Lewisburg, Kentucky Property Taxes
The median property tax rate in Lewisburg, KY is 0.90%, which is slightly lower than both the national median of 0.99% and the Kentucky state median of 1.02%. With a median home value of $66,100 in Lewisburg, the typical annual property tax bill amounts to $450, well below the national median of $2,690. Property taxes in Lewisburg are calculated based on the tax assessed value, often lower than the market value due to exemptions like the 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 Butler 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
$2,500,000
$5,000,000
Average Tax Rate
1.02%
Estimate Property Tax Bill
$2,040
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, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lewisburg is 0.90%, slightly 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 areas in Kentucky and the national median. For comparison, the zip code 42256 has the highest median property tax rate of 0.90%, while the same zip code also has the lowest median tax rate of 0.90%. Understanding how these areas compare with Lewisburg provides valuable insights into the varying tax landscape across Butler County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lewisburg Tax Rate
0.90%
Average Butler County Tax Rate
0.90%
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 | 0.29% | 0.57% | 0.90% | 0.96% | 1.09% |
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 Butler 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 Lewisburg, 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 Lewisburg 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 $450.00 in zip code 42256, and the lowest median tax bill is also $450.00 in the same zip code.
Average Lewisburg Assessed Value
$66,100
Average Butler County Assessed Value
$64,000
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 | $10,500 | $30,000 | $66,100 | $99,225 | $149,000 |
Source: Ownwell
Property Tax Bills Across Lewisburg, Kentucky
In Lewisburg, KY, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. This assessed value is then multiplied by the local property tax rate to determine the annual tax bill. For Lewisburg, the median home price is $66,100. Property tax bills can vary significantly, with the 25th percentile at $199, the 75th percentile at $798, and the 90th percentile reaching up to $1,325. These tax bills are influenced by various factors, including the property's assessed value, the local tax rate, and any applicable exemptions. Compared to the national median property tax rate of 0.99%, Lewisburg's tax rates can be seen as relatively moderate. For homeowners, understanding these factors is crucial as it directly impacts their annual financial planning and the affordability of homeownership in the area. This variability in tax bills underscores the importance of accurate property assessments and the potential benefits of appealing an over-assessed property.
Average Lewisburg Tax Bill
$450
Average Butler County Tax Bill
$452
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 | $57 | $199 | $450 | $798 | $1,325 |
Source: Ownwell