Lucas, Kentucky Property Taxes
The median property tax rate in Lucas, KY is 1.02%, aligning with the state median but higher than the national median of 0.99%. With a median home value of $66,500 in Lucas, the typical annual property tax bill amounts to $544, which is significantly lower than the national median of $2,690. Property taxes in Lucas are calculated based on the tax assessed value, which is often lower than the market value due to exemptions such as those for primary residences and agricultural properties. Understanding the property tax system in Lucas, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're located in the heart of Lucas or another part of Barren County, gaining insights into the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Lucas, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.02%
Estimate Property Tax Bill
$678
Ownwell’s Lucas Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lucas with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lucas 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 Lucas, Kentucky
Property taxes in Lucas, Kentucky, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lucas is 0.83%, lower than both the Kentucky state median of 0.86% and the U.S. national median of 0.99%. Local government entities within Lucas set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lucas 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 Lucas's effective property tax rate to other counties in Kentucky and the national median. For comparison, the 42156 zip code has the highest median property tax rate of 0.83%, while the lowest median tax rate is also 0.83%. Understanding how these cities compare with Lucas provides valuable insights into the varying tax landscape across Barren County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lucas Tax Rate
1.02%
Average Barren County Tax Rate
1.04%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lucas, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42156 | 0.56% | 1.01% | 1.02% | 1.05% | 1.11% |
Source: Ownwell
Property Tax Assessment Values Across Lucas, Kentucky
In Lucas, 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 Barren 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 Lucas, 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 Lucas helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Lucas are both $544.00, specifically for the zip code 42156.
Average Lucas Assessed Value
$66,500
Average Barren County Assessed Value
$90,000
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Lucas, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42156 | $5,100 | $11,500 | $66,500 | $175,000 | $326,400 |
Source: Ownwell
Property Tax Bills Across Lucas, Kentucky
In Lucas, property tax bills are calculated based on the assessed value of a home, which is typically a percentage of the market value. The median home price in the area is $66,500. Local tax authorities use this assessed value to determine the amount homeowners owe. Various factors, such as property size, location, and improvements, influence the assessed value. In Barren County, the median property tax bill is $544, which is notably lower than the national median property tax rate of 0.99%. Homeowners in Lucas can expect their tax bills to fall within a range, with the 25th percentile at $102 and the 75th percentile reaching up to $1,565. For those at the higher end, the 90th percentile tax bill can be as much as $2,805. These taxes fund essential local services like schools, emergency services, and infrastructure, directly affecting the community's quality of life. Understanding these factors can help homeowners better anticipate their annual property tax obligations.
Average Lucas Tax Bill
$544
Average Barren County Tax Bill
$755
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Lucas, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42156 | $51 | $102 | $544 | $1,565 | $2,805 |
Source: Ownwell