Livermore, Kentucky Property Taxes
The median property tax rate in Livermore, KY is 0.96%, slightly below the national median of 0.99% and the Kentucky state median of 1.02%. With the median home value in Livermore at $41,535, the typical annual property tax bill amounts to $346, significantly lower than the national median of $2,690. Property taxes in Livermore 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 Livermore'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 Livermore or another part of the city, grasping 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
$1,500,000
$3,000,000
Average Tax Rate
0.96%
Estimate Property Tax Bill
$399
Ownwell's Livermore Property Tax Bill Calculator is a valuable tool for homeowners, real estate investors, or potential buyers looking to estimate their annual property taxes in Livermore. By simply entering your property's estimated assessed value, the calculator utilizes the median tax rate in Livermore to provide an accurate estimate of your property tax bill. This tool is designed to help you understand your potential tax liabilities better. For those interested in more detailed insights, localized information is available further down the page. Your property's assessed value, determined by the county, is crucial for property tax calculations and may include applicable exemptions.
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 0.96%, slightly below 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 areas in Kentucky and the national median. For comparison, the zip code 42352 has both the highest and lowest median property tax rate of 0.96%. Understanding how these areas compare with Livermore provides valuable insights into the varying tax landscape across Ohio County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Livermore Tax Rate
0.96%
Average Ohio County Tax Rate
0.96%
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 | 0.76% | 0.96% | 0.96% | 0.96% | 0.96% |
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 Ohio 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. The zip code 42352 has the highest and lowest median tax bill, both at $346.00, indicating a uniform tax experience within this region.
Average Livermore Assessed Value
$41,535
Average Ohio County Assessed Value
$23,500
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 | $13,240 | $41,535 | $108,688 | $225,256 |
Source: Ownwell
Property Tax Bills Across Livermore, Kentucky
In Livermore, KY, property tax bills are determined by assessing the market value of a home and applying the local tax rate to this assessed value. The median home price in Livermore is $41,535, and property tax rates are calculated based on this value. Homeowners in Livermore can expect their tax bills to vary widely, with the 25th percentile tax bill at $115 and the 75th percentile reaching $1,001. The 90th percentile tax bill can go up to $1,832, indicating significant variability depending on property value and specific circumstances. Factors influencing the tax bill include the property's assessed value, exemptions, and local tax rates. Homeowners should be aware that these taxes fund essential services such as schools, infrastructure, and emergency services, directly impacting the community's quality of life. Compared to the national median property tax rate of 0.99%, Livermore's rates may offer some homeowners a more affordable option, though individual bills will vary.
Average Livermore Tax Bill
$346
Average Ohio County Tax Bill
$192
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 | $48 | $115 | $346 | $1,001 | $1,832 |
Source: Ownwell