Lovely, Kentucky Property Taxes
The median property tax rate in Lovely, Kentucky is 1.46%, considerably higher than both the national median of 0.99% and the Kentucky state median of 1.02%. With the median home value in Lovely at $32,250, the typical annual property tax bill reaches $302, which is significantly lower than the national median of $2,690. Property taxes in Lovely 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 Lovely'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 Lovely 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
Lovely, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.46%
Estimate Property Tax Bill
$471
Ownwell’s Lovely Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lovely with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lovely 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 Lovely, Kentucky
Property taxes in Lovely, Kentucky, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Lovely is 0.73%, which is lower than both the Kentucky state median of 0.83% and the U.S. national median of 0.99%. Local government entities within Lovely set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lovely 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. Understanding how Lovely's effective property tax rate compares to other areas provides valuable insights into the varying tax landscape across Martin County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lovely Tax Rate
1.46%
Average Martin County Tax Rate
1.41%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lovely, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41231 | 0.32% | 0.54% | 1.46% | 1.78% | 2.48% |
Source: Ownwell
Property Tax Assessment Values Across Lovely, Kentucky
In Lovely, 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 Martin 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 Lovely, 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. For instance, the median home price in Lovely is $32,250, with tax bills ranging from $105 at the 25th percentile to $1,054 at the 90th percentile. The highest median tax bill is $302 in the 41231 zip code. 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 Lovely Assessed Value
$32,250
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 Lovely, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41231 | $6,000 | $15,450 | $32,250 | $56,250 | $86,800 |
Source: Ownwell
Property Tax Bills Across Lovely, Kentucky
In Lovely, KY, property tax bills are determined by multiplying the assessed value of a home by the local tax rate. The assessed value is a percentage of the market value, which is periodically evaluated by the county assessor. Factors such as property improvements, location, and market trends can influence this assessed value. For instance, the median home price in Lovely is $32,250, and the property tax rate is applied to this value to calculate the tax bill. Homeowners in Lovely experience a range of property tax bills. At the 25th percentile, the tax bill is $105, while at the 75th percentile, it rises to $642, and at the 90th percentile, it reaches $1,054. These figures illustrate the variability in tax burdens based on property values and improvements. Compared to the national median property tax rate of 0.99%, Lovely's tax bills are relatively modest, making it an attractive location for homeowners seeking lower property taxes.
Average Lovely Tax Bill
$302
Average Martin County Tax Bill
$308
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Lovely, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41231 | $105 | $105 | $302 | $642 | $1,054 |
Source: Ownwell