Ransom, Kentucky Property Taxes
The median property tax rate in Ransom, KY is 1.37%, considerably higher than both the national median of 0.99% and the Kentucky state median of 1.02%. With the median home value in Ransom, the typical annual property tax bill reaches $234, which is below the national median of $2,690. Property taxes in Ransom 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 Ransom'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 Ransom 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
Ransom, 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 Ransom Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Ransom with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Ransom 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 Ransom, Kentucky
Property taxes in Ransom, Kentucky, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Ransom is 1.37%, significantly higher than the U.S. national median of 0.99%. Local government entities within Ransom set these rates annually, and they can vary significantly across different neighborhoods. Each year, Ransom 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 Ransom's effective property tax rate to other areas in Kentucky and the national median. For comparison, the 41558 zip code has the highest median property tax rate of 1.37%, while the same zip code also has the lowest median tax rate of 1.37%. Understanding how these areas compare with Ransom provides valuable insights into the varying tax landscape across Pike County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Ransom Tax Rate
1.37%
Average Pike County Tax Rate
1.37%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Ransom, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41558 | 0.15% | 0.39% | 1.37% | 1.50% | 1.86% |
Source: Ownwell
Property Tax Assessment Values Across Ransom, Kentucky
In Ransom, 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 Pike 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 Ransom, 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 Ransom helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in the area is $234.00 in zip code 41558, which is also the lowest, indicating a consistent tax rate across the region.
Average Ransom Assessed Value
$32,250
Average Pike County Assessed Value
$25,000
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Ransom, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41558 | $3,270 | $12,000 | $32,250 | $56,325 | $80,000 |
Source: Ownwell
Property Tax Bills Across Ransom, Kentucky
In Ransom, Pike County, KY, property tax bills are calculated based on the assessed value of a home. The assessed value is determined by the county assessor and is typically a percentage of the market value of the property. Homeowners in Ransom experience a range of property tax bills, with the 25th percentile at $48 and the 75th percentile at $576. The highest median tax bill in the area is $234, which is significantly lower than the national median property tax rate of 0.99%. Several factors influence the tax bill, including the property's assessed value, local tax rates, and any applicable exemptions or deductions. For example, a higher assessed value or fewer exemptions will result in a higher tax bill. This system ensures that property taxes are proportional to the value of the property, impacting homeowners by requiring them to contribute to local services and infrastructure based on their property's worth. Understanding these factors can help homeowners anticipate and manage their property tax obligations effectively.
Average Ransom Tax Bill
$234
Average Pike County Tax Bill
$205
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Ransom, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41558 | $48 | $48 | $234 | $576 | $1,098 |
Source: Ownwell