Taxes in Richmond, Kentucky
Complete tax guide for Richmond, KY. State income tax up to 4%, 0.79% property tax, 8.85% sales tax. Calculate your total tax burden.
State Income Tax
4%
Kentucky
Property Tax
0.79%
Effective rate
Sales Tax
8.85%
Combined rate
Tax Burden
Moderate
Richmond, KY Tax Overview
Population
37,522
Median Income
$44,200
Cost of Living
86.4 (100 = avg)
State Income Tax
4%
Local Income Tax
2.18%
Median Home Price
$156,000
Richmond Tax Calculator
Pre-filled with Richmond median: $44,200
Total Tax Burden in Richmond
$9,378
Take-Home: $34,822 · Effective Rate: 21.22%
Federal Tax
$3,266
7.39% eff.
KY State + Local
$2,732
6.18% eff.
FICA
$3,381
7.65% eff.
Take-Home
$34,822
78.78% kept
Tax Breakdown
| Item | Annual | Monthly |
|---|---|---|
| Gross Income | $44,200.00 | $3,683.33 |
| Federal Income Tax | -$3,265.50 | -$272.13 |
| Kentucky State Tax | -$1,768.00 | -$147.33 |
| Richmond Local Tax (2.18%) | -$963.56 | -$80.30 |
| Social Security (6.2%) | -$2,740.40 | -$228.37 |
| Medicare (1.45%) | -$640.90 | -$53.41 |
| Take-Home Pay | $34,821.64 | $2,901.80 |
Property Tax in Richmond
Median Home
$156,000
Annual Tax
$1,232
Monthly Tax
$103
Effective Rate
0.79%
Sales Tax in Richmond
Combined Rate
8.85%
State Portion
~6.3%
Local Portion
~2.5%
The combined sales tax rate in Richmond is 8.85%, which is above the national average of 7.12%. On a $100 purchase, you would pay $8.85 in sales tax.
Tax Burden Comparison
| Tax Type | Richmond | Kentucky Avg | National Avg |
|---|---|---|---|
| Income Tax | 4% + 2.18% | 4% | 4.6% |
| Property Tax | 0.79% | ~0.79% | 1.1% |
| Sales Tax | 8.85% | ~8.85% | 7.12% |
| Overall Burden | Moderate | — | Moderate |
Tax Saving Tips for Richmond Residents
- Kentucky's income tax rate of 4% is competitive. You may still benefit from maximizing 401(k) contributions ($23,500 limit) to reduce your taxable income at both state and federal levels.
- Richmond has a local income tax of 2.18%. If you work remotely, verify whether you owe city tax based on where you work or where you live. Some cities only tax people who work within city limits.
- Property tax in Richmond (0.79%) is below the national average of 1.1%. This makes homeownership more affordable here relative to property tax burden.
- The combined sales tax rate of 8.85% is relatively high. Consider making large purchases in lower-tax jurisdictions or online retailers that do not charge local tax rates.
- Use a Health Savings Account (HSA) if eligible. Contributions are tax-deductible ($4,300 individual, $8,550 family), growth is tax-free, and withdrawals for medical expenses are tax-free.
Other Cities in Kentucky
Calculate Your Full Kentucky Tax Burden
See detailed state tax brackets, FICA breakdown, and compare to neighboring states.
Frequently Asked Questions
What are the tax rates in Richmond, KY?
Richmond, Kentucky has a state income tax rate up to 4%, plus a local income tax of 2.18%. The property tax rate is 0.79% and the combined sales tax rate is 8.85%.
How much is property tax in Richmond?
The effective property tax rate in Richmond is 0.79%. On the median home price of $156,000, this equals approximately $1,232 per year or $103 per month. This is below the national average of 1.1%.
What is the sales tax rate in Richmond?
The combined sales tax rate in Richmond is 8.85%, which includes both state and local components. This is above the national average combined rate of approximately 7.12%.
How does Richmond's tax burden compare to other cities?
Richmond has a moderate overall tax burden. The effective total tax rate for a median-income household is approximately 26.9%. The combination of 4% state income tax, 0.79% property tax, and 8.85% sales tax determines the total burden. Cost of living index is 86.4 (100 = national average).
Are there any local taxes in Richmond?
Yes. Richmond imposes a local income tax of 2.18% in addition to the state income tax of 4%.