Lawrenceburg, Anderson County, Kentucky Property Taxes
The median property tax rate in Lawrenceburg, KY is 0.94%, slightly below the national median of 0.99% and the Kentucky state median of 1.02%. With a median home value in Lawrenceburg of $145,000, the typical annual property tax bill is $1,285, which is lower than the national median of $2,690. Property taxes in Lawrenceburg are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Lawrenceburg'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 Lawrenceburg or another part of Anderson County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Lawrenceburg, Anderson County, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.94%
Estimate Property Tax Bill
$1,363
$1,265
Ownwell’s Lawrenceburg Property Tax Bill Calculator is a valuable tool for homeowners, real estate investors, or potential buyers to estimate their annual property taxes in Lawrenceburg with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lawrenceburg to provide an estimate of 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 Anderson County for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Lawrenceburg, Anderson County, Kentucky
Property taxes in Lawrenceburg, Kentucky, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lawrenceburg is 0.94%, slightly lower than the U.S. national median of 0.99%. Local government entities within Lawrenceburg set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lawrenceburg 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 Lawrenceburg's effective property tax rate to other counties in Kentucky and the national median. For comparison, the 40342 zip code has both the highest and lowest median property tax rate of 0.94%, indicating a uniform tax landscape within Anderson County. Understanding how these cities compare with Lawrenceburg provides valuable insights into the varying tax landscape across Anderson County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lawrenceburg Tax Rate
0.94%
Average Anderson County Tax Rate
0.94%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lawrenceburg, Anderson County, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40342 | 0.58% | 0.77% | 0.94% | 1.04% | 1.04% |
Source: Ownwell
Property Tax Assessment Values Across Lawrenceburg, Anderson County, Kentucky
In Lawrenceburg, 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 Anderson 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 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 Lawrenceburg helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. In Lawrenceburg, the highest and lowest median tax bills are both $1,285 in the 40342 zip code.
Property Tax Assessment Values Across Lawrenceburg, Anderson County, Kentucky
Source: Ownwell
$87,500
$126,350
$165,200
Average Lawrenceburg Assessed Value
$145,000
Average Anderson County Assessed Value
$145,000
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Lawrenceburg, Anderson County, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40342 | $20,000 | $85,000 | $145,000 | $198,000 | $280,000 |
Source: Ownwell
Property Tax Bills Across Lawrenceburg, Anderson County, Kentucky
Property tax bills in Lawrenceburg, Anderson County, KY, are determined by several key factors, primarily the assessed value of a property and the local tax rate. The assessed value is a percentage of the property's market value, which is determined by the county assessor. This assessed value is then multiplied by the local tax rate to calculate the annual property tax bill. For homeowners in Lawrenceburg, the median home price is $145,000. The property tax bills can vary significantly, with the 25th percentile at $754, the 75th percentile at $1,791, and the 90th percentile reaching up to $2,451. This variation is due to differences in property values and specific tax rates applied within different areas of the county. Comparatively, the median tax bill in the area is $1,285, which is relatively high when considering the national median property tax rate of 0.99%. These taxes fund essential public services like schools, infrastructure, and emergency services, directly impacting the quality of life for residents.
Average Lawrenceburg Tax Bill
$1,285
Average Anderson County Tax Bill
$1,273
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Lawrenceburg, Anderson County, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40342 | $261 | $754 | $1,285 | $1,791 | $2,451 |
Source: Ownwell