Lebanon Jct, Kentucky Property Taxes
The median property tax rate in Lebanon Junction, KY is 1.11%, slightly higher than both the national median of 0.99% and the Kentucky state median of 1.02%. With a median home value of $82,848 in Lebanon Junction, the typical annual property tax bill is approximately $964, which is below the national median of $2,690. Property taxes in Lebanon Junction are calculated based on the tax assessed value, often lower than the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Lebanon Junction'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 Lebanon Junction or another part of Bullitt County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Lebanon Jct, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.11%
Estimate Property Tax Bill
$920
Ownwell’s Lebanon Jct Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lebanon Jct with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lebanon Jct 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 Lebanon Jct, Kentucky
Property taxes in Lebanon Junction, Kentucky, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Lebanon Junction is 1.11%, significantly higher than both the Kentucky state median and the U.S. national median of 0.99%. Local government entities within Lebanon Junction set these rates annually, and they can vary across different neighborhoods. Each year, Lebanon Junction 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 Lebanon Junction's effective property tax rate to other areas in Kentucky and the national median. For comparison, the zip code 40150 has the highest median property tax rate of 1.11%, while the same zip code also has the lowest median tax rate of 1.11%. Understanding how these areas compare with Lebanon Junction provides valuable insights into the varying tax landscape across Bullitt County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lebanon Jct Tax Rate
1.11%
Average Bullitt County Tax Rate
1.18%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lebanon Jct, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40150 | 1.06% | 1.08% | 1.11% | 1.15% | 1.16% |
Source: Ownwell
Property Tax Assessment Values Across Lebanon Jct, Kentucky
In Lebanon Jct, 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 Bullitt County Property Valuation Administrator 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 Lebanon Jct, 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 Lebanon Jct helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Lebanon Jct is $82,848, with tax bills ranging from $574 at the 25th percentile to $1,587 at the 90th percentile. The zip code 40150 has both the highest and lowest median tax bill of $964.
Average Lebanon Jct Assessed Value
$82,848
Average Bullitt County Assessed Value
$159,604
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Lebanon Jct, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40150 | $30,570 | $50,174 | $82,848 | $115,521 | $135,126 |
Source: Ownwell
Property Tax Bills Across Lebanon Jct, Kentucky
In Lebanon Junction, located in Bullitt County, KY, property tax bills are determined based on the assessed value of a home. The median home price in this area is $82,848. Property taxes are calculated by multiplying the assessed value by the local tax rate. Various factors contribute to the final tax bill, including the home's assessed value, any applicable exemptions, and the specific tax rate set by local authorities. For homeowners in Lebanon Junction, tax bills can vary significantly. The tax bill at the 25th percentile is $574, while at the 75th percentile, it rises to $1,353. At the 90th percentile, homeowners might see tax bills as high as $1,587. The median tax bill in this region is $964, which is below the national median property tax rate of 0.99%. This relatively lower tax burden can make homeownership more affordable in Lebanon Junction compared to other parts of the country, directly impacting homeowners' annual expenses.
Average Lebanon Jct Tax Bill
$964
Average Bullitt County Tax Bill
$1,790
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Lebanon Jct, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40150 | $340 | $574 | $964 | $1,353 | $1,587 |
Source: Ownwell