Leitchfield, Kentucky Property Taxes
The median property tax rate in Leitchfield, KY is 0.91%, which is lower than both the national median of 0.99% and the Kentucky state median of 1.02%. With a median home value of $199,500 in Leitchfield, the typical annual property tax bill amounts to $1,682, falling short of the national median of $2,690. Property taxes in Leitchfield are calculated based on the tax assessed value, often lower than the market value due to various exemptions such as the primary residence and agricultural exemptions. Understanding Leitchfield'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 Leitchfield 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
Leitchfield, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.91%
Estimate Property Tax Bill
$1,815
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, Kentucky
Property taxes in Leitchfield, Kentucky, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Leitchfield is 0.91%, which is slightly below 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 0.91%, while the same zip code also has the lowest median tax rate of 0.91%. Understanding how these cities compare with Leitchfield provides valuable insights into the varying tax landscape across Edmonson County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Leitchfield Tax Rate
0.91%
Average Edmonson County Tax Rate
0.91%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Leitchfield, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42754 | 0.77% | 0.90% | 0.91% | 0.91% | 0.94% |
Source: Ownwell
Property Tax Assessment Values Across Leitchfield, 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 Edmonson 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 42754 has the highest and lowest median tax bill, both at $1,682.
Average Leitchfield Assessed Value
$199,500
Average Edmonson County Assessed Value
$80,500
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Leitchfield, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42754 | $60,000 | $122,500 | $199,500 | $286,500 | $367,190 |
Source: Ownwell
Property Tax Bills Across Leitchfield, Kentucky
In Leitchfield, KY, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. The assessed value is then multiplied by the local property tax rate to calculate the annual tax bill. For homeowners in Leitchfield, the tax rate is influenced by various factors, including the market value of the property, any applicable exemptions, and local government budgets. For instance, the median home price in Leitchfield stands at $199,500. Tax bills can vary significantly, with the 25th percentile at $979 and the 75th percentile reaching $2,586. The highest median tax bill in the area is $1,682, which is notably lower than the national median property tax rate of 0.99%. This relatively lower tax burden can make homeownership more affordable for residents. However, homeowners at the 90th percentile might see tax bills as high as $3,199, indicating some variability based on property values and specific local factors.
Average Leitchfield Tax Bill
$1,682
Average Edmonson County Tax Bill
$643
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Leitchfield, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42754 | $507 | $979 | $1,682 | $2,586 | $3,199 |
Source: Ownwell