Louisville, Kentucky Property Taxes
The median property tax rate in Louisville, KY is 1.18%, higher than both the national median of 0.99% and the Kentucky state median of 1.02%. With a median home value of $129,100 in Louisville, the typical annual property tax bill reaches $1,425, which is below the national median of $2,690. Property taxes in Louisville 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 Louisville'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 Louisville 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
Louisville, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.18%
Estimate Property Tax Bill
$1,523
Ownwell’s Louisville Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Louisville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Louisville 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 Louisville, Kentucky
Property taxes in Louisville, Kentucky, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Louisville is 1.18%, higher than both the Kentucky state median and the U.S. national median of 0.99%. Local government entities within Louisville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Louisville 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 Louisville's effective property tax rate to other counties in Kentucky and the national median. For comparison, the 40291 zip code has the highest median property tax rate of 1.27%, while the 40272 zip code has the lowest median tax rate of 1.17%. Understanding how these cities compare with Louisville provides valuable insights into the varying tax landscape across Bullitt County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Louisville Tax Rate
1.18%
Average Bullitt County Tax Rate
1.18%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Louisville, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40217 | 1.18% | 1.18% | 1.18% | 1.18% | 1.18% |
| 40229 | 0.80% | 0.97% | 1.18% | 1.18% | 1.26% |
| 40272 | 0.84% | 1.15% | 1.17% | 1.17% | 1.20% |
| 40291 | 1.01% | 1.25% | 1.27% | 1.28% | 1.28% |
| 40299 | 1.02% | 1.07% | 1.26% | 1.27% | 1.27% |
Source: Ownwell
Property Tax Assessment Values Across Louisville, Kentucky
In Louisville, 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 Bullitt 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 Louisville, 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. The median home price in Louisville is $129,100, with tax bills ranging from $982 at the 25th percentile to $2,362 at the 90th percentile. The highest median tax bill is $2,478 in the 40299 zip code, whereas the lowest is $1,334 in the 40217 zip code. 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 Louisville helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Louisville Assessed Value
$129,100
Average Bullitt County Assessed Value
$159,604
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Louisville, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40217 | $112,658 | $112,658 | $112,658 | $112,658 | $112,658 |
| 40229 | $20,388 | $103,534 | $128,293 | $159,906 | $207,897 |
| 40272 | $17,490 | $53,838 | $143,750 | $206,276 | $269,296 |
| 40291 | $32,174 | $112,602 | $138,780 | $173,122 | $229,942 |
| 40299 | $14,053 | $170,900 | $213,284 | $245,010 | $274,993 |
Source: Ownwell
Property Tax Bills Across Louisville, Kentucky
In Louisville, Bullitt County, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. The tax rate is then applied to this assessed value to compute the annual tax bill. Several factors influence the assessed value, including the property's market value, location, and any improvements or renovations made to the home. For homeowners in Louisville, the median home price stands at $129,100. The tax bills vary significantly, with the 25th percentile at $982 and the 75th percentile at $1,822. At the 90th percentile, the tax bill can reach up to $2,362. The highest median tax bill in the area is $2,478, found in the 40299 zip code, while the lowest is $1,334 in the 40217 zip code. Given the national median property tax rate of 0.99%, Louisville's tax rates and bills offer a comparative perspective for homeowners, affecting their overall financial planning and homeownership costs.
Average Louisville Tax Bill
$1,425
Average Bullitt County Tax Bill
$1,790
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Louisville, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40217 | $1,334 | $1,334 | $1,334 | $1,334 | $1,334 |
| 40229 | $239 | $982 | $1,418 | $1,791 | $2,273 |
| 40272 | $187 | $578 | $1,482 | $2,412 | $3,138 |
| 40291 | $414 | $1,240 | $1,656 | $1,977 | $2,739 |
| 40299 | $171 | $1,795 | $2,478 | $2,959 | $3,479 |
Source: Ownwell