Lyon County, Kentucky Property Taxes
The median property tax rate in Lyon County is 0.83%, which is lower than both the national median of 0.99% and the Kentucky state median of 1.02%. With the median home value in Lyon County, the typical annual property tax bill reaches $445, significantly below the national median of $2,690. Property taxes in Lyon County are calculated based on the tax assessed value, which generally falls below the actual market value due to various property tax exemptions like the primary residence and agricultural exemptions. Understanding Lyon County's specific property tax system, exploring available exemptions, and identifying opportunities for property tax reductions can provide significant annual savings. Whether you live in Eddyville or another part of Lyon County, gaining a comprehensive knowledge of local property taxes will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Lyon County, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.83%
Estimate Property Tax Bill
$540
$501
Ownwell’s Lyon County Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner to estimate their annual property taxes in Lyon County with just 2 data points. Enter your property's estimated assessed value, our calculator applies the median tax rate in Lyon 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 Lyon County, Kentucky
Property taxes in Lyon County play a crucial role in funding essential local services like public schools, road maintenance, and emergency services. The median tax rate in Lyon County is 0.83%, which is lower than the U.S. national median of 0.99%. Local government entities within Lyon County set these rates annually, and they can vary significantly between different areas within the county. Each year, Lyon 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 Lyon County's effective property tax rate with other counties in Kentucky and the national median. For comparison, the city of Kuttawa has one of the higher property tax rates in Kentucky at 0.89%, while the city of Fredonia boasts one of the lowest at 0.72%. Analyzing how Lyon County's tax rates stack up against these benchmarks can give homeowners a better understanding of the local tax landscape.
Average Lyon County Tax Rate
0.83%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Assessment Values Across Lyon County, Kentucky
In Lyon County, understanding the difference between "market value" and "assessed value" is key to comprehending property taxes. 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 Lyon 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 Lyon 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. For instance, Princeton has the highest median tax bill at $722, while Eddyville has the lowest at $416. Being aware of these valuation processes in Lyon County will help you identify opportunities for appealing assessments or applying for exemptions to manage your tax burden more effectively.
Average Lyon County Assessed Value
$65,000
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Bills Across Lyon County, Kentucky
In Lyon County, KY, property tax bills are determined by assessing the market value of a home and applying the local tax rate to that value. The median home price in Lyon County stands at $65,000. Property tax bills can vary significantly, with the 25th percentile tax bill at $106 and the 75th percentile reaching $1,330. For those at the 90th percentile, tax bills can soar to $2,735. The highest median tax bill in the county is found in Princeton at $722, while Eddyville has the lowest median tax bill at $416. These variations are influenced by factors such as property location, property type, and local tax rates. Homeowners in Lyon County, KY, may find their tax bills notably lower than the national median property tax rate of 0.99%, providing some relief in comparison to other regions. Understanding these factors can help homeowners anticipate their annual property tax obligations and budget accordingly.
Average Lyon County Tax Bill
$445
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690