Lynch, Kentucky Property Taxes
The median property tax rate in Lynch, KY is 1.65%, significantly higher than both the national median of 0.99% and the Kentucky state median of 1.02%. With the median home value in Lynch at $27,000, the typical annual property tax bill is $330, which is below the national median of $2,690. Property taxes in Lynch 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 Lynch'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 Lynch 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
Lynch, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.65%
Estimate Property Tax Bill
$446
Ownwell’s Lynch Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lynch with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lynch 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 Lynch, Kentucky
Property taxes in Lynch, Kentucky, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lynch is 1.65%, significantly higher than the U.S. national median of 0.99%. Local government entities within Lynch set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lynch 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 Lynch's effective property tax rate to other counties in Kentucky and the national median. For comparison, the zip code 40855 has the highest median property tax rate of 1.65%, while the same zip code also has the lowest median tax rate of 1.65%. Understanding how these cities compare with Lynch provides valuable insights into the varying tax landscape across Harlan County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lynch Tax Rate
1.65%
Average Harlan County Tax Rate
1.35%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lynch, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40855 | 0.61% | 1.65% | 1.65% | 1.65% | 1.65% |
Source: Ownwell
Property Tax Assessment Values Across Lynch, Kentucky
In Lynch, 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 Harlan 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 Lynch, 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 Lynch helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the area are both $330, found in the 40855 zip code.
Average Lynch Assessed Value
$27,000
Average Harlan County Assessed Value
$35,000
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Lynch, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40855 | $9,149 | $15,000 | $27,000 | $39,575 | $55,600 |
Source: Ownwell
Property Tax Bills Across Lynch, Kentucky
In Lynch, KY, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. The median home price in Lynch is $27,000. The tax rate applied to this assessed value is crucial in determining the final tax bill. For instance, homeowners in the 25th percentile can expect an annual tax bill of around $185, while those in the 75th percentile might see a bill closer to $528. At the 90th percentile, the tax bill can rise to approximately $833. Several factors influence the assessed value, including the property's condition, location, and market trends. These property taxes are essential for funding local services such as schools, public safety, and infrastructure. Compared to the national median property tax rate of 0.99%, Lynch's rates offer a relatively affordable option for homeowners, making it an attractive place for those looking to manage their living costs effectively. Understanding these factors helps homeowners anticipate their annual expenses better.
Average Lynch Tax Bill
$330
Average Harlan County Tax Bill
$386
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Lynch, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40855 | $98 | $185 | $330 | $528 | $833 |
Source: Ownwell