Livingston, Kentucky Property Taxes
The median property tax rate in Livingston, KY is 0.83%, which is lower than both the national median of 0.99% and the Kentucky state median of 1.02%. With a median home value of $20,000 in Livingston, the typical annual property tax bill is $124, significantly below the national median of $2,690. Property taxes in Livingston are calculated based on the tax assessed value, which often falls below the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Livingston'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 Livingston 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
Livingston, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.83%
Estimate Property Tax Bill
$166
Ownwell’s Livingston Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Livingston with just two data points. By entering your property's estimated assessed value, the calculator uses the median tax rate in Livingston to provide an accurate estimate of your property tax bill. This invaluable tool offers a clear picture of potential tax liabilities. For those interested in more granular data, you can explore neighborhood-level trends further down the page. Your property’s assessed value is determined by the county for tax purposes and includes any applicable exemptions.
Property Tax Rates Across Livingston, Kentucky
Property taxes in Livingston, Kentucky, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Livingston is 0.83%, which is lower than the U.S. national median of 0.99%. Local government entities within Livingston set these rates annually, and they can vary significantly across different neighborhoods. Each year, Livingston 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 Livingston's effective property tax rate to other counties in Kentucky and the national median. For comparison, the zip code 40445 has both the highest and lowest median property tax rate of 0.83%. Understanding how these areas compare with Livingston provides valuable insights into the varying tax landscape across Livingston County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Livingston Tax Rate
0.83%
Average Rockcastle County Tax Rate
0.83%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Livingston, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40445 | 0.59% | 0.83% | 0.83% | 0.83% | 0.83% |
Source: Ownwell
Property Tax Assessment Values Across Livingston, Kentucky
In Livingston, 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 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 Livingston, 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 Livingston 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 $124.00 in the 40445 zip code, reflecting the varying property tax burdens within the community.
Average Livingston Assessed Value
$20,000
Average Rockcastle County Assessed Value
$48,500
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Livingston, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40445 | $2,000 | $5,000 | $20,000 | $50,000 | $89,500 |
Source: Ownwell
Property Tax Bills Across Livingston, Kentucky
In Livingston, property tax bills are calculated based on the assessed value of the property, which is typically a percentage of the market value. The assessment is determined by the local assessor's office, taking into account factors like property size, location, and any improvements made. Once the assessed value is established, it is multiplied by the local property tax rate to determine the tax bill. For example, with a median home price of $20,000 in Livingston, homeowners can expect tax bills ranging from $41 at the 25th percentile to $640 at the 90th percentile. This variability highlights how factors such as property improvements and neighborhood developments can significantly impact the final tax bill. Compared to the national median property tax rate of 0.99%, the rates in Livingston offer a more affordable option for homeowners. Understanding these factors can help homeowners better anticipate their annual property tax obligations and plan accordingly.
Average Livingston Tax Bill
$124
Average Rockcastle County Tax Bill
$286
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Livingston, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40445 | $17 | $41 | $124 | $331 | $640 |
Source: Ownwell