Lowes, Kentucky Property Taxes
The median property tax rate in Lowes, KY is 0.82%, 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 Lowes at $13,500, the typical annual property tax bill is just $80, far below the national median of $2,690. Property taxes in Lowes are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Lowes' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Lowes or another part of Graves County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Lowes, 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 LOWES Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in LOWES with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in LOWES 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 Lowes, Kentucky
Property taxes in Lowes, Kentucky, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lowes is 0.82%, lower than the U.S. national median of 0.99%. Local government entities within Lowes set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lowes 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. Understanding how Lowes' effective property tax rate compares to other counties in Kentucky and the national median provides valuable insights into the varying tax landscape across Graves County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lowes Tax Rate
0.82%
Average Graves County Tax Rate
0.67%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lowes, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42061 | 0.31% | 0.80% | 0.82% | 1.02% | 1.22% |
Source: Ownwell
Property Tax Assessment Values Across Lowes, Kentucky
In Lowes, 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 Graves 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 Lowes, 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 Lowes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. For instance, the zip code with the lowest tax bill is $40, while the highest reaches $864.
Average Lowes Assessed Value
$13,500
Average Graves County Assessed Value
$80,000
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Lowes, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42061 | $1,750 | $5,750 | $13,500 | $23,750 | $102,500 |
Source: Ownwell
Property Tax Bills Across Lowes, Kentucky
In LOWES, located in Graves County, KY, property tax bills are calculated based on the assessed value of a property. The assessed value is a percentage of the market value, determined by the local assessor's office. Homeowners in LOWES face property tax bills that vary widely, reflecting the diverse range of property values in the area. For instance, the 25th percentile tax bill in LOWES is around $40, while at the 75th percentile, it jumps to $221. At the higher end, the 90th percentile tax bill reaches $864, indicating significant variations depending on property value. Factors that influence the tax bill include the property's assessed value, local tax rates, and applicable exemptions. The median home price in LOWES is $13,500, which is significantly lower than the national median. This lower property value results in relatively lower tax bills compared to other regions. However, even within LOWES, the impact on homeowners can differ substantially, affecting their financial planning and overall cost of homeownership.
Average Lowes Tax Bill
$80
Average Graves County Tax Bill
$394
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Lowes, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42061 | $14 | $40 | $80 | $221 | $864 |
Source: Ownwell