Lowmansville, Kentucky Property Taxes
The median property tax rate in Lowmansville, KY is 0.91%, 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 Lowmansville at $48,750, the typical annual property tax bill is $320, significantly below the national median of $2,690. Property taxes in Lowmansville are calculated based on the tax assessed value, often lower than the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Lowmansville'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 Lowmansville or another part of Johnson County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Lowmansville, 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 Lowmansville Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lowmansville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lowmansville 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 Johnson County for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Lowmansville, Kentucky
Property taxes in Lowmansville, Kentucky, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lowmansville is 0.91%, which is lower than the U.S. national median of 0.99%. Local government entities within Lowmansville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lowmansville 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 Lowmansville's effective property tax rate to other counties in Kentucky and the national median. For comparison, the zip code 41232 has both the highest and lowest median property tax rate of 0.91%. Understanding how these cities compare with Lowmansville provides valuable insights into the varying tax landscape across Johnson County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lowmansville Tax Rate
0.91%
Average Johnson County Tax Rate
1.01%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lowmansville, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41232 | 0.24% | 0.48% | 0.91% | 1.06% | 1.14% |
Source: Ownwell
Property Tax Assessment Values Across Lowmansville, Kentucky
In Lowmansville, 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 Johnson 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 Lowmansville, 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. The highest and lowest median tax bills in Lowmansville are both $320.00, found in the 41232 zip code. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Lowmansville Assessed Value
$48,750
Average Johnson County Assessed Value
$56,700
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Lowmansville, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41232 | $9,800 | $24,750 | $48,750 | $85,500 | $136,600 |
Source: Ownwell
Property Tax Bills Across Lowmansville, Kentucky
In Lowmansville, located in Johnson County, KY, property tax bills are calculated based on the assessed value of the property. The median home price in this area is $48,750. Property taxes are determined by multiplying the assessed value by the local tax rate. For example, properties in the 25th percentile have a tax bill of $203, while those in the 75th percentile face a tax bill of $682. The 90th percentile sees tax bills as high as $1,087. These tax bills are influenced by various factors, including the property's assessed value and local tax rates. Property taxes can significantly impact homeowners, affecting their overall financial planning and home affordability. Compared to the national median property tax rate of 0.99%, Lowmansville's rates are relatively modest. However, even small differences in tax rates can add up, influencing decisions on purchasing, selling, or maintaining property in the area.
Average Lowmansville Tax Bill
$320
Average Johnson County Tax Bill
$379
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Lowmansville, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41232 | $46 | $203 | $320 | $682 | $1,087 |
Source: Ownwell