Waco, Estill County, Kentucky Property Taxes

Local government entities are responsible for setting tax rates, which can vary significantly within a state. This variance occurs because each county annually estimates the budget required to provide essential services and divides that by the total value of all taxable property within its jurisdiction, resulting in the property tax rate. While setting tax rates and budgets involves votes and legislation, this is the core of the annual process.

In Waco, located in Estill County, Kentucky, the effective property tax rate is influenced by these local decisions. To put it into perspective, Kentucky's median property tax rate is slightly higher than the national median, standing at 1.07%. This means that the typical property tax rate in Kentucky is above the national average of 1.02%. Comparing Waco's rate to other cities within the state can provide valuable insights into how local property taxes impact homeowners. Understanding these differences is crucial for property owners who want to manage their tax liabilities effectively.

Property tax bills in Waco, located in Estill County, KY, are calculated based on the assessed value of a property, which is determined by the local tax assessor. The median home price in this area is $42,000. The tax rate applied to this assessed value determines the annual tax bill. In Waco, the property tax bill is notably consistent, with the 25th, 75th, and 90th percentiles all at $666, indicating a uniformity in tax rates across different property values. This is significantly lower than the national median property tax bill of $2,400, offering a financial advantage to homeowners in Waco.

However, even with lower tax bills, homeowners can still benefit from ensuring their property is assessed accurately. Ownwell assists homeowners in appealing their property tax assessments, potentially reducing their tax liabilities. By providing expert analysis and representation, Ownwell helps ensure that homeowners are not overpaying on their property taxes, maximizing their savings and ensuring fair taxation. This service can be particularly beneficial in maintaining the affordability of homeownership in Waco.