Loretto, Kentucky Property Taxes
The median property tax rate in Loretto, KY is 0.90%, slightly lower than both the national median of 0.99% and the Kentucky state median of 1.02%. With a median home value of $120,000 in Loretto, the typical annual property tax bill amounts to $831, significantly below the national median of $2,690. Property taxes in Loretto are calculated based on the tax assessed value, which generally falls below the market value due to various exemptions, such as primary residence and agricultural exemptions. Understanding Loretto'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 Loretto or another part of the city, comprehending the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Loretto, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.9%
Estimate Property Tax Bill
$1,080
Ownwell’s Loretto Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Loretto with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Loretto 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 Loretto, Kentucky
Property taxes in Loretto, Kentucky, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Loretto is 0.90%, which is lower than the U.S. national median of 0.99%. Local government entities within Loretto set these rates annually, and they can vary significantly across different neighborhoods. Each year, Loretto 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 Loretto's effective property tax rate to other areas in Kentucky and the national median. For comparison, the zip code 40037 has both the highest and lowest median property tax rate of 0.90%. Understanding how these cities compare with Loretto provides valuable insights into the varying tax landscape across Marion County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Loretto Tax Rate
0.90%
Average Marion County Tax Rate
0.90%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Loretto, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40037 | 0.26% | 0.48% | 0.90% | 0.90% | 0.90% |
Source: Ownwell
Property Tax Assessment Values Across Loretto, Kentucky
In Loretto, 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 Marion 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 Loretto, 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. The median home price in Loretto is $120,000, with the 25th percentile tax bill at $436 and the 75th percentile at $1256. The highest median tax bill in the area is $831, found in the 40037 zip code, which also has the lowest median tax bill of $831. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Loretto Assessed Value
$120,000
Average Marion County Assessed Value
$120,000
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Loretto, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40037 | $35,800 | $70,000 | $120,000 | $180,000 | $293,000 |
Source: Ownwell
Property Tax Bills Across Loretto, Kentucky
In Loretto, located in Marion County, KY, property tax bills are determined by a combination of the assessed value of the property and the local tax rate. The assessed value is a percentage of the market value, which is determined by the county assessor. For homeowners in Loretto, the median home price is $120,000, which serves as a basis for calculating property taxes. The tax bill can vary significantly, with the 25th percentile at $436 and the 75th percentile at $1256. At the 90th percentile, homeowners might see tax bills as high as $1679. These variations depend on factors such as property size, location, and any applicable exemptions. Compared to the national median property tax rate of 0.99%, Loretto’s property tax bills reflect the local economic conditions and property values. For homeowners, understanding these factors is crucial as property taxes represent a significant annual expense. Accurate assessments and awareness of potential exemptions can help manage these costs effectively.
Average Loretto Tax Bill
$831
Average Marion County Tax Bill
$852
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Loretto, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40037 | $212 | $436 | $831 | $1,256 | $1,679 |
Source: Ownwell