40475 Property Tax Rate

Property owners in ZIP code 40475 (Richmond, Kentucky) pay a median of $1,786/year in property taxes on homes valued at $232,700. This translates to an effective tax rate of 0.77%, which is near the Kentucky state average of 0.75%.

The monthly property tax burden for a median-valued home in 40475 is approximately $149, which factors into escrow payments on mortgages. This ZIP code is located within Madison County. This is $689 more than the Kentucky average of $1,097/year.

Compared to similar ZIP codes in Kentucky, 40475 has lower property taxes. ZIP codes with similar effective rates include 40461 (0.77%) and 40965 (0.77%).

In Richmond, property taxes represent approximately 2.8% of the median household income of $62,731, providing context for the relative tax burden on homeowners in this area.

Kentucky conducts periodic statewide property valuations (every 4–6 years) without reassessment triggered by sale; the Madison County Property Valuation Administrator adjusts values annually per state guidelines. Madison County residents 65+ or permanently disabled may qualify for the State Senior/Disabled Property Tax Credit (subject to income thresholds), and municipal Homestead Exemptions may be available — contact the Madison County PVA for your specific eligibility. After closing, obtain your Notice of Assessment and submit exemption/credit applications to the Madison County PVA within 60 days to ensure timely approval.