Richmond, Madison County, Kentucky Property Taxes
Median Richmond, KY effective property tax rate: 0.97%, slightly lower than the national median of 1.02%, but lower than the Kentucky state median of 1.02%.
Median Richmond, KY home value: $162,800
Median annual Richmond, KY tax bill: $1,460, $940 lower than the national median property tax bill of $2,400.
How are property taxes in Madison County calculated?
Property taxes in Richmond, KY are calculated based on the tax assessed value, which is often lower than the actual market value due to property tax exemptions such as the homestead or senior exemption.
Understanding Richmond’s property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in Richmond, knowing local tax details benefits homeowners and investors.
Last Updated March 1, 2025
Richmond, Madison County, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Median Effective Tax Rate
0.97%
Estimate Property Tax Bill
$1,579
$1,465
Property Tax Rates Across Richmond, Madison County, Kentucky
Local government entities in Kentucky set property tax rates, which can vary significantly across different areas. This variation stems from each county's annual estimation of the budget needed to provide essential services. The total budget is then divided by the assessed value of all taxable property within the county, resulting in the property tax rate. While setting these rates involves votes and laws, this is the core of the annual process.
In Richmond, located in Madison County, the effective property tax rate stands at 0.97%. This rate aligns with the highest and lowest median tax rates in the state, found in the same zip code of 40475. Compared to the national median property tax rate of 1.02%, Richmond's rate is slightly lower, offering residents a more favorable tax environment. The national median property tax bill is $2,400, and understanding these comparisons can help property owners in Richmond make informed decisions about their property taxes.
Our median effective property tax rate (tax bill ÷ assessor's market value) accounts for exemptions and deductions, making it more accurate than the general median tax rate, which is the midpoint of statutory rates before adjustments.
Median Effective Richmond Tax Rate
0.97%
Our median effective property tax rate (tax bill ÷ assessor's market value) accounts for exemptions and deductions, making it more accurate than the general median tax rate, which is the midpoint of statutory rates before adjustments.
Median Effective Madison County Tax Rate
0.97%
Median Effective Kentucky Tax Rate
1.02%
Median Effective United States Tax Rate
1.02%
Property Tax Rates Across Richmond, Madison County, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40475 | 0.73% | 0.97% | 0.97% | 0.97% | 0.97% |
Source: Ownwell
Property Tax Assessment Values Across Richmond, Madison County, Kentucky
When examining property taxes in Richmond, KY, understanding the distinction between "market value" and "assessed value" is crucial. The market value is what a willing buyer would pay to a willing seller in an open and competitive market, often influenced by location, property condition, and economic market trends. The Madison County appraisal district estimates the market value for tax purposes. The assessed value is the market value minus any applicable exemptions or limits determined by local laws and offerings. The tax assessed value is the figure used to calculate your property taxes or the amount multiplied by your tax rate to get your tax bill.
In Madison County, assessment notices are sent in the spring each year. They’ll typically reach your mailbox by the middle of April. Each property owner receives an assessment notice that contains both the market value and assessed value, along with an estimate of your property tax bill. By providing insights into how assessed and market values are determined, this section helps property owners navigate their tax responsibilities and understand the valuation processes affecting their property taxes in Richmond. For example, the median home price in Richmond is $162,800, with tax bills ranging significantly across the county. Zip code 40475 has the highest median home price at $162,800.
Property Tax Assessment Values Across Richmond, Madison County, Kentucky
Source: Ownwell
$85,000
$123,900
$162,800
Median Richmond Market Value
$162,800
Median Madison County Market Value
$149,000
Median Kentucky Market Value
$110,000
Median United States Market Value
$235,294
Property Tax Assessment Values Across Richmond, Madison County, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40475 | $26,709 | $87,600 | $162,800 | $230,000 | $335,000 |
Source: Ownwell
Property Tax Bills Across Richmond, Madison County, Kentucky
Median Richmond Tax Bill
$1,460
Median Madison County Tax Bill
$1,352
Median Kentucky Tax Bill
$1,031
Median United States Tax Bill
$2,400
Property Tax Bills Across Richmond, Madison County, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40475 | $219 | $725 | $1,460 | $2,141 | $3,162 |
Source: Ownwell