Raceland, Kentucky Property Taxes
The median property tax rate in Raceland, KY is 1.85%, considerably higher than both the national median of 0.99% and the Kentucky state median of 1.02%. With the median home value in Raceland at $16,000, the typical annual property tax bill reaches $296, which is notably lower than the national median of $2,690. Property taxes in Raceland are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Raceland'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 Raceland or another part of Greenup County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Raceland, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.85%
Estimate Property Tax Bill
$296
Ownwell’s Raceland Property Tax Bill Calculator is a valuable tool for homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Raceland using just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Raceland to provide an estimate of your property tax bill. This user-friendly tool helps you understand potential tax liabilities, making financial planning easier. For those interested in more detailed insights, localized neighborhood trends are available below. Your property’s assessed value, determined by the county, is crucial for property tax calculations and accounts for any applicable exemptions.
Property Tax Rates Across Raceland, Kentucky
Property taxes in Raceland, Kentucky, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Raceland is 0.74%, lower than both the Kentucky state median of 0.83% and the U.S. national median of 0.99%. Local government entities within Raceland set these rates annually, and they can vary significantly across different neighborhoods. Each year, Raceland 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 Raceland's effective property tax rate to other counties in Kentucky and the national median. For comparison, the highest median property tax rate in the region is 0.74% in zip code 41169, while the lowest median tax rate is also 0.74% in the same zip code. Understanding how these cities compare with Raceland provides valuable insights into the varying tax landscape across Greenup County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Raceland Tax Rate
1.85%
Average Greenup County Tax Rate
1.58%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Raceland, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41169 | 1.80% | 1.82% | 1.85% | 1.90% | 1.93% |
Source: Ownwell
Property Tax Assessment Values Across Raceland, Kentucky
In Raceland, 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 Greenup 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 Raceland, 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 Raceland is $16,000, with tax bills ranging from $197 at the 25th percentile to $701 at the 90th percentile. The zip code 41169 has the highest and lowest median tax bill at $296. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Raceland Assessed Value
$16,000
Average Greenup County Assessed Value
$65,000
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Raceland, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41169 | $7,200 | $10,500 | $16,000 | $30,500 | $39,200 |
Source: Ownwell
Property Tax Bills Across Raceland, Kentucky
In Raceland, Kentucky, property tax bills are calculated based on the assessed value of a property, which is determined by local tax assessors. The assessed value is then multiplied by the local property tax rate to determine the annual tax bill. Several factors influence the assessed value, including the property's market value, location, and any improvements or renovations. For homeowners in Raceland, the median home price is $16,000. Property tax bills can vary widely, with the 25th percentile tax bill at $197 and the 75th percentile at $549. The 90th percentile tax bill reaches $701, indicating significant variations depending on property specifics and assessed value. Compared to the national median property tax rate of 0.99%, Raceland's property tax rates are relatively modest, providing some relief to homeowners. However, understanding these calculations and their impact is crucial for budgeting and financial planning. Accurate assessments ensure fair tax contributions, directly affecting homeowners' annual financial obligations.
Average Raceland Tax Bill
$296
Average Greenup County Tax Bill
$857
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Raceland, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41169 | $137 | $197 | $296 | $549 | $701 |
Source: Ownwell