Lily, Kentucky Property Taxes
The median property tax rate in Lily, KY is 0.79%, which is notably lower than both the national median of 0.99% and the Kentucky state median of 1.02%. With the median home value in Lily at $40,000, the typical annual property tax bill amounts to $261, significantly below the national median of $2,690. Property taxes in Lily are calculated based on the tax assessed value, which often falls below the market value due to various exemptions, such as the primary residence and agricultural exemptions. Understanding Lily'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 Lily 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
Lily, 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 Lily Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lily with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lily 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 Lily, Kentucky
Property taxes in Lily, Kentucky, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lily is 0.79%, lower than both the Kentucky state median and the U.S. national median of 0.99%. Local government entities within Lily set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lily 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 Lily's effective property tax rate to other counties in Kentucky and the national median. For comparison, the 40740 zip code has the highest median property tax rate of 0.79%, while the 40740 zip code also has the lowest median tax rate of 0.79%. Understanding how these cities compare with Lily provides valuable insights into the varying tax landscape across Laurel County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lily Tax Rate
0.79%
Average Laurel County Tax Rate
0.79%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lily, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40740 | 0.44% | 0.79% | 0.79% | 0.79% | 0.79% |
Source: Ownwell
Property Tax Assessment Values Across Lily, Kentucky
In Lily, 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 assessment authorities 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 Lily, 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 Lily helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Lily both stand at $261.00 in the zip code 40740, providing a clear benchmark for property owners in the area.
Average Lily Assessed Value
$40,000
Average Laurel County Assessed Value
$60,000
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Lily, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40740 | $5,000 | $10,000 | $40,000 | $100,375 | $142,760 |
Source: Ownwell
Property Tax Bills Across Lily, Kentucky
In Lily, located in Laurel County, KY, property tax bills are calculated based on the assessed value of a home. The median home price in Lily is $40,000. Property taxes are determined by multiplying the assessed value by the local tax rate. For homeowners in Lily, the property tax bills can vary significantly. At the 25th percentile, the tax bill is around $68, while at the 75th percentile, it rises to approximately $701. For those at the 90th percentile, the tax bill can reach $1,099. These variations depend on factors such as property size, location, and improvements made to the home. Homeowners in Lily should be aware that their property tax bill may be significantly lower or higher than the national median property tax rate of 0.99%. Understanding how these factors influence their tax bill can help homeowners plan their finances better and appeal their property taxes if they believe their home has been over-assessed.
Average Lily Tax Bill
$261
Average Laurel County Tax Bill
$396
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Lily, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40740 | $36 | $68 | $261 | $701 | $1,099 |
Source: Ownwell