Lockport, Kentucky Property Taxes
The median property tax rate in Lockport, KY is 1.21%, higher than both the national median of 0.99% and the Kentucky state median of 1.02%. With a median home value of $48,900 in Lockport, the typical annual property tax bill is $493, which is significantly lower than the national median of $2,690. Property taxes in Lockport are calculated based on the tax assessed value, which is often less than the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Lockport'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 Lockport 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
Lockport, 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 Lockport Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lockport with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lockport 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 Lockport, Kentucky
Property taxes in Lockport, Kentucky, are crucial in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lockport is 1.21%, significantly higher than the U.S. national median of 0.99%. Local government entities within Lockport set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lockport 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 Lockport's effective property tax rate to other areas in Kentucky and the national median. For comparison, the 40036 zip code has the highest median property tax rate of 1.21%, while the same zip code also has the lowest median tax rate of 1.21%. Understanding how these areas compare with Lockport provides valuable insights into the varying tax landscape across Henry County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lockport Tax Rate
1.21%
Average Henry County Tax Rate
1.15%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lockport, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40036 | 0.82% | 1.17% | 1.21% | 1.32% | 1.57% |
Source: Ownwell
Property Tax Assessment Values Across Lockport, Kentucky
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Lockport, 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 Henry 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 Lockport, 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 Lockport helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in the area is $493 in the 40036 zip code, while the lowest median tax bill is also $493 in the same zip code.
Average Lockport Assessed Value
$48,900
Average Henry County Assessed Value
$127,000
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Lockport, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40036 | $5,500 | $18,550 | $48,900 | $91,650 | $166,180 |
Source: Ownwell
Property Tax Bills Across Lockport, Kentucky
In Lockport, KY, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. The median home price in Lockport stands at $48,900. Homeowners in this area can expect their property tax bills to vary significantly depending on their property's assessed value and the local tax rate. For instance, the tax bill at the 25th percentile is around $216, while at the 75th percentile, it rises to $986. For those in the 90th percentile, tax bills can reach up to $1,800. Several factors influence these calculations, including the property's location, size, and improvements. These assessed values are then multiplied by the local tax rate to determine the final tax bill. This system ensures that homeowners contribute fairly to local services and infrastructure based on their property's value. Compared to the national median property tax rate of 0.99%, Lockport's property tax rates offer a unique perspective on how local policies impact homeowners' financial responsibilities.
Average Lockport Tax Bill
$493
Average Henry County Tax Bill
$1,329
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Lockport, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40036 | $92 | $216 | $493 | $986 | $1,800 |
Source: Ownwell