Lowmansville, Lawrence County, Kentucky Property Taxes
The median property tax rate in Lowmansville, KY is 1.16%, which is higher than both the national median of 0.99% and the Kentucky state median of 1.02%. With a median home value of $30,000 in Lowmansville, the typical annual property tax bill is $296, significantly below the national median of $2,690. Property taxes in Lowmansville are calculated based on the tax assessed value, which is often lower than the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Lowmansville'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 Lowmansville or another part of Lawrence County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Lowmansville, Lawrence County, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.16%
Estimate Property Tax Bill
$348
$323
Ownwell’s Lowmansville Property Tax Bill Calculator is a valuable tool for homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Lowmansville, Lawrence County, KY using just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lowmansville to provide an estimate of your property tax bill. This insightful tool helps you understand potential tax liabilities, making financial planning easier. For those interested in neighborhood-level trends, additional localized information is available by scrolling down. Your property’s assessed value is the value assigned by the county for property tax calculations, taking into account any applicable exemptions.
Property Tax Rates Across Lowmansville, Lawrence County, Kentucky
Property taxes in Lowmansville, Kentucky, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Lowmansville is 1.16%, notably higher than both the Kentucky state median and the U.S. national median of 0.99%. Local government entities within Lowmansville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lowmansville 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 Lowmansville's effective property tax rate to other counties in Kentucky and the national median. For comparison, the zip code 41232 has both the highest and lowest median property tax rate of 1.16%. Understanding how these cities compare with Lowmansville provides valuable insights into the varying tax landscape across Lawrence County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lowmansville Tax Rate
1.16%
Average Lawrence County Tax Rate
1.15%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lowmansville, Lawrence County, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41232 | 0.30% | 1.14% | 1.16% | 1.25% | 1.42% |
Source: Ownwell
Property Tax Assessment Values Across Lowmansville, Lawrence County, Kentucky
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Lowmansville, 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 Lawrence 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 Lowmansville, 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 Lowmansville helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest median tax bill is 41232, with a tax bill of $296, while the same zip code also has the lowest median tax bill of $296.
Property Tax Assessment Values Across Lowmansville, Lawrence County, Kentucky
Source: Ownwell
$18,000
$38,650
$59,300
Average Lowmansville Assessed Value
$30,000
Average Lawrence County Assessed Value
$32,500
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Lowmansville, Lawrence County, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41232 | $5,000 | $11,550 | $30,000 | $64,400 | $96,960 |
Source: Ownwell
Property Tax Bills Across Lowmansville, Lawrence County, Kentucky
In Lowmansville, located in Lawrence County, KY, property tax bills are calculated based on the assessed value of a home. The median home price in this area is $30,000. The tax rate is applied to this assessed value to determine the annual tax bill. Various factors, such as property location, improvements, and local tax rates, are considered in the assessment process. Homeowners in Lowmansville can expect tax bills to vary significantly. At the 25th percentile, tax bills are around $79, while at the 75th percentile, they rise to $689. For those in the 90th percentile, tax bills can reach up to $1,109. The highest and lowest median tax bills in the area are both $296, indicating some consistency in tax assessments within certain zones. Compared to the national median property tax rate of 0.99%, Lowmansville’s tax rates reflect the local economic conditions and property values. This variation in tax bills can significantly impact homeowners, affecting their overall housing costs and financial planning.
Average Lowmansville Tax Bill
$296
Average Lawrence County Tax Bill
$296
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Lowmansville, Lawrence County, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41232 | $49 | $79 | $296 | $689 | $1,109 |
Source: Ownwell