Reynolds Station, Kentucky Property Taxes
The median property tax rate in Reynolds Station, KY is 0.96%, slightly lower than both the national median of 0.99% and the Kentucky state median of 1.02%. With the median home value in Reynolds Station at $29,950, the typical annual property tax bill is $234, significantly below the national median of $2,690. Property taxes in Reynolds Station are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Reynolds Station's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Reynolds Station 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
Reynolds Station, 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 Reynolds Station Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Reynolds Station with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Reynolds Station 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 Reynolds Station, Kentucky
Property taxes in Reynolds Station, Kentucky, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Reynolds Station is 0.96%, slightly lower than the U.S. national median of 0.99%. Local government entities within Reynolds Station set these rates annually, and they can vary significantly across different neighborhoods. Each year, Reynolds Station 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 Reynolds Station's effective property tax rate to other counties in Kentucky and the national median. For comparison, the zip code 42368 has both the highest and lowest median property tax rate of 0.96%. Understanding how these areas compare with Reynolds Station provides valuable insights into the varying tax landscape across Ohio County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Reynolds Station Tax Rate
0.96%
Average Ohio County Tax Rate
0.96%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Reynolds Station, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42368 | 0.96% | 0.96% | 0.96% | 0.96% | 0.96% |
Source: Ownwell
Property Tax Assessment Values Across Reynolds Station, Kentucky
In Reynolds Station, 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 Ohio County Property Valuation Administrator 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 Reynolds Station, 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. The median home price in Reynolds Station is $29,950, with tax bills ranging from $73 at the 25th percentile to $994 at the 90th percentile. The highest and lowest median tax bill in the area is $234, found in the 42368 zip code. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Reynolds Station Assessed Value
$29,950
Average Ohio County Assessed Value
$23,500
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Reynolds Station, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42368 | $3,000 | $10,000 | $29,950 | $65,325 | $103,350 |
Source: Ownwell
Property Tax Bills Across Reynolds Station, Kentucky
In Reynolds Station, KY, property tax bills are calculated based on the assessed value of a home, which is determined by the local property assessor. The median home price in Reynolds Station is $29,950. Property tax rates are applied to this assessed value to calculate the annual tax bill. Factors such as property size, location, and improvements can influence the assessed value. For homeowners, the tax bill can vary significantly. The 25th percentile tax bill is $73, while the 75th percentile tax bill is $613, and the 90th percentile tax bill can reach up to $994. This range indicates that homeowners with higher property values or more improvements may face higher tax bills. Compared to the national median property tax rate of 0.99%, Reynolds Station's property tax rates result in relatively modest tax bills. Understanding these factors can help homeowners anticipate their annual tax obligations and budget accordingly.
Average Reynolds Station Tax Bill
$234
Average Ohio County Tax Bill
$192
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Reynolds Station, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42368 | $24 | $73 | $234 | $613 | $994 |
Source: Ownwell