Lancaster, Garrard County, Kentucky Property Taxes
The median property tax rate in Lancaster, KY is 1.06%, slightly higher than both the national median of 0.99% and the Kentucky state median of 1.02%. With the median home value in Lancaster at $85,000, the typical annual property tax bill reaches $837, which is significantly lower than the national median of $2,690. Property taxes in Lancaster are calculated based on the tax assessed value, often lower than the market value due to exemptions such as those for primary residences and agricultural properties. Understanding Lancaster'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 Lancaster 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
Lancaster, Garrard County, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.06%
Estimate Property Tax Bill
$901
$836
Ownwell’s Lancaster Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lancaster with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lancaster 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 Lancaster, Garrard County, Kentucky
Property taxes in Lancaster, Kentucky, are essential for funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Lancaster is 1.06%, which is higher than the U.S. national median of 0.99%. Local government entities within Lancaster set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lancaster 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 Lancaster's effective property tax rate to other areas in Kentucky and the national median. For comparison, the zip code 40444 has the highest median property tax rate of 1.06%, while it also has the lowest median tax rate of 1.06%. Understanding how these areas compare with Lancaster provides valuable insights into the varying tax landscape across Garrard County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lancaster Tax Rate
1.06%
Average Garrard County Tax Rate
1.06%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lancaster, Garrard County, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40444 | 0.55% | 0.85% | 1.06% | 1.09% | 1.15% |
Source: Ownwell
Property Tax Assessment Values Across Lancaster, Garrard County, Kentucky
In Lancaster, 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 Garrard 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 Lancaster, 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. Notably, the zip code with the highest and lowest median tax bill is 40444, with a median tax bill of $837. Being aware of these valuation processes in Lancaster helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Lancaster, Garrard County, Kentucky
Source: Ownwell
$40,000
$62,500
$85,000
Average Lancaster Assessed Value
$85,000
Average Garrard County Assessed Value
$75,000
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Lancaster, Garrard County, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40444 | $11,400 | $45,000 | $85,000 | $155,000 | $235,000 |
Source: Ownwell
Property Tax Bills Across Lancaster, Garrard County, Kentucky
In Lancaster, Kentucky, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is determined by the county assessor and reflects the market value of the property. For Lancaster, the median home price stands at $85,000. Homeowners can expect their tax bills to vary significantly; the tax bill at the 25th percentile is $389, while at the 75th percentile, it reaches $1,595. For those at the 90th percentile, the tax bill can be as high as $2,472. These variations are influenced by factors such as property location, home size, and any applicable exemptions. Compared to the national median property tax rate of 0.99%, Lancaster homeowners experience a relatively moderate tax burden. The highest and lowest median tax bills in the area are both recorded at $837, specifically in the 40444 ZIP code. Understanding these factors helps homeowners better anticipate their annual tax obligations and budget accordingly.
Average Lancaster Tax Bill
$837
Average Garrard County Tax Bill
$751
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Lancaster, Garrard County, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40444 | $123 | $389 | $837 | $1,595 | $2,472 |
Source: Ownwell