Lebanon, Kentucky Property Taxes
The median property tax rate in Lebanon, KY is 0.84%, 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 $228,750 in Lebanon, the typical annual property tax bill is $1,536, significantly below the national median of $2,690. Property taxes in Lebanon are calculated based on the tax assessed value, often lower than the market value due to exemptions such as primary residence and agricultural exemptions. Understanding Lebanon's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to meaningful annual savings. Whether you're in the heart of Lebanon or another part of the city, grasping 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
$2,500,000
$5,000,000
Average Tax Rate
1.02%
Estimate Property Tax Bill
$2,040
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, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lebanon is 0.84%, which is 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 0.84%. Understanding how these areas compare with Lebanon provides valuable insights into the varying tax landscape across Washington County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lebanon Tax Rate
0.84%
Average Washington County Tax Rate
0.86%
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 | 0.15% | 0.35% | 0.84% | 1.02% | 1.06% |
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 Washington 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 median home price in Lebanon is $228,750, with the highest and lowest median tax bills recorded at $1,536 in the 40033 zip code.
Average Lebanon Assessed Value
$228,750
Average Washington County Assessed Value
$130,000
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 | $50,500 | $146,750 | $228,750 | $411,250 | $853,853 |
Source: Ownwell
Property Tax Bills Across Lebanon, Kentucky
In Lebanon, KY, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is determined by the county assessor and typically reflects a percentage of the property's market value. For instance, with a median home price of $228,750, the tax bill can vary significantly based on the assessed value and specific local rates. Homeowners in Lebanon can expect their property tax bills to range widely. At the 25th percentile, the tax bill is approximately $772, while those at the 75th percentile see bills around $2,350. The 90th percentile tax bill reaches up to $2,782. Notably, the highest and lowest median tax bills in the area are both $1,536, indicating a consistent tax rate across different parts of the city. This variability in tax bills can impact homeowners by influencing their overall housing costs and financial planning. Understanding these factors is crucial for homeowners to anticipate their annual expenses and budget accordingly.
Average Lebanon Tax Bill
$1,536
Average Washington County Tax Bill
$877
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 | $395 | $772 | $1,536 | $2,350 | $2,782 |
Source: Ownwell