Raccoon, Kentucky Property Taxes
The median property tax rate in Raccoon, KY is 1.37%, considerably higher than both the national median of 0.99% and the Kentucky state median of 1.02%. With the median home value in Raccoon at $33,000, the typical annual property tax bill reaches $294, which is significantly lower than the national median of $2,690. Property taxes in Raccoon 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 Raccoon'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 Raccoon or another part of Pike County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Raccoon, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.37%
Estimate Property Tax Bill
$452
Ownwell’s Raccoon Property Tax Bill Calculator is an invaluable tool for homeowners, real estate investors, and potential buyers who want to estimate their annual property taxes in Raccoon, KY. By simply entering your property's estimated assessed value, the calculator uses the median tax rate in Raccoon to provide an accurate estimate of your property tax bill. This essential tool helps you grasp potential tax obligations effortlessly. For those keen on understanding trends at the neighborhood level, further localized information is available below. Your property’s assessed value, determined by Pike County, is used for property tax calculations and takes into account any applicable exemptions.
Property Tax Rates Across Raccoon, Kentucky
Property taxes in Raccoon, Kentucky, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Raccoon stands at 1.37%, significantly higher than the national median of 0.99%. Local government entities within Raccoon set these rates annually, and they can vary significantly across different neighborhoods. Each year, Raccoon 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 Raccoon's effective property tax rate to other areas in Kentucky and the national median. For comparison, the zip code 41557 has the highest median property tax rate of 1.37%, while the same zip code also has the lowest median tax rate of 1.37%. Understanding how these areas compare with Raccoon provides valuable insights into the varying tax landscape across Pike County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Raccoon Tax Rate
1.37%
Average Pike County Tax Rate
1.37%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Raccoon, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41557 | 0.16% | 0.42% | 1.37% | 1.47% | 1.85% |
Source: Ownwell
Property Tax Assessment Values Across Raccoon, Kentucky
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Raccoon, 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 Pike County 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 Raccoon, 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. For instance, the highest median tax bill in Raccoon is $294, found in the 41557 zip code. 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 helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Raccoon Assessed Value
$33,000
Average Pike County Assessed Value
$25,000
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Raccoon, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41557 | $2,700 | $10,000 | $33,000 | $62,900 | $105,800 |
Source: Ownwell
Property Tax Bills Across Raccoon, Kentucky
In Raccoon, KY, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. The assessed value is then multiplied by the local tax rate to determine the tax bill. Factors such as property size, location, and market conditions influence the assessed value. For instance, the median home price in Raccoon is $33,000. Homeowners in the 25th percentile pay around $48 in property taxes, while those in the 75th percentile pay approximately $758. At the 90th percentile, the tax bill can reach up to $1,524. Compared to the national median property tax rate of 0.99%, Raccoon offers relatively low property taxes, making it an attractive option for homeowners seeking affordability. However, variations within the city can lead to significant differences in tax bills. Homeowners in the zip code 41557, for example, face the highest median tax bill of $294, illustrating the variability that can occur even within the same county.
Average Raccoon Tax Bill
$294
Average Pike County Tax Bill
$205
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Raccoon, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41557 | $48 | $48 | $294 | $758 | $1,524 |
Source: Ownwell