Richmond, Kentucky Property Taxes
The median property tax rate in Richmond, KY is 0.97%, slightly lower than both the national median of 0.99% and the Kentucky state median of 1.02%. With the median home value in Richmond at $162,800, the typical annual property tax bill reaches $1,460, which is below the national median of $2,690. Property taxes in Richmond are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Richmond'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 Richmond or another part of Madison County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Richmond, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.97%
Estimate Property Tax Bill
$1,579
Ownwell’s Richmond Property Tax Bill Calculator is an essential tool for homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Richmond with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Richmond to give you an accurate estimate of your property tax bill. This valuable resource helps you understand your potential tax liabilities. For those interested in detailed trends at the neighborhood level, additional localized information is available below. Your property’s assessed value is determined by Madison County for tax calculations, considering any applicable exemptions.
Property Tax Rates Across Richmond, Kentucky
Property taxes in Richmond, Kentucky, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Richmond is 0.97%, slightly below the U.S. national median of 0.99%. Local government entities within Richmond set these rates annually, and they can vary across different neighborhoods. Each year, Richmond 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 for setting property tax rates. The data below compares Richmond's effective property tax rate to other areas in Kentucky and the national median. For comparison, the 40475 zip code in Madison County has a consistent median property tax rate of 0.97%. Understanding how these areas compare with Richmond provides valuable insights into the varying tax landscape across Madison County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Richmond Tax Rate
0.97%
Average Madison County Tax Rate
0.97%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Richmond, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40475 | 0.73% | 0.97% | 0.97% | 0.97% | 0.97% |
Source: Ownwell
Property Tax Assessment Values Across Richmond, Kentucky
In Richmond, 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 Madison 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 Richmond, 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 Richmond helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Richmond is $162,800, with the highest median tax bill being $1,460 in zip code 40475.
Average Richmond Assessed Value
$162,800
Average Madison County Assessed Value
$149,000
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Richmond, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40475 | $26,709 | $87,600 | $162,800 | $230,000 | $335,000 |
Source: Ownwell
Property Tax Bills Across Richmond, Kentucky
In Richmond, KY, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. This assessed value is then multiplied by the local property tax rate, which varies within Madison County. Homeowners in Richmond face a property tax rate that can result in varying tax bills. For instance, the median home price in Richmond is $162,800, and the median property tax bill stands at $1,460, which is higher than the national median property tax rate of 0.99%. Factors such as the home's location within Madison County, market conditions, and any applicable exemptions or deductions can influence the final tax bill. For example, tax bills in the 25th percentile are around $725, while those in the 75th percentile can reach $2,141, and the 90th percentile can go up to $3,162. These variations highlight how property taxes can significantly impact homeowners, making it crucial to understand the specific factors affecting their tax obligations.
Average Richmond Tax Bill
$1,460
Average Madison County Tax Bill
$1,352
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Richmond, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40475 | $219 | $725 | $1,460 | $2,141 | $3,162 |
Source: Ownwell