Lawrenceburg, Kentucky Property Taxes
The median property tax rate in Lawrenceburg, KY is 0.85%, which is lower than both the national median of 0.99% and the Kentucky state median of 1.02%. With the median home value in Lawrenceburg at $160,000, the typical annual property tax bill amounts to $1,358, significantly below the national median of $2,690. Property taxes in Lawrenceburg are calculated based on the tax assessed value, often lower than the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Lawrenceburg'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 Lawrenceburg or another part of the city, comprehending the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Lawrenceburg, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.85%
Estimate Property Tax Bill
$1,360
Ownwell’s Lawrenceburg Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lawrenceburg with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lawrenceburg 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 Lawrenceburg, Kentucky
Property taxes in Lawrenceburg, Kentucky, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lawrenceburg is 0.85%, which is lower than the U.S. national median of 0.99%. Local government entities within Lawrenceburg set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lawrenceburg 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 Lawrenceburg's effective property tax rate to other areas in Kentucky and the national median. For comparison, the zip code 40342 has both the highest and lowest median property tax rate in the area at 0.85%. Understanding how these cities compare with Lawrenceburg provides valuable insights into the varying tax landscape across Franklin County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lawrenceburg Tax Rate
0.85%
Average Franklin County Tax Rate
1.20%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lawrenceburg, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40342 | 0.85% | 0.85% | 0.85% | 0.85% | 0.85% |
Source: Ownwell
Property Tax Assessment Values Across Lawrenceburg, Kentucky
In Lawrenceburg, 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 local 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 Lawrenceburg, 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 Lawrenceburg helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 40342 has both the highest and lowest median tax bills at $1,358.
Average Lawrenceburg Assessed Value
$160,000
Average Franklin County Assessed Value
$129,000
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Lawrenceburg, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40342 | $160,000 | $160,000 | $160,000 | $160,000 | $160,000 |
Source: Ownwell
Property Tax Bills Across Lawrenceburg, Kentucky
Property tax bills in Lawrenceburg, located in Franklin County, KY, are calculated based on the assessed value of a property, which is determined by the local tax assessor. This assessed value is then multiplied by the local property tax rate to determine the annual tax bill. For homeowners in Lawrenceburg, the median home price is $160,000. Considering the tax rates, the median tax bill is consistent at $1,358 across various percentiles, including the 25th, 75th, and 90th percentiles. This uniformity suggests a relatively stable tax environment for homeowners. Compared to the national median property tax rate of 0.99%, Lawrenceburg's tax rate results in a median tax bill that is competitive and predictable. For homeowners, this means that property taxes are a significant but manageable part of their annual expenses, contributing to the overall affordability of living in this part of Kentucky. The stability in tax bills can provide homeowners with a reliable expectation for their annual financial planning.
Average Lawrenceburg Tax Bill
$1,358
Average Franklin County Tax Bill
$1,314
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Lawrenceburg, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40342 | $1,358 | $1,358 | $1,358 | $1,358 | $1,358 |
Source: Ownwell