Leitchfield, Breckinridge County, Kentucky Property Taxes
The median property tax rate in Leitchfield, KY is 1.01%, slightly above the national median of 0.99% but just below the Kentucky state median of 1.02%. With a median home value of $45,000 in Leitchfield, the typical annual property tax bill amounts to $428, which is significantly lower than the national median of $2,690. Property taxes in Leitchfield are calculated based on the assessed value, generally lower than the market value due to exemptions such as primary residence and agricultural exemptions. By understanding Leitchfield's property tax system, exploring available exemptions, and identifying opportunities for reductions, homeowners can achieve notable annual savings. Whether you're located in Leitchfield or another part of the city, a thorough understanding of the local property tax system is beneficial for both homeowners and real estate investors.
Last Updated June 14, 2024
Leitchfield, Breckinridge County, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.01%
Estimate Property Tax Bill
$455
$422
Ownwell’s Leitchfield Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Leitchfield with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Leitchfield 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 Leitchfield, Breckinridge County, Kentucky
Property taxes in Leitchfield, Kentucky, play a crucial role in financing essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Leitchfield is 1.01%, which is higher than both the Kentucky state median and the U.S. national median of 0.99%. Local government entities within Leitchfield set these rates annually, and they can vary significantly across different neighborhoods. Each year, Leitchfield 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 Leitchfield's effective property tax rate to other counties in Kentucky and the national median. For comparison, the 42754 zip code has the highest median property tax rate of 1.01%, while the same zip code also has the lowest median tax rate of 1.01%. Understanding how these cities compare with Leitchfield provides valuable insights into the varying tax landscape across Breckinridge County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Leitchfield Tax Rate
1.01%
Average Breckinridge County Tax Rate
0.96%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Leitchfield, Breckinridge County, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42754 | 0.64% | 0.95% | 1.00% | 1.43% | 2.93% |
Source: Ownwell
Property Tax Assessment Values Across Leitchfield, Breckinridge County, Kentucky
In Leitchfield, 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 Breckinridge 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 Leitchfield, 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 Leitchfield helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest and lowest median tax bill is 42754, with a value of $428.
Property Tax Assessment Values Across Leitchfield, Breckinridge County, Kentucky
Source: Ownwell
$34,000
$61,000
$88,000
Average Leitchfield Assessed Value
$45,000
Average Breckinridge County Assessed Value
$64,000
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Leitchfield, Breckinridge County, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42754 | $2,000 | $8,000 | $45,000 | $112,500 | $180,400 |
Source: Ownwell
Property Tax Bills Across Leitchfield, Breckinridge County, Kentucky
In Leitchfield, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. This assessed value is then multiplied by the local property tax rate to determine the annual tax bill. Factors such as the property's location within Breckinridge County, its size, and any improvements made can influence the assessed value. For homeowners in Leitchfield, the tax bill can vary significantly. At the 25th percentile, homeowners might pay around $123 annually, while those at the 75th percentile could see bills as high as $1,011. The top 10% of tax bills can reach up to $1,545. Compared to the national median property tax rate of 0.99%, Leitchfield's property taxes can be quite variable, depending on the specific property's assessed value and location. This variability can significantly impact homeowners' financial planning and budgeting.
Average Leitchfield Tax Bill
$428
Average Breckinridge County Tax Bill
$536
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Leitchfield, Breckinridge County, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42754 | $63 | $123 | $428 | $1,011 | $1,545 |
Source: Ownwell