Eddyville, Lyon County, Kentucky Property Taxes
The median property tax rate in Eddyville, KY is 0.83%, notably lower than both the national median of 0.99% and the Kentucky state median of 1.02%. With the median home value in Eddyville at $60,000, the typical annual property tax bill amounts to $416, significantly below the national median of $2,690. Property taxes in Eddyville are calculated based on the assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Eddyville'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 Eddyville or another part of the city, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Eddyville, Lyon County, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.83%
Estimate Property Tax Bill
$498
$462
Ownwell’s Eddyville Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Eddyville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Eddyville 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 Eddyville, Lyon County, Kentucky
Property taxes in Eddyville, Kentucky, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Eddyville is 0.83%, which is lower than the U.S. national median of 0.99%. Local government entities within Eddyville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Eddyville 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 Eddyville's effective property tax rate to other areas in Kentucky and the national median. For comparison, the zip code 42038 has the same median property tax rate of 0.83%. Understanding how these cities compare with Eddyville provides valuable insights into the varying tax landscape across Lyon County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Eddyville Tax Rate
0.83%
Average Lyon County Tax Rate
0.83%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Eddyville, Lyon County, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42038 | 0.66% | 0.83% | 0.83% | 0.89% | 0.89% |
Source: Ownwell
Property Tax Assessment Values Across Eddyville, Lyon County, Kentucky
In Eddyville, 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 Lyon 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. Being aware of these valuation processes in Eddyville 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 bill is 42038, both valued at $416.
Property Tax Assessment Values Across Eddyville, Lyon County, Kentucky
Source: Ownwell
$60,000
$78,125
$96,250
Average Eddyville Assessed Value
$60,000
Average Lyon County Assessed Value
$65,000
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Eddyville, Lyon County, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42038 | $3,000 | $10,000 | $60,000 | $160,000 | $350,000 |
Source: Ownwell
Property Tax Bills Across Eddyville, Lyon County, Kentucky
In Eddyville, KY, property tax bills are calculated based on the assessed value of the property, which is determined by the local assessor's office. This assessed value is then multiplied by the local property tax rate to determine the annual tax bill. The median home price in Eddyville is $60,000. Homeowners in the 25th percentile pay around $80 in property taxes, while those in the 75th percentile face a tax bill of approximately $1,308. For the top 10% of homeowners, the tax bill can soar to $2,927. Several factors influence the tax bill, including property size, location, and any improvements made to the property. Comparatively, the property tax rate in Eddyville is significantly lower than the national median property tax rate of 0.99%. This lower rate provides some relief to homeowners, making property ownership more affordable. However, those with higher-valued properties still experience a more substantial tax burden, reflecting the assessed value's impact on their annual bills.
Average Eddyville Tax Bill
$416
Average Lyon County Tax Bill
$445
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Eddyville, Lyon County, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42038 | $25 | $80 | $416 | $1,308 | $2,927 |
Source: Ownwell