Loretto, Kentucky Property Taxes
The median property tax rate in Loretto, KY is 1.10%, which is higher than both the national median of 0.99% and the Kentucky state median of 1.02%. With the median home value in Loretto at $145,710, the typical annual property tax bill reaches $1,199, which is below the national median of $2,690. Property taxes in Loretto are calculated based on the tax assessed value, often lower than the market value due to 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 significant annual savings. Whether you're in the heart of Loretto or another part of Nelson County, understanding 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
$2,500,000
$5,000,000
Average Tax Rate
1.02%
Estimate Property Tax Bill
$2,040
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 crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Loretto is 1.10%, which is higher 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 counties in Kentucky and the national median. For comparison, the zip code 40037 has the highest median property tax rate of 1.10%, while the same zip code also has the lowest median tax rate of 1.10%. Understanding how these areas compare with Loretto provides valuable insights into the varying tax landscape across Nelson County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Loretto Tax Rate
1.10%
Average Nelson County Tax Rate
1.06%
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 | 0.39% | 0.65% | 1.10% | 1.13% | 1.19% |
Source: Ownwell
Property Tax Assessment Values Across Loretto, Kentucky
In Loretto, Kentucky, understanding the distinction between "market value" and "assessed value" is essential for grasping property taxes. The market value represents 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 Nelson County Property Valuation Administrator for tax purposes. Conversely, 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. 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 Loretto 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 40037, both at $1199, indicating a uniform tax burden across the area.
Average Loretto Assessed Value
$145,710
Average Nelson County Assessed Value
$145,000
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 | $46,730 | $85,150 | $145,710 | $226,025 | $361,850 |
Source: Ownwell
Property Tax Bills Across Loretto, Kentucky
In Loretto, located in Nelson County, KY, property tax bills are calculated based on the assessed value of a home. The assessed value is determined by the local assessor's office and reflects the market value of the property. Homeowners in Loretto typically face a property tax rate that is influenced by local government budgets and the needs of the community. Several factors contribute to the calculation of the tax bill, including the property's assessed value, applicable exemptions, and the local tax rate. For instance, the median home price in Loretto is $145,710. Homeowners can expect tax bills to vary significantly; the 25th percentile tax bill is around $770, while the 75th percentile tax bill reaches approximately $1,910. At the higher end, the 90th percentile tax bill is about $2,466. These property taxes are crucial for funding local services such as schools, public safety, and infrastructure. Homeowners in Loretto must budget for these taxes, as they can significantly impact annual expenses and the overall cost of homeownership.
Average Loretto Tax Bill
$1,199
Average Nelson County Tax Bill
$1,138
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 | $464 | $770 | $1,199 | $1,910 | $2,466 |
Source: Ownwell