Lost Creek, Kentucky Property Taxes
The median property tax rate in Lost Creek, KY is 1.04%, which is notably higher than both the national median of 0.99% and Kentucky's state median of 1.02%. With the median home value in Lost Creek at $8,000, the typical annual property tax bill amounts to $83, falling below the national median of $2,690. Property taxes in Lost Creek are determined based on the assessed value, which is often less than the market value due to exemptions such as primary residence and agricultural exemptions. By understanding Lost Creek's property tax system, exploring available exemptions, and identifying opportunities for reductions, homeowners and real estate investors can achieve significant annual savings. Whether you're residing in Lost Creek or investing in real estate within the area, gaining insight into the local property tax system can be highly beneficial.
Last Updated June 14, 2024
Lost Creek, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.04%
Estimate Property Tax Bill
$83
Ownwell’s Lost Creek Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lost Creek with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lost Creek 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 Lost Creek, Kentucky
Property taxes in Lost Creek, Kentucky, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lost Creek is 1.04%, significantly higher than both the Kentucky state median and the U.S. national median of 0.99%. Local government entities within Lost Creek set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lost Creek 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 Lost Creek's effective property tax rate to other counties in Kentucky and the national median. For comparison, the zip code 41348 has both the highest and lowest median property tax rate of 1.04%. Understanding how these areas compare with Lost Creek provides valuable insights into the varying tax landscape across Perry County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lost Creek Tax Rate
1.04%
Average Perry County Tax Rate
1.04%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lost Creek, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41348 | 0.83% | 1.04% | 1.04% | 1.04% | 1.05% |
Source: Ownwell
Property Tax Assessment Values Across Lost Creek, Kentucky
In Lost Creek, 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 Perry County Property Valuation Administrator 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 Lost Creek, 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 Lost Creek helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. For instance, the tax bill at the 25th percentile is $53, while at the 75th percentile, it rises to $187, and at the 90th percentile, it reaches $270.
Average Lost Creek Assessed Value
$8,000
Average Perry County Assessed Value
$11,075
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Lost Creek, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41348 | $2,680 | $5,000 | $8,000 | $25,000 | $29,880 |
Source: Ownwell
Property Tax Bills Across Lost Creek, Kentucky
In Lost Creek, KY, property tax bills are calculated based on the assessed value of a home, which is determined by the Perry County property assessor. The median home price in Lost Creek stands at $8,000. Property taxes are then applied to this assessed value using the local tax rate. Several factors influence the tax bill, including the property’s location, its assessed value, and any applicable exemptions. Homeowners in Lost Creek typically see a range of tax bills; the 25th percentile tax bill is around $53, while the 75th percentile tax bill is approximately $187. For those at the higher end, the 90th percentile tax bill reaches $270. These property tax bills impact homeowners by contributing to local services such as public schools, infrastructure, and emergency services. Compared to the national median property tax rate of 0.99%, Lost Creek's tax rates may seem modest, but they are crucial for maintaining community services and amenities.
Average Lost Creek Tax Bill
$83
Average Perry County Tax Bill
$104
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Lost Creek, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41348 | $9 | $53 | $83 | $187 | $270 |
Source: Ownwell