Ravenna, Kentucky Property Taxes
The median property tax rate in Ravenna, KY is 0.90%, which is lower than both the national median of 0.99% and the Kentucky state median of 1.02%. With a median home value of $38,998 in Ravenna, the typical annual property tax bill is $406, significantly below the national median of $2,690. Property taxes in Ravenna are determined based on the tax assessed value, often lower than the market value due to exemptions such as primary residence and agricultural exemptions. By understanding Ravenna's property tax system, exploring available exemptions, and identifying opportunities for reductions, homeowners and real estate investors can achieve substantial annual savings. Whether you reside in the heart of Ravenna or another part of the city, grasping the local property tax nuances can provide financial benefits.
Last Updated June 14, 2024
Ravenna, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.9%
Estimate Property Tax Bill
$351
Ownwell’s Ravenna Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Ravenna with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Ravenna 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 Ravenna, Kentucky
Property taxes in Ravenna, Kentucky, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Ravenna is 0.90%, slightly lower than the U.S. national median of 0.99%. Local government entities within Ravenna set these rates annually, and they can vary significantly across different neighborhoods. Each year, Ravenna 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 Ravenna's effective property tax rate to other counties in Kentucky and the national median. For comparison, the 40472 zip code has the highest median property tax rate of 0.90%, while the 40472 zip code also has the lowest median tax rate of 0.90%. Understanding how these cities compare with Ravenna provides valuable insights into the varying tax landscape across Powell County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Ravenna Tax Rate
0.90%
Average Powell County Tax Rate
0.90%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Ravenna, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40472 | 0.72% | 0.90% | 0.90% | 0.90% | 0.90% |
Source: Ownwell
Property Tax Assessment Values Across Ravenna, Kentucky
In Ravenna, 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 local 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 Ravenna, 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 Ravenna helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Ravenna are both $406.00, found in zip code 40472.
Average Ravenna Assessed Value
$38,998
Average Powell County Assessed Value
$40,000
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Ravenna, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40472 | $11,610 | $21,150 | $38,998 | $97,180 | $2,021,532 |
Source: Ownwell
Property Tax Bills Across Ravenna, Kentucky
Property tax bills in Ravenna, Powell County, KY, are calculated based on the assessed value of a property, which is determined by local assessors. The assessed value is then multiplied by the local property tax rate to determine the annual tax bill. In Ravenna, the median home price is $38,998, and the property tax rate is applied to this value to calculate the tax bill. Factors such as property location, size, and improvements can influence the assessed value. For example, properties in zip code 40472 have a median tax bill of $406.00, showcasing how location within the county can impact taxes. Homeowners in Ravenna can expect their tax bills to vary significantly, with the 25th percentile at $135 and the 75th percentile reaching $1,428. At the higher end, the 90th percentile tax bill can soar to $18,028, reflecting the wide range of property values and tax obligations. Understanding these factors helps homeowners anticipate their financial responsibilities and plan accordingly for their property tax payments.
Average Ravenna Tax Bill
$406
Average Powell County Tax Bill
$302
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Ravenna, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40472 | $102 | $135 | $406 | $1,428 | $18,028 |
Source: Ownwell