. national median of 0.99%. Local government entities within Albany set these rates annually, and they can vary significantly across different neighborhoods. Each year, Albany 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 Albany's effective property tax rate to other counties in Kentucky and the national median. For comparison, the 42602 zip code in Wayne County has the same median property tax rate of 0.94%. Understanding how these cities compare with Albany provides valuable insights into the varying tax landscape across Wayne County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Albany Tax Rate
0.94%
Average Wayne County Tax Rate
0.94%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Albany, Wayne County, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42602 | 0.48% | 0.70% | 0.94% | 0.94% | 0.94% |
Source: Ownwell
Property Tax Assessment Values Across Albany, Wayne County, Kentucky
In Albany, 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 the local 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 Albany, 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 Albany helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Albany's zip code 42602 are both $497.
Property Tax Assessment Values Across Albany, Wayne County, Kentucky
Source: Ownwell
$45,000
$60,000
$75,000
Average Albany Assessed Value
$52,410
Average Wayne County Assessed Value
$59,000
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Albany, Wayne County, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42602 | $20,700 | $31,325 | $52,410 | $154,685 | $198,672 |
Source: Ownwell
Property Tax Bills Across Albany, Wayne County, Kentucky
In Albany, KY, property tax bills are determined by assessing the market value of a home and applying the local tax rate. The median home price in Albany is $52,410, which serves as the basis for calculating property taxes. Homeowners can expect a range of tax bills depending on their property's assessed value and the specific tax rate applied by Wayne County. For instance, the 25th percentile tax bill is around $296, while the 75th percentile reaches $1,175, and the 90th percentile goes up to $1,433. The highest and lowest median tax bills in Albany are both $497, located in the 42602 zip code, indicating a consistent tax rate within this area. Compared to the national median property tax rate of 0.99%, Albany's property tax rates can vary significantly, affecting homeowners differently based on their property's assessed value. Understanding these factors helps homeowners anticipate their annual property tax obligations and plan their finances accordingly.
Average Albany Tax Bill
$497
Average Wayne County Tax Bill
$420
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Albany, Wayne County, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42602 | $208 | $296 | $497 | $1,175 | $1,433 |
Source: Ownwell