Lyndon, Kentucky Property Taxes
The median property tax rate in Lyndon, KY is 1.15%, which is higher than both the national median of 0.99% and Kentucky's state median of 1.02%. With a median home value of $47,000 in Lyndon, the typical annual property tax bill is around $540, significantly lower than the national median of $2,690. Property taxes in Lyndon are calculated based on the assessed value, which is often below the market value due to various exemptions like primary residence and agricultural exemptions. Understanding Lyndon'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 Lyndon or another part of Jefferson County, understanding the local property tax system benefits both homeowners and real estate investors.
Last Updated June 14, 2024
Lyndon, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.15%
Estimate Property Tax Bill
$541
Ownwell’s Lyndon Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lyndon with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lyndon 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 Lyndon, Kentucky
Property taxes in Lyndon, Kentucky, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lyndon is 1.15%, which is significantly higher than the U.S. national median of 0.99%. Local government entities within Lyndon set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lyndon 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 Lyndon's effective property tax rate to other areas in Jefferson County and the national median. For comparison, the zip code 40222 has both the highest and lowest median property tax rate of 1.15%. Understanding how these areas compare with Lyndon provides valuable insights into the varying tax landscape across Jefferson County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lyndon Tax Rate
1.15%
Average Jefferson County Tax Rate
1.17%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lyndon, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40222 | 1.15% | 1.15% | 1.15% | 1.15% | 1.15% |
Source: Ownwell
Property Tax Assessment Values Across Lyndon, Kentucky
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Lyndon, 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 Jefferson 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 Lyndon, 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 Lyndon helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest and lowest median tax bills is 40222, both standing at $540.
Average Lyndon Assessed Value
$47,000
Average Jefferson County Assessed Value
$181,690
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Lyndon, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40222 | $47,000 | $47,000 | $47,000 | $47,000 | $47,000 |
Source: Ownwell
Property Tax Bills Across Lyndon, Kentucky
In Lyndon, Jefferson County, KY, property tax bills are calculated based on the assessed value of a home. The assessed value is determined by the local tax assessor and reflects the market value of the property. Homeowners in Lyndon typically face a median home price of $47,000. The property tax rate in Lyndon is applied to this assessed value to determine the annual tax bill. For instance, the median property tax bill in the area is consistently $540, regardless of the home's value within certain percentiles. This uniformity is evident as the tax bill remains the same at the 25th, 75th, and 90th percentiles. Compared to the national median property tax rate of 0.99%, Lyndon's approach to property taxes ensures that homeowners have predictable and manageable tax obligations. This can significantly impact homeowners by providing financial stability and allowing for better long-term financial planning.
Average Lyndon Tax Bill
$540
Average Jefferson County Tax Bill
$2,069
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Lyndon, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40222 | $540 | $540 | $540 | $540 | $540 |
Source: Ownwell