Reynolds Station, Kentucky Property Taxes
The median property tax rate in Reynolds Station, KY is 1.05%, slightly higher than both the national median of 0.99% and Kentucky's state median of 1.02%. With the median home value in Reynolds Station at $55,300, the typical annual property tax bill amounts to $420, which is considerably lower than 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 significant annual savings. Whether you're in the heart of Reynolds Station or another part of Hancock County, 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 assists homeowners, real estate investors, and potential buyers in estimating 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, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Reynolds Station is 1.05%, higher than both the Kentucky state median and 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 42368 zip code has the highest median property tax rate of 1.05%, while the same zip code also has the lowest median tax rate of 1.05%. Understanding how these cities compare with Reynolds Station provides valuable insights into the varying tax landscape across Hancock County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Reynolds Station Tax Rate
1.05%
Average Hancock County Tax Rate
1.05%
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 | 0.32% | 0.97% | 1.05% | 1.05% | 1.05% |
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 Hancock 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. Being aware of these valuation processes in Reynolds Station helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 42368 has both the highest and lowest median tax bill of $420.
Property Tax Assessment Values Across Reynolds Station, Kentucky
Source: Ownwell
$32,500
$50,250
$68,000
Average Reynolds Station Assessed Value
$55,300
Average Hancock County Assessed Value
$64,400
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 | $6,530 | $20,800 | $55,300 | $95,600 | $143,200 |
Source: Ownwell
Property Tax Bills Across Reynolds Station, Kentucky
In Reynolds Station, located in Hancock County, KY, property tax bills are calculated based on the assessed value of a home. The median home price in Reynolds Station is $55,300. Property taxes are determined by applying the local tax rate to this assessed value. Factors such as property size, location, and improvements can influence the assessed value, thereby affecting the tax bill. For instance, homeowners in the 25th percentile pay around $142 annually, while those in the 75th percentile face bills of approximately $846. At the 90th percentile, the tax bill can reach up to $1,509. The highest and lowest median tax bills both stand at $420, reflecting the uniformity within certain zip codes. Compared to the national median property tax rate of 0.99%, Reynolds Station offers a more affordable tax environment, which can be beneficial for homeowners. Lower property taxes can ease the financial burden, making homeownership more accessible and sustainable in this region.
Average Reynolds Station Tax Bill
$420
Average Hancock County Tax Bill
$525
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 | $49 | $142 | $420 | $846 | $1,509 |
Source: Ownwell