Rhodelia, Kentucky Property Taxes
The median property tax rate in Rhodelia, KY is 1.09%, slightly higher than both the national median of 0.99% and the Kentucky state median of 1.02%. With the median home value in Rhodelia at $83,800, the typical annual property tax bill reaches $822, which is below the national median of $2,690. Property taxes in Rhodelia are calculated based on the tax assessed value, often lower than the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Rhodelia'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 Rhodelia or another part of the county, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Rhodelia, Kentucky Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
1.02%
Estimate Property Tax Bill
$2,040
Ownwell’s Rhodelia Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Rhodelia with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Rhodelia 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 Rhodelia, Kentucky
Property taxes in Rhodelia, Kentucky, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Rhodelia is 1.09%, higher than both the Kentucky state median and the U.S. national median of 0.99%. Local government entities within Rhodelia set these rates annually, and they can vary significantly across different neighborhoods. Each year, Rhodelia 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 Rhodelia's effective property tax rate to other counties in Kentucky and the national median. For comparison, the 40161 zip code has the highest median property tax rate of 1.09%, while the same zip code also has the lowest median tax rate of 1.09%. Understanding how these cities compare with Rhodelia provides valuable insights into the varying tax landscape across Meade County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Rhodelia Tax Rate
1.09%
Average Meade County Tax Rate
1.16%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Rhodelia, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40161 | 0.54% | 0.81% | 1.09% | 1.09% | 1.09% |
Source: Ownwell
Property Tax Assessment Values Across Rhodelia, Kentucky
In Rhodelia, 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 Meade 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 Rhodelia, 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 Rhodelia helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. In Rhodelia, the median home price is $83,800, with the lowest and highest median tax bills both being $822 in zip code 40161.
Average Rhodelia Assessed Value
$83,800
Average Meade County Assessed Value
$122,800
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Rhodelia, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40161 | $12,500 | $55,000 | $83,800 | $110,000 | $175,100 |
Source: Ownwell
Property Tax Bills Across Rhodelia, Kentucky
In Rhodelia, KY, property tax bills are calculated based on the assessed value of a home, which is determined by local tax assessors. The median home price in this area is $83,800. Property tax rates are applied to this assessed value to calculate the annual tax bill. For example, homeowners in Rhodelia can expect their tax bills to range significantly, with the 25th percentile tax bill at $328 and the 75th percentile tax bill reaching $1,076. At the higher end, the 90th percentile tax bill is $1,466. Several factors influence the tax bill, including property size, location, and improvements made to the home. These taxes fund essential local services such as public schools, infrastructure, and emergency services. Comparatively, the property tax rate in Rhodelia can be seen as more favorable when juxtaposed with the national median property tax rate of 0.99%. This makes Rhodelia an attractive option for homeowners looking for lower property tax liabilities while still benefiting from essential community services.
Average Rhodelia Tax Bill
$822
Average Meade County Tax Bill
$1,267
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Rhodelia, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40161 | $85 | $328 | $822 | $1,076 | $1,466 |
Source: Ownwell