Raywick, Kentucky Property Taxes
The median property tax rate in Raywick, KY is 0.67%, significantly lower than both the national median of 0.99% and the Kentucky state median of 1.02%. With the median home value in Raywick, the typical annual property tax bill amounts to $718, well below the national median of $2,690. Property taxes in Raywick 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 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 Marion 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 0.67%, lower than both the Kentucky state median 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 0.67%, while the same zip code also has the lowest median tax rate of 0.67%. 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
0.67%
Average Marion County Tax Rate
0.90%
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 | 0.23% | 0.35% | 0.67% | 0.90% | 0.90% |
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 Marion 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 highest and lowest median tax bills in Raywick are both $718.00, found in the zip code 40060.
Average Raywick Assessed Value
$123,750
Average Marion County Assessed Value
$120,000
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 | $30,000 | $63,750 | $123,750 | $200,000 | $340,500 |
Source: Ownwell
Property Tax Bills Across Raywick, Kentucky
In Raywick, located in Marion County, KY, property tax bills are calculated based on the assessed value of a home. The assessed value is determined by local government assessors and reflects the property's market value. Factors such as the property's location, size, and condition play a significant role in determining this value. The property tax rate in Raywick is applied to the assessed value to determine the tax bill. For example, with a median home price of $123,750, homeowners can expect a range of tax bills. At the 25th percentile, the tax bill is approximately $347, while at the 75th percentile, it rises to around $1,248. The highest tax bills, at the 90th percentile, can reach up to $1,794. Comparatively, Raywick's property tax rate is competitive, especially when considering the national median property tax rate of 0.99%. This means that homeowners in Raywick may find their property taxes to be relatively manageable, which can be a significant factor when considering long-term homeownership costs.
Average Raywick Tax Bill
$718
Average Marion County Tax Bill
$852
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 | $160 | $347 | $718 | $1,248 | $1,794 |
Source: Ownwell