Ledbetter, Kentucky Property Taxes
The median property tax rate in Ledbetter, KY is 0.93%, slightly lower than both the national median of 0.99% and the Kentucky state median of 1.02%. With the median home value in Ledbetter at $77,500, the typical annual property tax bill reaches $561, well below the national median of $2,690. Property taxes in Ledbetter are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Ledbetter'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 Ledbetter 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
Ledbetter, 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 Ledbetter Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Ledbetter with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Ledbetter 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 Livingston County for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Ledbetter, Kentucky
Property taxes in Ledbetter, Kentucky, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Ledbetter is 0.93%, which is lower than the U.S. national median of 0.99%. Local government entities within Ledbetter set these rates annually, and they can vary significantly across different neighborhoods. Each year, Ledbetter 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 Ledbetter's effective property tax rate to other counties in Kentucky and the national median. For comparison, the 42058 zip code has the highest median property tax rate of 0.93%, while the same zip code also has the lowest median tax rate of 0.93%. Understanding how these cities compare with Ledbetter provides valuable insights into the varying tax landscape across Livingston County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Ledbetter Tax Rate
0.93%
Average Livingston County Tax Rate
0.92%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Ledbetter, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42058 | 0.38% | 0.67% | 0.93% | 0.93% | 0.93% |
Source: Ownwell
Property Tax Assessment Values Across Ledbetter, Kentucky
In Ledbetter, 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 Livingston 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 Ledbetter, 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 Ledbetter helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the zip code 42058 has the highest and lowest median tax bill, both at $561.
Average Ledbetter Assessed Value
$77,500
Average Livingston County Assessed Value
$67,000
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Ledbetter, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42058 | $10,500 | $50,000 | $77,500 | $110,000 | $167,500 |
Source: Ownwell
Property Tax Bills Across Ledbetter, Kentucky
In Ledbetter, property tax bills are calculated based on the assessed value of a home and the local tax rate set by Livingston County. The assessed value is determined by the county assessor and is typically a percentage of the market value of the property. For example, with a median home price of $77,500, the assessed value will influence the final tax bill. Homeowners in Ledbetter can expect their property tax bills to vary. The 25th percentile tax bill is around $277, while those at the 75th percentile pay about $888. The highest tax bills, at the 90th percentile, can reach up to $1,411. These figures highlight the range of property tax burdens homeowners might face, depending on their property’s assessed value and the specific tax rate applied. Compared to the national median property tax rate of 0.99%, Ledbetter's property tax rates can significantly impact household budgets, making it crucial for homeowners to understand how their tax bills are calculated and to explore potential exemptions or appeals if they believe their assessment is too high.
Average Ledbetter Tax Bill
$561
Average Livingston County Tax Bill
$417
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Ledbetter, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42058 | $93 | $277 | $561 | $888 | $1,411 |
Source: Ownwell