Russell, Kentucky Property Taxes
The median property tax rate in Russell, KY is 1.58%, significantly higher than both the national median of 0.99% and the Kentucky state median of 1.02%. With the median home value in Russell at $94,000, the typical annual property tax bill reaches $1,337, which is below the national median of $2,690. Property taxes in Russell are calculated based on the tax assessed value, which usually falls below the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Russell'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 Russell or another part of Greenup County, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Russell, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.58%
Estimate Property Tax Bill
$1,485
Ownwell’s Russell Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Russell with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Russell 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 Russell, Kentucky
Property taxes in Russell, Kentucky, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Russell is 1.58%, higher than both the Kentucky state median and the U.S. national median of 0.99%. Local government entities within Russell set these rates annually, and they can vary significantly across different neighborhoods. Each year, Russell 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 Russell's effective property tax rate to other areas in Kentucky and the national median. For comparison, the 41169 zip code has the highest median property tax rate of 1.58%, while the 41139 zip code has the lowest median tax rate of 1.18%. Understanding how these cities compare with Russell 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 Russell Tax Rate
1.58%
Average Greenup County Tax Rate
1.58%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Russell, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41139 | 0.91% | 1.09% | 1.18% | 1.58% | 1.58% |
| 41169 | 0.67% | 1.04% | 1.58% | 1.85% | 1.95% |
Source: Ownwell
Property Tax Assessment Values Across Russell, Kentucky
In Russell, 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 Russell, 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 Russell helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Greenup County is $1,755 in the 41139 zip code, while the lowest median tax bill is $1,329 in the 41169 zip code.
Average Russell Assessed Value
$94,000
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 Russell, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41139 | $93,689 | $112,056 | $139,104 | $157,454 | $179,000 |
| 41169 | $30,417 | $56,000 | $93,850 | $148,640 | $210,000 |
Source: Ownwell
Property Tax Bills Across Russell, Kentucky
In Russell, Greenup County, KY, property tax bills are calculated based on the assessed value of a home. The median home price in Russell is $94,000. Tax rates are applied to this assessed value to determine the tax bill. Several factors influence the assessed value, including the property's market value, location, and any improvements made to the home. Homeowners in Russell can expect varying tax bills, with the 25th percentile at $665 and the 75th percentile reaching $2,326. The 90th percentile tax bill can go up to $3,401. Comparatively, the highest median tax bill in the county is $1,755 in the 41139 zip code, while the lowest is $1,329 in the 41169 zip code. These tax bills directly impact homeowners by affecting their annual expenses and potentially influencing decisions about homeownership and property investments. Understanding these factors helps homeowners plan their finances more effectively.
Average Russell Tax Bill
$1,337
Average Greenup County Tax Bill
$857
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Russell, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41139 | $1,147 | $1,592 | $1,755 | $2,017 | $2,269 |
| 41169 | $333 | $664 | $1,329 | $2,326 | $3,401 |
Source: Ownwell