Livermore, Kentucky Property Taxes
The median property tax rate in Livermore, KY is 1.06%, slightly higher than both the national median of 0.99% and the Kentucky state median of 1.02%. With a median home value of $37,500 in Livermore, the typical annual property tax bill is $328, which is significantly lower than the national median of $2,690. Property taxes in Livermore are calculated based on the assessed value, which often falls below the market value due to exemptions such as primary residence and agricultural exemptions. Understanding Livermore's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to considerable annual savings. Whether you're in the heart of Livermore 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
Livermore, 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 Livermore Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Livermore with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Livermore 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 Livermore, Kentucky
Property taxes in Livermore, Kentucky, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Livermore is 1.06%, which is higher than the U.S. national median of 0.99%. Local government entities within Livermore set these rates annually, and they can vary significantly across different neighborhoods. Each year, Livermore 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 Livermore's effective property tax rate to other counties in Kentucky and the national median. For comparison, the 42352 zip code has both the highest and lowest median property tax rate of 1.06%. Understanding how these cities compare with Livermore provides valuable insights into the varying tax landscape across McLean County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Livermore Tax Rate
1.06%
Average Mclean County Tax Rate
1.08%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Livermore, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42352 | 0.53% | 1.06% | 1.06% | 1.06% | 1.29% |
Source: Ownwell
Property Tax Assessment Values Across Livermore, Kentucky
In Livermore, 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 McLean 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 Livermore, 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 Livermore helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. In Livermore, the highest median tax bill is $328 in the 42352 zip code, while the lowest median tax bill is also $328 in the same zip code.
Average Livermore Assessed Value
$37,500
Average Mclean County Assessed Value
$47,100
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Livermore, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42352 | $5,000 | $10,000 | $37,500 | $86,500 | $127,000 |
Source: Ownwell
Property Tax Bills Across Livermore, Kentucky
In Livermore, McLean County, KY, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. The assessed value is then multiplied by the local property tax rate to determine the tax bill. For instance, with a median home price of $37,500, homeowners can expect varying tax bills depending on their property's assessed value. The 25th percentile tax bill stands at $106, while the 75th percentile reaches $791, and the 90th percentile climbs to $1,323. These tax bills are influenced by multiple factors, including property location, size, and market conditions. Compared to the national median property tax rate of 0.99%, Livermore's rates reflect the local economic environment and funding needs for public services. High property taxes can significantly impact homeowners, increasing their annual expenses and influencing decisions on property investments and improvements. Conversely, lower tax bills can make homeownership more affordable and attractive in the region.
Average Livermore Tax Bill
$328
Average Mclean County Tax Bill
$437
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Livermore, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42352 | $53 | $106 | $328 | $791 | $1,323 |
Source: Ownwell