Raywick, Kentucky Property Taxes
The median property tax rate in Raywick, KY is 1.05%, slightly higher than both the national median of 0.99% and the Kentucky state median of 1.02%. With a median home value of $55,000, the typical annual property tax bill in Raywick reaches $575, which is below the national median of $2,690. Property taxes in Raywick are calculated based on the tax assessed value, often lower than the market value due to exemptions such as those for primary residences and agricultural use. Understanding Raywick'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 Raywick or another part of Larue County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Raywick, 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 Raywick Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Raywick with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Raywick 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 Raywick, Kentucky
Property taxes in Raywick, Kentucky, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Raywick is 0.72%, lower than both the Kentucky state median of 0.83% and the U.S. national median of 0.99%. Local government entities within Raywick set these rates annually, and they can vary significantly across different neighborhoods. Each year, Raywick 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 Raywick's effective property tax rate to other counties in Kentucky and the national median. For comparison, the 40060 zip code has the highest median property tax rate of 0.72%, while the 40060 zip code also has the lowest median tax rate of 0.72%. Understanding how these cities compare with Raywick provides valuable insights into the varying tax landscape across Marion County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Raywick Tax Rate
1.05%
Average Larue County Tax Rate
0.98%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Raywick, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40060 | 1.05% | 1.05% | 1.05% | 1.05% | 1.05% |
Source: Ownwell
Property Tax Assessment Values Across Raywick, Kentucky
In Raywick, 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 Larue 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 Raywick, 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 Raywick helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Raywick is $55,000, with the highest and lowest median tax bills both standing at $575 in zip code 40060.
Average Raywick Assessed Value
$55,000
Average Larue County Assessed Value
$95,000
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Raywick, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40060 | $55,000 | $55,000 | $55,000 | $55,000 | $55,000 |
Source: Ownwell
Property Tax Bills Across Raywick, Kentucky
In RAYWICK, Larue County, KY, property tax bills are calculated based on the assessed value of a home. The assessed value is determined by the local tax assessor and reflects the market value of the property. Homeowners in RAYWICK can expect a median property tax bill of $575, which remains consistent across various percentiles, including the 25th, 75th, and 90th. This uniformity suggests a stable tax environment for residents. Several factors influence the tax bill, including the property's location, size, and improvements. The local tax rate, applied to the assessed value, determines the total amount owed. Compared to the national median property tax rate of 0.99%, RAYWICK's tax bills appear relatively moderate, providing some financial relief to homeowners. Understanding how property taxes are calculated helps homeowners anticipate their annual financial obligations and plan accordingly. The consistency in tax bills across different percentiles in RAYWICK offers predictability, making it easier for residents to manage their budgets effectively.
Average Raywick Tax Bill
$575
Average Larue County Tax Bill
$717
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Raywick, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40060 | $575 | $575 | $575 | $575 | $575 |
Source: Ownwell