London, Clay County, Kentucky Property Taxes
The median property tax rate in London, KY is 1.18%, which is notably higher than both the national median of 0.99% and the Kentucky state median of 1.02%. With the median home value in London at $40,500, the typical annual property tax bill is $271, falling below the national median of $2,690. Property taxes in London are determined based on the tax assessed value, which is usually lower than the market value due to exemptions like the primary residence and agricultural exemptions. Gaining a thorough understanding of London’s property tax system, exploring available exemptions, and identifying opportunities for reductions can result in substantial annual savings. Whether you're in the heart of London or another part of Clay County, understanding the local property tax system is beneficial for both homeowners and real estate investors.
Last Updated June 14, 2024
London, Clay County, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.18%
Estimate Property Tax Bill
$478
$443
Ownwell’s London Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in London with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in London 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 London, Clay County, Kentucky
Property taxes in London, Kentucky, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in London is 1.18%, significantly higher than the U.S. national median of 0.99%. Local government entities within London set these rates annually, and they can vary considerably across different neighborhoods. Each year, London 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 London's effective property tax rate to other areas in Kentucky and the national median. For comparison, the zip code 40744 has the highest median property tax rate of 1.18%, while the zip code 40741 has the lowest median tax rate of 0.86%. Understanding how these areas compare with London provides valuable insights into the varying tax landscape across Clay County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average London Tax Rate
1.18%
Average Clay County Tax Rate
1.18%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across London, Clay County, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40741 | 0.22% | 0.48% | 0.86% | 1.18% | 1.18% |
| 40744 | 0.15% | 0.48% | 1.18% | 1.18% | 1.18% |
Source: Ownwell
Property Tax Assessment Values Across London, Clay County, Kentucky
In London, 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 local 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 London 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. In London, the highest median tax bill is $295 in the 40741 zip code, while the lowest median tax bill is $254 in the 40744 zip code. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across London, Clay County, Kentucky
Source: Ownwell
$39,000
$49,050
$59,100
Average London Assessed Value
$40,500
Average Clay County Assessed Value
$40,500
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across London, Clay County, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40741 | $13,160 | $25,300 | $40,500 | $73,000 | $127,100 |
| 40744 | $13,050 | $22,750 | $40,500 | $58,750 | $67,180 |
Source: Ownwell
Property Tax Bills Across London, Clay County, Kentucky
In London, Kentucky, within Clay County, property tax bills are calculated based on the assessed value of the property. The median home price in this area is $40,500, which significantly influences the tax bill. To determine the tax bill, local authorities multiply the assessed value by the local property tax rate, which can vary depending on the specific location within the city. Several factors contribute to the assessed value, including the property's market value, condition, and any improvements made. For homeowners, understanding these factors is crucial as they directly impact the amount owed in property taxes. For instance, in London, the tax bill at the 25th percentile is $134, while at the 75th percentile, it rises to $586. The highest median tax bill in the region is $295, found in the 40741 zip code, while the lowest median tax bill is $254 in the 40744 zip code. These variations highlight the importance of accurate property assessments and their role in determining tax obligations.
Average London Tax Bill
$271
Average Clay County Tax Bill
$348
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across London, Clay County, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40741 | $55 | $112 | $295 | $744 | $973 |
| 40744 | $47 | $139 | $254 | $540 | $709 |
Source: Ownwell