Lewisburg, Kentucky Property Taxes
The median property tax rate in Lewisburg, KY is 0.84%, 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 Lewisburg at $84,925, the typical annual property tax bill is around $389, significantly below the national median of $2,690. Property taxes in Lewisburg 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 Lewisburg'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 Lewisburg or another part of Todd County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Lewisburg, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.84%
Estimate Property Tax Bill
$713
Ownwell’s Lewisburg Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lewisburg with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lewisburg 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 Lewisburg, Kentucky
Property taxes in Lewisburg, Kentucky, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lewisburg is 0.84%, which is lower than the U.S. national median of 0.99%. Local government entities within Lewisburg set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lewisburg 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 Lewisburg's effective property tax rate to other counties in Kentucky and the national median. For comparison, the 42256 zip code has the highest median property tax rate of 0.84%, while the 42256 zip code also has the lowest median tax rate of 0.84%. Understanding how these cities compare with Lewisburg provides valuable insights into the varying tax landscape across Todd County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lewisburg Tax Rate
0.84%
Average Todd County Tax Rate
0.84%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lewisburg, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42256 | 0.16% | 0.28% | 0.84% | 0.85% | 0.85% |
Source: Ownwell
Property Tax Assessment Values Across Lewisburg, Kentucky
In Lewisburg, 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 Todd 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. Assessment notices in Lewisburg 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 Lewisburg helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest median tax bill is 42256, with a bill of $389, while the lowest median tax bill is also found in 42256, with the same amount.
Average Lewisburg Assessed Value
$84,925
Average Todd County Assessed Value
$84,400
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Lewisburg, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42256 | $12,350 | $37,477 | $84,925 | $167,880 | $258,544 |
Source: Ownwell
Property Tax Bills Across Lewisburg, Kentucky
In Lewisburg, KY, property tax bills are determined based on the assessed value of a home, which is derived from the market value. The median home price in Lewisburg is $84,925. Property tax rates are applied to this assessed value to calculate the tax bill. Several factors influence the final tax bill, including the specific tax rate set by local authorities and any applicable exemptions or deductions. Homeowners in Lewisburg experience a range of tax bills. For instance, the 25th percentile tax bill is $154, while the 75th percentile reaches $758. At the higher end, the 90th percentile tax bill can be as much as $1,476. Comparatively, the highest and lowest median tax bills in the area are both $389, found in the zip code 42256. These property taxes significantly impact homeowners, influencing their overall cost of living and financial planning. By understanding how these tax bills are calculated, homeowners can better anticipate their annual expenses and manage their budgets accordingly.
Average Lewisburg Tax Bill
$389
Average Todd County Tax Bill
$511
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Lewisburg, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42256 | $67 | $154 | $389 | $758 | $1,476 |
Source: Ownwell