London, Kentucky Property Taxes
The median property tax rate in London, KY is 0.79%, which is lower than both the national median of 0.99% and the Kentucky state median of 1.02%. With a median home value of $71,800 in London, the typical annual property tax bill amounts to $460, significantly less than the national median of $2,690. Property taxes in London are calculated based on the tax assessed value, which is often lower than the market value due to various exemptions such as those for primary residences and agricultural properties. Understanding London'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 London or another part of the city, gaining insight into the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
London, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.79%
Estimate Property Tax Bill
$567
Ownwell’s London Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in London with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in London 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 London, Kentucky
Property taxes in London, Kentucky, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in London is 0.79%, which is lower than the U.S. national median of 0.99%. Local government entities within London set these rates annually, and they can vary significantly across different neighborhoods. Each year, London 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 London's effective property tax rate to other counties in Kentucky and the national median. For comparison, the 40741 zip code has both the highest and lowest median property tax rate of 0.79%. Understanding how these cities compare with London provides valuable insights into the varying tax landscape across Laurel County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average London Tax Rate
0.79%
Average Laurel County Tax Rate
0.79%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across London, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40741 | 0.45% | 0.79% | 0.79% | 0.79% | 0.79% |
| 40744 | 0.46% | 0.79% | 0.79% | 0.79% | 0.84% |
Source: Ownwell
Property Tax Assessment Values Across London, Kentucky
In London, 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 Laurel 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. 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, London’s median home price is $71,800, with tax bills ranging from $127 at the 25th percentile to $1,584 at the 90th percentile. The highest median tax bill is $503 in the 40744 zip code, while the lowest is $430 in the 40741 zip code. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average London Assessed Value
$71,800
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 London, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40741 | $7,000 | $19,800 | $65,000 | $129,500 | $205,000 |
| 40744 | $6,900 | $20,000 | $80,000 | $140,000 | $210,000 |
Source: Ownwell
Property Tax Bills Across London, Kentucky
In London, KY, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor's office. The median home price in London is $71,800. Property taxes are influenced by several factors, including the assessed value of the property, the local tax rate, and any applicable exemptions or deductions. Homeowners in London can expect a wide range of property tax bills. For instance, the 25th percentile tax bill is approximately $127, while the 75th percentile tax bill reaches $989. At the higher end, the 90th percentile tax bill can be as much as $1,584. Comparatively, the highest median tax bill in the area is $503 in ZIP code 40744, and the lowest median tax bill is $430 in ZIP code 40741. These property tax bills can significantly impact homeowners, affecting their overall cost of living and financial planning. Understanding how these taxes are calculated and the factors that influence them is crucial for effective budgeting and financial management.
Average London Tax Bill
$460
Average Laurel County Tax Bill
$396
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across London, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40741 | $47 | $120 | $430 | $946 | $1,573 |
| 40744 | $47 | $139 | $503 | $1,056 | $1,604 |
Source: Ownwell