Lebanon Junction, Kentucky Property Taxes
The median property tax rate in Lebanon Junction, KY is 0.93%, slightly lower than both the national median of 0.99% and the Kentucky state median of 1.02%. With the median home value in Lebanon Junction at $7,400, the typical annual property tax bill is $72, significantly below the national median of $2,690. Property taxes in Lebanon Junction are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Lebanon Junction's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Lebanon Junction 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
Lebanon Junction, Kentucky Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
1.02%
Estimate Property Tax Bill
$2,040
Ownwell’s Lebanon Junction Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lebanon Junction with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lebanon Junction 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 Lebanon Junction, Kentucky
Property taxes in Lebanon Junction, Kentucky, are essential for funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Lebanon Junction is 0.93%, which is slightly below the U.S. national median of 0.99%. Local government entities within Lebanon Junction set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lebanon Junction 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 Lebanon Junction's effective property tax rate to other areas in Kentucky and the national median. For comparison, the 40150 zip code has a median property tax rate of 0.93%, consistent with Lebanon Junction's rate. Understanding how these areas compare with Lebanon Junction provides valuable insights into the varying tax landscape across Hardin County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lebanon Junction Tax Rate
0.93%
Average Hardin County Tax Rate
0.93%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lebanon Junction, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40150 | 0.47% | 0.64% | 0.93% | 1.33% | 1.59% |
Source: Ownwell
Property Tax Assessment Values Across Lebanon Junction, Kentucky
In Lebanon Junction, 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 Hardin County Property Valuation Administrator 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 Lebanon Junction, 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. For example, in Lebanon Junction, the 25th percentile tax bill is $36, while the 75th percentile tax bill is $107. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Lebanon Junction Assessed Value
$7,400
Average Hardin County Assessed Value
$21,400
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Lebanon Junction, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40150 | $3,640 | $5,000 | $7,400 | $8,800 | $16,400 |
Source: Ownwell
Property Tax Bills Across Lebanon Junction, Kentucky
In Lebanon Junction, located in Hardin County, KY, property tax bills are calculated based on the assessed value of the property. The assessed value is determined by the local assessor's office, which evaluates the market value of the property. This assessed value is then multiplied by the local property tax rate to determine the annual tax bill. For homeowners in Lebanon Junction, the median home price is relatively low at $7,400. Consequently, property tax bills are also lower compared to the national median property tax rate of 0.99%. In this area, the 25th percentile of tax bills is around $36, while the 75th percentile is approximately $107. Homeowners at the 90th percentile can expect to pay around $153 in property taxes annually. These tax rates and assessed values significantly impact homeowners by influencing their annual financial obligations. Lower property taxes in Lebanon Junction can make homeownership more affordable, but it also means fewer resources for local services funded by these taxes.
Average Lebanon Junction Tax Bill
$72
Average Hardin County Tax Bill
$132
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Lebanon Junction, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40150 | $30 | $36 | $72 | $107 | $153 |
Source: Ownwell