Lewisport, Daviess County, Kentucky Property Taxes
The median property tax rate in Lewisport, KY is 1.05%, slightly higher than both the national median of 0.99% and the Kentucky state median of 1.02%. With the median home value in Lewisport at $70,500, the typical annual property tax bill amounts to $632, which is below the national median of $2,690. Property taxes in Lewisport are calculated based on the tax assessed value, often lower than the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Lewisport'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 Lewisport or another part of the city, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Lewisport, Daviess County, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.05%
Estimate Property Tax Bill
$740
$687
Ownwell’s Lewisport Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lewisport with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lewisport 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 Lewisport, Daviess County, Kentucky
Property taxes in Lewisport, Kentucky, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Lewisport is 0.83%, which is lower than both the Kentucky state median of 0.86% and the U.S. national median of 0.99%. Local government entities within Lewisport set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lewisport 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 Lewisport's effective property tax rate to other counties in Kentucky and the national median. For comparison, the highest median property tax rate in the region is also 0.83%, while the lowest median tax rate is the same at 0.83%. Understanding how these cities compare with Lewisport provides valuable insights into the varying tax landscape across Hancock County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lewisport Tax Rate
1.05%
Average Daviess County Tax Rate
0.81%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lewisport, Daviess County, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42351 | 0.52% | 0.85% | 1.05% | 1.08% | 1.12% |
Source: Ownwell
Property Tax Assessment Values Across Lewisport, Daviess County, Kentucky
In Lewisport, 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 Daviess 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 Lewisport, 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. Lewisport’s median home price stands at $70,500. The 25th percentile tax bill is $313, while the 75th percentile tax bill is $1,123, and the 90th percentile tax bill is $2,017. The highest and lowest median tax bills in the area are both $632.00, found in zip code 42351. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Lewisport, Daviess County, Kentucky
Source: Ownwell
$40,750
$79,425
$118,100
Average Lewisport Assessed Value
$70,500
Average Daviess County Assessed Value
$110,800
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Lewisport, Daviess County, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42351 | $20,000 | $35,000 | $70,500 | $121,450 | $193,980 |
Source: Ownwell
Property Tax Bills Across Lewisport, Daviess County, Kentucky
In Lewisport, located in Daviess County, KY, property tax bills are calculated based on the assessed value of a home. The median home price in Lewisport is $70,500, and the property tax rate is applied to this assessed value to determine the tax bill. Factors such as the home's size, location, and condition can influence its assessed value. Homeowners in Lewisport can expect their property tax bills to vary significantly. For instance, the 25th percentile tax bill is $313, while the 75th percentile tax bill is $1,123. At the 90th percentile, homeowners might pay up to $2,017. The median tax bill in the 42351 zip code is $632, which provides a benchmark for what many residents might expect to pay annually. These property taxes fund local services and infrastructure, impacting community resources such as schools, public safety, and road maintenance. Consequently, understanding how property taxes are calculated and the factors influencing them is crucial for homeowners in Lewisport to manage their financial planning effectively.
Average Lewisport Tax Bill
$632
Average Daviess County Tax Bill
$710
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Lewisport, Daviess County, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42351 | $197 | $313 | $632 | $1,123 | $2,017 |
Source: Ownwell