Lexington, Fayette County, Kentucky Property Taxes
Median Lexington, KY effective property tax rate: 1.24%, significantly higher than the national median of 1.02%, but lower than the Kentucky state median of 1.02%.
Median Lexington, KY home value: $206,100
Median annual Lexington, KY tax bill: $2,392, $8 lower than the national median property tax bill of $2,400.
How are property taxes in Fayette County calculated?
Property taxes in Lexington, KY are calculated based on the tax assessed value, which is often lower than the actual market value due to property tax exemptions such as the homestead or senior exemption.
Understanding Lexington’s property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in Lexington, knowing local tax details benefits homeowners and investors.
Last Updated March 1, 2025
Lexington, Fayette County, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Median Effective Tax Rate
1.24%
Estimate Property Tax Bill
$2,556
$2,372
Ownwell’s Lexington Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Lexington with just two data points.
By entering your property's estimated assessed value, our calculator applies Lexington’s median effective tax rate to accurately estimate your property tax bill. Note that your property's assessed value — determined by your county — reflects any exemptions you may have, ensuring a precise calculation for your property tax obligations.
This insightful tool helps you understand potential tax liabilities and highlights how Ownwell can assist in reducing property taxes in Fayette County.
For those interested in more localized information, please scroll down to explore city-level trends!
Property Tax Rates Across Lexington, Fayette County, Kentucky
Local government entities determine tax rates, which can vary significantly within a state. Each year, counties estimate their required budget to provide services and divide that by the total value of all taxable property within their jurisdiction, resulting in the property tax rate. While votes and laws play a role in setting these rates and budgets, this is the annual process in a nutshell.
In Lexington, located in Fayette County, the effective property tax rate can be compared to other cities in Kentucky, as well as the median property tax rates in both Kentucky and the U.S. With a median property tax rate of 1.24%, Lexington is slightly above the national median rate of 1.02%. The highest median tax rate in Fayette County is also 1.24%, found in the 40507 zip code, while the lowest is 1.07% in the 40510 zip code. Understanding these differences can help property owners make informed decisions about their investments and potential savings through tax appeals or exemptions.
Our median effective property tax rate (tax bill ÷ assessor's market value) accounts for exemptions and deductions, making it more accurate than the general median tax rate, which is the midpoint of statutory rates before adjustments.
Median Effective Lexington Tax Rate
1.24%
Our median effective property tax rate (tax bill ÷ assessor's market value) accounts for exemptions and deductions, making it more accurate than the general median tax rate, which is the midpoint of statutory rates before adjustments.
Median Effective Fayette County Tax Rate
1.24%
Median Effective Kentucky Tax Rate
1.02%
Median Effective United States Tax Rate
1.02%
Property Tax Rates Across Lexington, Fayette County, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40502 | 1.01% | 1.09% | 1.24% | 1.24% | 1.24% |
| 40503 | 0.89% | 0.99% | 1.10% | 1.23% | 1.24% |
| 40504 | 0.88% | 1.06% | 1.23% | 1.24% | 1.24% |
| 40505 | 0.85% | 1.04% | 1.24% | 1.24% | 1.24% |
| 40507 | 1.08% | 1.24% | 1.24% | 1.24% | 1.24% |
| 40508 | 1.07% | 1.24% | 1.24% | 1.24% | 1.24% |
| 40509 | 1.05% | 1.21% | 1.24% | 1.24% | 1.24% |
| 40510 | 0.94% | 0.96% | 1.07% | 1.07% | 1.07% |
| 40511 | 0.97% | 1.23% | 1.24% | 1.24% | 1.24% |
| 40513 | 0.93% | 1.07% | 1.10% | 1.24% | 1.24% |
| 40514 | 0.93% | 1.09% | 1.21% | 1.24% | 1.24% |
| 40515 | 0.96% | 1.09% | 1.24% | 1.24% | 1.24% |
| 40516 | 0.91% | 1.07% | 1.24% | 1.24% | 1.24% |
| 40517 | 0.89% | 1.21% | 1.24% | 1.24% | 1.24% |
Source: Ownwell
Property Tax Assessment Values Across Lexington, Fayette County, Kentucky
When examining property taxes in Lexington, KY, understanding the distinction between "market value" and "assessed value" is crucial. The market value is what a willing buyer would pay to a willing seller in an open and competitive market, often influenced by location, property condition, and economic market trends. The Fayette County appraisal district estimates the market value for tax purposes. The assessed value is the market value minus any applicable exemptions or limits determined by local laws and offerings. The tax assessed value is the figure used to calculate your property taxes or the amount multiplied by your tax rate to get your tax bill.
Assessment notices: In Fayette County, assessment notices are sent in the spring each year. They’ll typically reach your mailbox by the middle of April. Each property owner receives an assessment notice that contains both the market value and assessed value, along with an estimate of your property tax bill. By providing insights into how assessed and market values are determined, this section helps property owners navigate their tax responsibilities and understand the valuation processes affecting their property taxes in Lexington. For example, the median home price in Lexington is $206,100, with tax bills ranging significantly across the county. Zip code 40510 has the highest median home price at $457,500.
Property Tax Assessment Values Across Lexington, Fayette County, Kentucky
Source: Ownwell
$3,500
$230,500
$457,500
Median Lexington Market Value
$206,100
Median Fayette County Market Value
$206,100
Median Kentucky Market Value
$110,000
Median United States Market Value
$235,294
Property Tax Assessment Values Across Lexington, Fayette County, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40502 | $152,210 | $226,350 | $340,550 | $511,250 | $735,000 |
| 40503 | $144,000 | $172,500 | $210,600 | $277,500 | $365,000 |
| 40504 | $99,100 | $130,000 | $170,500 | $210,100 | $275,930 |
| 40505 | $72,000 | $118,200 | $147,500 | $181,400 | $228,000 |
| 40507 | $170,880 | $225,000 | $290,100 | $374,750 | $544,000 |
| 40508 | $40,700 | $63,100 | $105,650 | $192,150 | $320,000 |
| 40509 | $133,000 | $188,600 | $298,900 | $388,900 | $495,000 |
| 40510 | $242,170 | $394,400 | $457,500 | $545,100 | $699,730 |
| 40511 | $72,920 | $139,500 | $202,000 | $246,400 | $300,000 |
| 40513 | $215,820 | $291,400 | $378,000 | $479,700 | $609,940 |
| 40514 | $164,500 | $195,000 | $237,200 | $294,100 | $371,000 |
| 40515 | $125,700 | $153,000 | $222,100 | $301,700 | $417,840 |
| 40516 | $115,400 | $159,575 | $200,650 | $276,475 | $514,450 |
| 40517 | $108,500 | $130,600 | $159,900 | $196,200 | $238,500 |
Source: Ownwell
Property Tax Bills Across Lexington, Fayette County, Kentucky
Median Lexington Tax Bill
$2,392
Median Fayette County Tax Bill
$2,391
Median Kentucky Tax Bill
$1,031
Median United States Tax Bill
$2,400
Property Tax Bills Across Lexington, Fayette County, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40502 | $1,811 | $2,551 | $3,957 | $6,059 | $8,803 |
| 40503 | $1,478 | $1,881 | $2,372 | $3,100 | $4,001 |
| 40504 | $1,116 | $1,447 | $1,938 | $2,427 | $3,115 |
| 40505 | $798 | $1,239 | $1,694 | $2,124 | $2,675 |
| 40507 | $2,032 | $2,738 | $3,524 | $4,395 | $6,379 |
| 40508 | $433 | $711 | $1,261 | $2,379 | $3,917 |
| 40509 | $1,516 | $2,237 | $3,524 | $4,698 | $5,934 |
| 40510 | $2,821 | $3,959 | $4,622 | $5,628 | $7,340 |
| 40511 | $832 | $1,687 | $2,415 | $2,980 | $3,597 |
| 40513 | $2,241 | $3,094 | $4,171 | $5,630 | $7,303 |
| 40514 | $1,719 | $2,113 | $2,672 | $3,477 | $4,296 |
| 40515 | $1,441 | $1,745 | $2,544 | $3,586 | $4,946 |
| 40516 | $1,362 | $1,793 | $2,282 | $2,992 | $5,438 |
| 40517 | $1,168 | $1,484 | $1,855 | $2,314 | $2,826 |
Source: Ownwell