Lewisport, Kentucky Property Taxes
The median property tax rate in Lewisport, KY is 1.05%, slightly higher than both the national median of 0.99% and Kentucky's state median of 1.02%. With a median home value of $68,000 in Lewisport, the typical annual property tax bill amounts to $616, which is significantly lower than the national median of $2,690. Property taxes in Lewisport are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Lewisport'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 Lewisport or another part of Hancock County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Lewisport, 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 Lewisport Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lewisport with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lewisport 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 Lewisport, Kentucky
Property taxes in Lewisport, Kentucky, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lewisport is 1.05%, higher than both the Kentucky state median and the U.S. national median of 0.99%. Local government entities within Lewisport set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lewisport 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 Lewisport's effective property tax rate to other counties in Kentucky and the national median. For comparison, the 42351 zip code has the highest median property tax rate of 1.05%, while the same 42351 zip code also has the lowest median tax rate of 1.05%. Understanding how these cities compare with Lewisport provides valuable insights into the varying tax landscape across Hancock County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lewisport Tax Rate
1.05%
Average Hancock County Tax Rate
1.05%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lewisport, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42351 | 0.46% | 0.97% | 1.05% | 1.05% | 1.05% |
Source: Ownwell
Property Tax Assessment Values Across Lewisport, Kentucky
In Lewisport, 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 Hancock 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 Lewisport, 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 Lewisport helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in the area is $616.00 in the 42351 zip code, which is also the lowest median tax bill.
Average Lewisport Assessed Value
$68,000
Average Hancock County Assessed Value
$64,400
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Lewisport, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42351 | $6,000 | $24,000 | $68,000 | $122,850 | $187,300 |
Source: Ownwell
Property Tax Bills Across Lewisport, Kentucky
In Lewisport, located in Hancock County, KY, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is determined by the county assessor, who evaluates the property's market value. Once the assessed value is established, it is multiplied by the local tax rate to calculate the annual tax bill. For homeowners in Lewisport, the tax bills can vary significantly. For instance, the 25th percentile tax bill is around $210, while the 75th percentile tax bill is approximately $1,207, and the 90th percentile tax bill can reach up to $1,942. These figures show a wide range of tax burdens, reflecting differences in property values and specific assessments. Compared to the national median property tax rate of 0.99%, Lewisport's median tax bills indicate a relatively moderate tax environment. Homeowners need to be aware of these factors as they directly influence their annual financial obligations. Understanding how these elements interplay helps residents better anticipate and manage their property tax responsibilities.
Average Lewisport Tax Bill
$616
Average Hancock County Tax Bill
$525
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Lewisport, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42351 | $68 | $210 | $616 | $1,207 | $1,942 |
Source: Ownwell