Lovelaceville, Kentucky Property Taxes
The median property tax rate in Lovelaceville, KY is 0.81%, 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 $85,250 in Lovelaceville, the typical annual property tax bill amounts to $639, significantly less than the national median of $2,690. Property taxes in Lovelaceville are calculated based on the assessed value, which often falls below the market value due to various exemptions such as those for primary residences and agricultural properties. Understanding Lovelaceville'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 Lovelaceville or another part of Ballard County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Lovelaceville, 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 Lovelaceville Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lovelaceville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lovelaceville 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 Lovelaceville, Kentucky
Property taxes in Lovelaceville, Kentucky, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lovelaceville is 0.81%, lower than both the Kentucky state median and the U.S. national median of 0.99%. Local government entities within Lovelaceville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lovelaceville 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 Lovelaceville's effective property tax rate to other counties in Kentucky and the national median. For comparison, the 42060 zip code has both the highest and lowest median property tax rate of 0.81%. Understanding how these areas compare with Lovelaceville provides valuable insights into the varying tax landscape across Ballard County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lovelaceville Tax Rate
0.81%
Average Ballard County Tax Rate
1.03%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lovelaceville, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42060 | 0.63% | 0.69% | 0.81% | 0.92% | 0.98% |
Source: Ownwell
Property Tax Assessment Values Across Lovelaceville, Kentucky
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Lovelaceville, Kentucky. 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 Ballard 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 Lovelaceville, 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. For instance, the median home price in Lovelaceville is $85,250, with tax bills ranging from $631 at the 25th percentile to $650 at the 90th percentile. Notably, the highest and lowest median tax bills are both $639, found in the 42060 zip code. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Lovelaceville Assessed Value
$85,250
Average Ballard County Assessed Value
$52,000
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Lovelaceville, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42060 | $67,850 | $74,375 | $85,250 | $96,125 | $102,650 |
Source: Ownwell
Property Tax Bills Across Lovelaceville, Kentucky
In Lovelaceville, property tax bills are calculated based on the assessed value of a home, which is determined by local tax assessors. The median home price in Lovelaceville is $85,250. This assessed value is then multiplied by the local property tax rate to determine the tax bill. The tax rate in Lovelaceville is competitive, especially when compared to the national median property tax rate of 0.99%. Homeowners in Lovelaceville can expect their tax bills to vary slightly based on the assessed value of their property. For instance, the tax bill at the 25th percentile is $631, while at the 75th percentile, it is $646, and at the 90th percentile, it reaches $650. These figures show a relatively narrow range, indicating a stable property tax environment. The highest and lowest median tax bills in the region are both $639, suggesting uniformity in tax assessments. This stability in property tax bills can significantly affect homeowners by providing predictable annual expenses, which is beneficial for financial planning.
Average Lovelaceville Tax Bill
$639
Average Ballard County Tax Bill
$421
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Lovelaceville, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42060 | $627 | $631 | $639 | $646 | $650 |
Source: Ownwell