Laurel County, Kentucky Property Taxes
The median property tax rate in Laurel County is 0.79%, which is notably lower than both the national median of 0.99% and the Kentucky state median of 1.02%. With the median home value in Laurel County at $60,000, the typical annual property tax bill is approximately $396, significantly below the national median of $2,690. Property taxes in Laurel County are calculated based on the tax assessed value, which often falls below the actual market value due to various property tax exemptions such as primary residence and agricultural exemptions. Understanding Laurel County's specific property tax system, exploring available exemptions, and identifying opportunities for property tax reductions can provide substantial annual savings. Whether you live in London or another part of Laurel County, gaining a comprehensive knowledge of local property taxes will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Laurel County, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.79%
Estimate Property Tax Bill
$474
$440
Ownwell’s Laurel County Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner to estimate their annual property taxes in Laurel County with just 2 data points. Enter your property's estimated assessed value, and our calculator applies the median tax rate in Laurel County to estimate your property tax bill. This insight helps you understand potential tax liabilities. If you’d like to see trends on a city level, scroll down to navigate to a more local informational page. Your property assessed value is the value assigned to your property by your county for property tax calculations. Assessed value takes into account any exemptions you may have on your property.
Property Tax Rates Across Laurel County, Kentucky
Property taxes in Laurel County play a crucial role in funding essential local services like public schools, road maintenance, and emergency services. The median tax rate in Laurel County is 0.79%, which is lower than the U.S. national median of 0.99%. Local government entities within Laurel County set these rates annually, and they can vary significantly between different areas within the county. Each year, Laurel County estimates its required budget to maintain services for the upcoming fiscal year and divides this budget by the total value of all taxable property in the jurisdiction, resulting in the property tax rate. Although tax rates and budgets are influenced by laws and voter input, this calculation forms the basic process for setting property tax rates. The following data compares Laurel County's effective property tax rate with other counties in Kentucky and the national median. For comparison, the city of Corbin has one of the higher property tax rates in Kentucky at 0.79%, while the city of Corbin also boasts one of the lowest at 0.79%. Analyzing how Laurel County's tax rates stack up against these benchmarks can give homeowners a better understanding of the local tax landscape.
Average Laurel County Tax Rate
0.79%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Laurel County, Kentucky
| City | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| Corbin | 0.46% | 0.79% | 0.79% | 0.79% | 0.79% |
| East Bernstadt | 0.38% | 0.79% | 0.79% | 0.79% | 0.79% |
| Gray | 0.46% | 0.79% | 0.79% | 0.79% | 0.79% |
| Keavy | 0.45% | 0.79% | 0.79% | 0.79% | 0.79% |
| Lily | 0.44% | 0.79% | 0.79% | 0.79% | 0.79% |
| London | 0.45% | 0.79% | 0.79% | 0.79% | 0.80% |
| Manchester | 0.22% | 0.63% | 0.79% | 0.79% | 0.79% |
Source: Ownwell
Property Tax Assessment Values Across Laurel County, Kentucky
Understanding the difference between "market value" and "assessed value" is key to comprehending property taxes in Laurel County, KY. The market value represents the price a willing buyer would pay to a willing seller in an open, competitive market, considering location, property condition, and current economic trends. For tax purposes, this value is estimated by the Laurel County Appraisal District. The assessed value, however, 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. Assessment notices in Laurel County are typically mailed in the spring, usually by the middle of April. These notices provide homeowners with both the market and assessed values, along with an estimate of the annual property tax bill. By distinguishing between these valuation concepts, property owners can better navigate their tax responsibilities and understand how their property taxes are affected. In Laurel County, the city with the highest median tax bill is Gray at $525.00, while Manchester has the lowest at $143.00. Being aware of these valuation processes will help you identify opportunities for appealing assessments or applying for exemptions to manage your tax burden more effectively.
Average Laurel County Assessed Value
$60,000
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Laurel County, Kentucky
| City | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| Corbin | $6,000 | $15,500 | $55,000 | $120,000 | $174,000 |
| East Bernstadt | $5,000 | $11,000 | $40,000 | $90,000 | $156,340 |
| Gray | $13,250 | $27,000 | $86,350 | $157,700 | $193,250 |
| Keavy | $5,000 | $12,000 | $40,000 | $90,125 | $139,930 |
| Lily | $5,000 | $10,000 | $40,000 | $100,375 | $142,760 |
| London | $7,000 | $20,000 | $71,800 | $135,000 | $207,000 |
| Manchester | $5,000 | $11,000 | $37,500 | $80,000 | $111,050 |
Source: Ownwell
Property Tax Bills Across Laurel County, Kentucky
In Laurel County, KY, property tax bills are calculated based on the assessed value of your home, which is determined by the local tax assessor. The tax rate is then applied to this assessed value to calculate your annual property tax bill. For homeowners, several factors come into play, including the condition and location of the property. For instance, the median home price in Laurel County is $60,000. The 25th percentile of property tax bills is $111, while the 75th percentile reaches up to $910. In some cases, the tax bill can go as high as $1,476, which falls in the 90th percentile. Comparatively, the highest median tax bill within the county is $525 in Gray, whereas Manchester has the lowest median tax bill at $143. These variations can significantly impact homeowners depending on where they reside within the county. Understanding these factors can help homeowners better anticipate their property tax obligations and plan accordingly.
Average Laurel County Tax Bill
$396
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Laurel County, Kentucky
| City | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| Corbin | $40 | $103 | $361 | $870 | $1,345 |
| East Bernstadt | $32 | $72 | $237 | $618 | $1,186 |
| Gray | $89 | $141 | $525 | $1,211 | $1,488 |
| Keavy | $40 | $79 | $237 | $648 | $1,003 |
| Lily | $36 | $68 | $261 | $701 | $1,099 |
| London | $47 | $127 | $460 | $989 | $1,584 |
| Manchester | $22 | $58 | $143 | $633 | $725 |
Source: Ownwell