Louisa, Martin County, Kentucky Property Taxes
The median property tax rate in Louisa, KY is 1.51%, considerably higher than both the national median of 0.99% and the Kentucky state median of 1.02%. With the median home value in Louisa, the typical annual property tax bill reaches $192, which is significantly lower than the national median of $2,690. Property taxes in Louisa are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Louisa'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 Louisa 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
Louisa, Martin County, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.51%
Estimate Property Tax Bill
$362
$336
Ownwell’s Louisa Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Louisa with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Louisa 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 Louisa, Martin County, Kentucky
Property taxes in Louisa, Kentucky, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Louisa is 0.66%, which is lower than both the Kentucky state median of 0.83% and the U.S. national median of 0.99%. Local government entities in Louisa set these rates annually, and they can vary significantly across different neighborhoods. Each year, Louisa 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 Louisa's effective property tax rate to other counties in Kentucky and the national median. For comparison, the 41230 zip code has the highest median property tax rate of 0.66%, while the same zip code also has the lowest median tax rate of 0.66%. Understanding how these cities compare with Louisa 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 Louisa Tax Rate
1.51%
Average Martin County Tax Rate
1.41%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Louisa, Martin County, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41230 | 0.37% | 0.48% | 1.51% | 1.90% | 3.02% |
Source: Ownwell
Property Tax Assessment Values Across Louisa, Martin County, Kentucky
In Louisa, 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 local 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 Louisa, 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 Louisa 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 in Martin County is 41230, with a median tax bill of $192, while the lowest median tax bill is also in the same zip code.
Property Tax Assessment Values Across Louisa, Martin County, Kentucky
Source: Ownwell
$24,000
$31,500
$39,000
Average Louisa Assessed Value
$24,000
Average Martin County Assessed Value
$33,161
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Louisa, Martin County, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41230 | $4,450 | $10,000 | $24,000 | $37,675 | $68,200 |
Source: Ownwell
Property Tax Bills Across Louisa, Martin County, Kentucky
In Louisa, KY, property tax bills are determined by several key factors, primarily focusing on the assessed value of the property and the local tax rate. The assessed value is an estimate of the property's market value, which is then multiplied by the tax rate set by local authorities. The median home price in Louisa stands at $24,000, significantly lower than the national average, which influences the overall tax bill. Homeowners in Louisa can expect varied tax bills depending on their property's assessed value. For instance, the 25th percentile tax bill is around $105, while the 75th percentile tax bill is approximately $444. At the higher end, the 90th percentile tax bill can reach up to $889. These figures reflect the range of property values within the area. The highest and lowest median tax bills in Louisa are both $192, indicating a relatively consistent tax rate across different properties. This system ensures that property taxes are proportional to the value of the property, impacting homeowners differently based on their property's worth.
Average Louisa Tax Bill
$192
Average Martin County Tax Bill
$308
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Louisa, Martin County, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41230 | $105 | $105 | $192 | $444 | $889 |
Source: Ownwell