Lost Creek, Kentucky Property Taxes
The median property tax rate in Lost Creek, KY, is 1.37%, considerably higher than both the national median of 0.99% and the Kentucky state median of 1.02%. With the median home value in Lost Creek, the typical annual property tax bill reaches $137, which is significantly lower than the national median of $2,690. Property taxes in Lost Creek are calculated based on the tax assessed value, often below the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Lost Creek'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 Lost Creek or another part of Breathitt County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Lost Creek, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.37%
Estimate Property Tax Bill
$274
Ownwell’s Lost Creek Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lost Creek with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lost Creek 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 Lost Creek, Kentucky
Property taxes in Lost Creek, Kentucky, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lost Creek is 1.37%, significantly higher than the U.S. national median of 0.99%. Local government entities within Lost Creek set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lost Creek 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 Lost Creek's effective property tax rate to other regions in Kentucky and the national median. For comparison, the 41348 zip code has the highest median property tax rate of 1.37%, while the 41348 zip code also has the lowest median tax rate of 1.37%. Understanding how these areas compare with Lost Creek provides valuable insights into the varying tax landscape across Breathitt County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lost Creek Tax Rate
1.37%
Average Breathitt County Tax Rate
1.37%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lost Creek, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41348 | 0.31% | 1.37% | 1.37% | 1.37% | 1.38% |
Source: Ownwell
Property Tax Assessment Values Across Lost Creek, Kentucky
In Lost Creek, Kentucky, understanding the difference between "market value" and "assessed value" is essential 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 Breathitt County Property Valuation Administrator 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 Lost Creek, 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 Lost Creek helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. In Lost Creek, the highest and lowest median tax bills are both $137.00, found in zip code 41348.
Average Lost Creek Assessed Value
$20,000
Average Breathitt County Assessed Value
$25,538
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Lost Creek, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41348 | $3,000 | $7,075 | $20,000 | $43,425 | $60,760 |
Source: Ownwell
Property Tax Bills Across Lost Creek, Kentucky
Property tax bills in Lost Creek, located in Breathitt County, KY, are calculated based on the assessed value of the property and the local tax rate. The assessed value is determined by local assessors who evaluate the property’s market value. In Lost Creek, the median home price is $20,000. The local tax rate is then applied to this assessed value to determine the tax bill. Several factors influence the final tax bill, including the property's size, location, and condition. For homeowners in Lost Creek, tax bills can vary significantly. The 25th percentile tax bill is $63, while the 75th percentile tax bill is $344. At the higher end, the 90th percentile tax bill reaches $824. Understanding these variations is crucial for homeowners, as property taxes directly impact their annual expenses. Comparatively, the national median property tax rate is 0.99%, highlighting how local rates and assessed values can lead to significant differences in tax bills across various regions.
Average Lost Creek Tax Bill
$137
Average Breathitt County Tax Bill
$188
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Lost Creek, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41348 | $20 | $63 | $137 | $344 | $824 |
Source: Ownwell