40385 Property Tax Rate

Property owners in ZIP code 40385 (Waco, Kentucky) pay a median of $1,289/year in property taxes on homes valued at $176,000. This translates to an effective tax rate of 0.73%, which is near the Kentucky state average of 0.75%.

The monthly property tax burden for a median-valued home in 40385 is approximately $107, which factors into escrow payments on mortgages. This ZIP code is located within Madison County.

Compared to similar ZIP codes in Kentucky, 40385 has lower property taxes. ZIP codes with similar effective rates include 41538 (0.73%) and 42352 (0.73%).

In Waco, property taxes represent approximately 2.2% of the median household income of $58,092, providing context for the relative tax burden on homeowners in this area.

Kentucky conducts periodic statewide property valuations (every 4–6 years) without reassessment triggered by sale; the Madison County Property Valuation Administrator adjusts values annually per state guidelines. Madison County residents 65+ or permanently disabled may qualify for the State Senior/Disabled Property Tax Credit (subject to income thresholds), and municipal Homestead Exemptions may be available — contact the Madison County PVA for your specific eligibility. After closing, obtain your Notice of Assessment and submit exemption/credit applications to the Madison County PVA within 60 days to ensure timely approval.