Ravenna, Kentucky Property Taxes
The median property tax rate in Ravenna, KY is 1.07%, slightly higher than both the national median of 0.99% and the Kentucky state median of 1.02%. With the median home value in Ravenna at $30,000, the typical annual property tax bill amounts to $247, which is significantly lower than the national median of $2,690. Property taxes in Ravenna are calculated based on the tax assessed value, which is often lower than the market value due to various exemptions like primary residence and agricultural exemptions. Understanding Ravenna'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 Ravenna 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
Ravenna, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.07%
Estimate Property Tax Bill
$321
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, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Ravenna is 1.07%, notably higher 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 areas in Kentucky and the national median. For comparison, the zip code 40472 has the highest median property tax rate of 1.07%, while the same zip code also has the lowest median tax rate of 1.07%. Understanding how these cities compare with Ravenna provides valuable insights into the varying tax landscape across Estill County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Ravenna Tax Rate
1.07%
Average Estill County Tax Rate
1.07%
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 | 0.50% | 1.07% | 1.07% | 1.07% | 1.08% |
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 Estill 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 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 $247, found in the 40472 zip code.
Average Ravenna Assessed Value
$30,000
Average Estill County Assessed Value
$35,000
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 | $2,500 | $7,500 | $30,000 | $60,000 | $100,000 |
Source: Ownwell
Property Tax Bills Across Ravenna, Kentucky
In Ravenna, located in Estill County, KY, property tax bills are determined based on the assessed value of a home, which is typically a percentage of its market value. For instance, a median home price in Ravenna is $30,000. The local tax rate is applied to this assessed value to calculate the annual tax bill. Factors such as property improvements, neighborhood developments, and changes in market conditions can influence the assessed value, thereby affecting the tax bill. Homeowners in Ravenna might see a range of tax bills. For the 25th percentile, tax bills can be as low as $64, while those in the 75th percentile might pay around $551. The top 10% of property tax bills can reach up to $1,053. Comparatively, the national median property tax rate is 0.99%, making Ravenna's property tax landscape relatively moderate. These tax bills contribute to local services such as schools, infrastructure, and public safety, directly impacting the community's quality of life.
Average Ravenna Tax Bill
$247
Average Estill County Tax Bill
$279
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 | $21 | $64 | $247 | $551 | $1,053 |
Source: Ownwell