Louellen, Kentucky Property Taxes
The median property tax rate in Louellen, KY is 1.35%, considerably higher than both the national median of 0.99% and the Kentucky state median of 1.02%. With the median home value in Louellen, the typical annual property tax bill reaches $223, which is significantly lower than the national median of $2,690. Property taxes in Louellen are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Louellen'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 Louellen 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
Louellen, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.35%
Estimate Property Tax Bill
$448
Ownwell’s Louellen Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Louellen with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Louellen 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 Louellen, Kentucky
Property taxes in Louellen, Kentucky, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Louellen is 1.35%, significantly higher than both the Kentucky state median and the U.S. national median of 0.99%. Local government entities within Louellen set these rates annually, and they can vary significantly across different neighborhoods. Each year, Louellen 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 Louellen's effective property tax rate to other counties in Kentucky and the national median. For comparison, the 40828 zip code has the highest median property tax rate of 1.35%, while the 40828 zip code also has the lowest median tax rate of 1.35%. Understanding how these cities compare with Louellen provides valuable insights into the varying tax landscape across Harlan County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Louellen Tax Rate
1.35%
Average Harlan County Tax Rate
1.35%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Louellen, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40828 | 0.64% | 1.35% | 1.35% | 1.35% | 1.35% |
Source: Ownwell
Property Tax Assessment Values Across Louellen, Kentucky
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Louellen, Kentucky. 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 Harlan 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 Louellen, 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. The highest median tax bill in Louellen is $223.00 in zip code 40828, which is significantly lower than the national median property tax rate of 0.99%. Being aware of these valuation processes in Louellen helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Louellen Assessed Value
$33,200
Average Harlan County Assessed Value
$35,000
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Louellen, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40828 | $7,000 | $12,250 | $33,200 | $45,750 | $55,738 |
Source: Ownwell
Property Tax Bills Across Louellen, Kentucky
Property tax bills in Louellen, located in Harlan County, KY, are calculated based on the assessed value of a property, which is determined by the local assessor's office. The assessed value typically reflects a percentage of the property's market value. Homeowners in Louellen can expect their property tax bills to be influenced by the assessed value, local tax rates, and any applicable exemptions or deductions. In Louellen, the median home price stands at $33,200. Property tax bills can vary significantly, with the 25th percentile tax bill at $94 and the 75th percentile tax bill reaching $472. For those at the 90th percentile, the tax bill can be as high as $667, indicating a wide range of potential tax liabilities for homeowners. Comparatively, the highest median tax bill in the region is $223, observed in the zip code 40828. These property taxes play a crucial role in funding local services such as schools, public safety, and infrastructure, directly impacting the community and homeowners' quality of life.
Average Louellen Tax Bill
$223
Average Harlan County Tax Bill
$386
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Louellen, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40828 | $84 | $94 | $223 | $472 | $667 |
Source: Ownwell