Lebanon, Kentucky Property Taxes
The median property tax rate in Lebanon, KY is 0.90%, which is lower than both the national median of 0.99% and the Kentucky state median of 1.02%. With a median home value of $125,000 in Lebanon, the typical annual property tax bill is $897, significantly below the national median of $2,690. Property taxes in Lebanon are calculated based on the tax assessed value, which often falls below the market value due to various exemptions, such as those for primary residences and agricultural properties. Understanding Lebanon's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Lebanon or another part of Marion County, gaining insight into the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Lebanon, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.9%
Estimate Property Tax Bill
$1,125
Ownwell’s Lebanon Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lebanon with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lebanon 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, Kentucky
Property taxes in Lebanon, Kentucky, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Lebanon is 0.90%, which is slightly lower than the U.S. national median of 0.99%. Local government entities within Lebanon set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lebanon 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's effective property tax rate to other counties in Kentucky and the national median. For comparison, the zip code 40033 has both the highest and lowest median property tax rate of 0.90%. Understanding how these areas compare with Lebanon provides valuable insights into the varying tax landscape across Marion County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lebanon Tax Rate
0.90%
Average Marion County Tax Rate
0.90%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lebanon, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40033 | 0.34% | 0.58% | 0.90% | 0.90% | 0.90% |
Source: Ownwell
Property Tax Assessment Values Across Lebanon, Kentucky
In Lebanon, 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 Marion 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 Lebanon, 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 helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Lebanon are both $897, found in the 40033 zip code.
Average Lebanon Assessed Value
$125,000
Average Marion County Assessed Value
$120,000
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Lebanon, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40033 | $50,000 | $80,000 | $125,000 | $180,000 | $280,000 |
Source: Ownwell
Property Tax Bills Across Lebanon, Kentucky
In Lebanon, located in Marion County, KY, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor. The median home price in Lebanon is $125,000, and the property tax rate is applied to this assessed value to determine the annual tax bill. Factors such as property size, location, and market conditions can influence the assessed value. Homeowners in Lebanon can expect their tax bills to vary significantly. For instance, the tax bill at the 25th percentile is $571, while at the 75th percentile, it rises to $1378. At the 90th percentile, it can reach as high as $1973. The median tax bill for the area is $897, which is below the national median property tax rate of 0.99%. This lower tax burden can be beneficial for homeowners, making it more affordable to own property in Lebanon compared to other regions with higher tax rates.
Average Lebanon Tax Bill
$897
Average Marion County Tax Bill
$852
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Lebanon, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40033 | $289 | $571 | $897 | $1,378 | $1,973 |
Source: Ownwell