Regina, Kentucky Property Taxes
The median property tax rate in Regina, KY is 0.72%, considerably lower than both the national median of 0.99% and the Kentucky state median of 1.02%. With the median home value in Regina at $28,000, the typical annual property tax bill reaches $98, significantly below the national median of $2,690. Property taxes in Regina 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 Regina'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 Regina 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
Regina, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.72%
Estimate Property Tax Bill
$202
Ownwell’s Regina Property Tax Bill Calculator is an essential tool for homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Regina with just two simple data points. By entering your property's estimated assessed value, the calculator uses the median tax rate in Regina to provide an accurate estimate of your property tax bill. This valuable resource offers a clear picture of potential tax liabilities, helping you make informed financial decisions. For those interested in more granular insights, you can scroll down to explore neighborhood-specific trends. Remember, your property’s assessed value is determined by the county for property tax purposes and includes any applicable exemptions.
Property Tax Rates Across Regina, Kentucky
Property taxes in Regina, Kentucky, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Regina is 0.72%, which is lower than both the Kentucky state median and the U.S. national median of 0.99%. Local government entities within Regina set these rates annually, and they can vary significantly across different neighborhoods. Each year, Regina 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 Regina's effective property tax rate to other counties in Kentucky and the national median. For comparison, the 41559 zip code has both the highest and lowest median property tax rate of 0.72%. Understanding how these cities compare with Regina 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 Regina Tax Rate
0.72%
Average Pike County Tax Rate
1.37%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Regina, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41559 | 0.13% | 0.18% | 0.72% | 1.43% | 2.15% |
Source: Ownwell
Property Tax Assessment Values Across Regina, Kentucky
In Regina, 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 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 Regina, 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 Regina helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. For instance, the median home price in Regina is $28,000, with the 25th percentile tax bill at $48 and the 75th percentile tax bill at $464.
Average Regina Assessed Value
$28,000
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 Regina, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41559 | $4,000 | $10,000 | $28,000 | $46,150 | $88,000 |
Source: Ownwell
Property Tax Bills Across Regina, Kentucky
In Regina, Pike County, KY, property tax bills are calculated based on the assessed value of a home and the local tax rate. The median home price in Regina is $28,000, and the local property tax rate is applied to this assessed value to determine the tax bill. Factors such as property size, location, and any improvements made to the property can influence the assessed value. Homeowners in Regina can expect their tax bills to vary widely. For instance, tax bills at the 25th percentile are around $48, while those at the 75th percentile can reach $464. At the higher end, the 90th percentile tax bills can go up to $781. These variations highlight the impact of different property values and assessments on tax liabilities. Compared to the national median property tax rate of 0.99%, Regina's tax bills reflect the local economic conditions and property values. Understanding these factors can help homeowners better anticipate their annual property tax obligations and plan their finances accordingly.
Average Regina Tax Bill
$98
Average Pike County Tax Bill
$205
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Regina, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41559 | $48 | $48 | $98 | $464 | $781 |
Source: Ownwell