La Grange, Kentucky Property Taxes
The median property tax rate in La Grange, KY is 1.25%, considerably higher than both the national median of 0.99% and the Kentucky state median of 1.02%. With the median home value in La Grange at $240,000, the typical annual property tax bill reaches $2,826, exceeding the national median of $2,690. Property taxes in La Grange 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 La Grange'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 La Grange 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
La Grange, 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 LA GRANGE Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in LA GRANGE with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in LA GRANGE 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 La Grange, Kentucky
Property taxes in LA GRANGE, Kentucky, play a crucial role in funding essential local services, including public schools, road maintenance, and emergency services. The median tax rate in LA GRANGE is 1.25%, which is higher than the U.S. national median of 0.99%. Local government entities within LA GRANGE set these rates annually, and they can vary significantly across different neighborhoods. Each year, LA GRANGE 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 LA GRANGE's effective property tax rate to other counties in Kentucky and the national median. For comparison, the 40031 zip code has the highest median property tax rate of 1.25%, while the 40031 zip code also has the lowest median tax rate of 1.25%. Understanding how these cities compare with LA GRANGE provides valuable insights into the varying tax landscape across Oldham County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average La Grange Tax Rate
1.25%
Average Oldham County Tax Rate
1.24%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across La Grange, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40031 | 0.99% | 1.11% | 1.25% | 1.26% | 1.27% |
Source: Ownwell
Property Tax Assessment Values Across La Grange, Kentucky
In LA GRANGE, 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 Oldham County PVA 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 LA GRANGE, 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 LA GRANGE 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 is 40031, amounting to $2826.00, while the lowest median tax bill is also in zip code 40031, at $2826.00.
Average La Grange Assessed Value
$240,000
Average Oldham County Assessed Value
$277,000
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across La Grange, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40031 | $115,000 | $175,000 | $240,000 | $310,000 | $400,000 |
Source: Ownwell
Property Tax Bills Across La Grange, Kentucky
In La Grange, KY, property tax bills are calculated based on the assessed value of a homeowner’s property. The assessed value is determined by local assessors and reflects the market value of the property. Once the property is assessed, the tax rate set by the county is applied to calculate the tax bill. In Oldham County, where La Grange is located, the median home price is $240,000. Homeowners in La Grange can expect their property tax bills to vary significantly. For instance, the tax bill at the 25th percentile is $1,951, while at the 75th percentile, it rises to $3,757. At the 90th percentile, it can reach up to $4,805. The highest median tax bill in the area is $2,826. These figures indicate that property taxes can have a substantial impact on household budgets, especially for those with higher-valued homes. Compared to the national median property tax rate of 0.99%, La Grange's property tax rates can be a significant consideration for homeowners.
Average La Grange Tax Bill
$2,826
Average Oldham County Tax Bill
$3,306
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across La Grange, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40031 | $1,275 | $1,951 | $2,826 | $3,757 | $4,805 |
Source: Ownwell