River, Lawrence County, Kentucky Property Taxes
The median property tax rate in River, KY is 1.14%, which is higher than both the national median of 0.99% and the Kentucky state median of 1.02%. With the median home value in River being $59,300, the typical annual property tax bill reaches $684, still below the national median of $2,690. Property taxes in River are calculated based on the assessed value, which often falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding River'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 River 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
River, Lawrence County, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.14%
Estimate Property Tax Bill
$676
$627
Ownwell’s RIVER Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in RIVER with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in RIVER 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 River, Lawrence County, Kentucky
Property taxes in RIVER, Kentucky, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in RIVER is 1.14%, higher than both the Kentucky state median and the U.S. national median of 0.99%. Local government entities within RIVER set these rates annually, and they can vary significantly across different neighborhoods. Each year, RIVER 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 RIVER's effective property tax rate to other counties in Kentucky and the national median. For comparison, the 41254 zip code has the highest median property tax rate of 1.14%, while the same zip code also has the lowest median tax rate of 1.14%. Understanding how these cities compare with RIVER provides valuable insights into the varying tax landscape across Lawrence County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average River Tax Rate
1.14%
Average Lawrence County Tax Rate
1.15%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across River, Lawrence County, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41254 | 0.48% | 0.75% | 1.14% | 1.15% | 1.17% |
Source: Ownwell
Property Tax Assessment Values Across River, Lawrence County, Kentucky
In River, 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 Lawrence 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 River, 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 River helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in River is $684 in the 41254 zip code, which is also the area with the lowest median tax bill.
Property Tax Assessment Values Across River, Lawrence County, Kentucky
Source: Ownwell
$18,000
$38,650
$59,300
Average River Assessed Value
$59,300
Average Lawrence County Assessed Value
$32,500
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across River, Lawrence County, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41254 | $26,000 | $32,500 | $59,300 | $96,500 | $106,000 |
Source: Ownwell
Property Tax Bills Across River, Lawrence County, Kentucky
In RIVER, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. This assessed value is then multiplied by the property tax rate set by the local government. For homeowners in RIVER, the median home price is $59,300, and the tax bills can vary significantly. For instance, the tax bill at the 25th percentile is $394, while at the 75th percentile, it rises to $1,058. Homeowners at the 90th percentile can expect to pay around $1,158. These figures illustrate how property taxes can fluctuate based on a home's assessed value and the applicable tax rate. Compared to the national median property tax rate of 0.99%, homeowners in RIVER may find their tax bills relatively manageable, but the variation emphasizes the importance of understanding how local assessments and rates impact overall costs. This variability can affect homeowners' financial planning and the affordability of maintaining their properties.
Average River Tax Bill
$684
Average Lawrence County Tax Bill
$296
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across River, Lawrence County, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41254 | $256 | $394 | $684 | $1,058 | $1,158 |
Source: Ownwell