Lawrenceburg, Kentucky Property Taxes
The median property tax rate in Lawrenceburg, KY is 0.97%, slightly lower than both the national median of 0.99% and the Kentucky state median of 1.02%. With the median home value in Lawrenceburg at $247,889, the typical annual property tax bill reaches $2,431, which is below the national median of $2,690. Property taxes in Lawrenceburg are calculated based on the assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Lawrenceburg'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 Lawrenceburg 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
Lawrenceburg, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.97%
Estimate Property Tax Bill
$2,405
Ownwell’s Lawrenceburg Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lawrenceburg with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lawrenceburg 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 Lawrenceburg, Kentucky
Property taxes in Lawrenceburg, Kentucky, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lawrenceburg is 0.97%, slightly below the U.S. national median of 0.99%. Local government entities within Lawrenceburg set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lawrenceburg 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 Lawrenceburg's effective property tax rate to other counties in Kentucky and the national median. For comparison, the zip code 40342 has both the highest and lowest median property tax rate of 0.97%. Understanding how these areas compare with Lawrenceburg provides valuable insights into the varying tax landscape across Anderson County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lawrenceburg Tax Rate
0.97%
Average Mercer County Tax Rate
1.13%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lawrenceburg, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40342 | 0.79% | 0.87% | 0.97% | 0.98% | 1.12% |
Source: Ownwell
Property Tax Assessment Values Across Lawrenceburg, Kentucky
In Lawrenceburg, 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 assessment office 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 Lawrenceburg, 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 Lawrenceburg 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 40342, both at $2431.
Average Lawrenceburg Assessed Value
$247,889
Average Mercer County Assessed Value
$125,484
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Lawrenceburg, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40342 | $154,108 | $239,980 | $247,889 | $471,999 | $661,300 |
Source: Ownwell
Property Tax Bills Across Lawrenceburg, Kentucky
In Lawrenceburg, located in Mercer County, KY, property tax bills are calculated based on the property's assessed value, which is determined by local tax assessors. The assessed value is a percentage of the property's market value and is used to determine the tax obligation. Homeowners in Lawrenceburg can expect their tax bills to vary significantly, with the 25th percentile tax bill at $2,335 and the 75th percentile reaching $4,095. For those in the 90th percentile, tax bills can go up to $5,093. Several factors influence these tax bills, including the property's location, size, and any improvements made. The local tax rate, which is applied to the assessed value, also plays a crucial role. Compared to the national median property tax rate of 0.99%, Lawrenceburg's rates can be relatively high, impacting homeowners by increasing their annual expenses. Understanding these factors helps homeowners anticipate their tax liabilities and plan their finances accordingly.
Average Lawrenceburg Tax Bill
$2,431
Average Mercer County Tax Bill
$1,011
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Lawrenceburg, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40342 | $1,635 | $2,335 | $2,431 | $4,095 | $5,093 |
Source: Ownwell