Lexington, Fayette County, Kentucky Property Taxes
Property Taxes in Lexington, Kentucky
Median Lexington, Kentucky effective property tax rate: 1.24%, significantly higher than the national median of 1.02%, and higher than the Kentucky state median of 1.02%.
Median Lexington, Kentucky home value: $216,400
Median annual Lexington, Kentucky tax bill: $2,518, higher than the national median property tax bill of $2,400.
How are property taxes in Fayette calculated?
Property taxes in Lexington, Kentucky are calculated based on the tax assessed value, which is often lower than the actual market value due to property tax exemptions such as the homestead or senior exemption.
Understanding Lexington's property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in Lexington, knowing local tax details benefits homeowners and investors.
Last Updated April 13, 2026
Lexington, Fayette County, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Median Effective Tax Rate
1.24%
Estimate Property Tax Bill
$2,683
$2,490
How Does the Lexington Property Tax Calculator Work?
Use this Lexington property tax calculator to estimate your annual property tax bill. Enter your property's assessed value and our calculator applies Lexington's median effective tax rate of 1.24% — based on actual property records in Fayette County — to generate your estimate.
Enter your property's estimated assessed value — the figure the local appraisal district uses to calculate your bill, which reflects any exemptions you hold and is typically lower than your home's market value. Our calculator applies Lexington's median effective rate across all local levies, providing a more accurate estimate than applying a single county millage rate.
Your bill may vary by ZIP code within Lexington: rates range from $1,460.00 in 40508 to $4,946.00 in 40502, primarily due to differences in school district levies and local assessment districts.
For a more precise estimate, scroll down to explore ZIP code-level tax rate trends across Lexington.
About Lexington Property Taxes
About Property Taxes in Lexington, Fayette, Kentucky
Lexington's median effective property tax rate of 1.24% is higher than the Kentucky state median of 1.02% and higher than the national median of 1.02%. This rate reflects the Fayette County base levy combined with local school district levies and special assessment districts that vary by subdivision throughout the city.
Property tax rates are not uniform across Lexington. Homeowners in the 40507 ZIP code carry a median effective rate of 1.24%, while those in 40510 pay 1.07%. This spread — 0.17 percentage points across the same city — reflects how school district boundaries and local assessment districts are drawn across Fayette County. Understanding which part of Lexington you live in can make a meaningful difference to your annual tax bill.
Lexington homeowners who believe their assessed value is too high can file a formal appeal with the Tax Assessor before the May 18, 2026 deadline each year.
If your estimated bill above seems higher than expected, Ownwell can review your assessment and protest on your behalf. You only pay if we save you money.
Property Tax Rates Across Lexington, Fayette County, Kentucky
As noted earlier, local government entities set tax rates, which can vary widely within a state.
Why? Because annually, each county estimates its required budget to provide services and divides that by the total value of all taxable property within its jurisdiction. This calculation results in the property tax rate.
While there are votes and laws involved in setting tax rates and budgets, in a nutshell, this is the annual process.
Below, you can compare Lexington's effective property tax rate to other cities in Kentucky and the median property tax rates in Kentucky and the U.S.
Our median effective property tax rate (tax bill ÷ assessor's market value) accounts for exemptions and deductions, making it more accurate than the general median tax rate, which is the midpoint of statutory rates before adjustments.
Median Effective Lexington Tax Rate
1.24%
Our median effective property tax rate (tax bill ÷ assessor's market value) accounts for exemptions and deductions, making it more accurate than the general median tax rate, which is the midpoint of statutory rates before adjustments.
Median Effective Fayette County Tax Rate
1.24%
Median Effective Kentucky Tax Rate
1.02%
Median Effective United States Tax Rate
1.02%
Property Tax Rates Across Lexington, Fayette County, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40502 | 1.06% | 1.12% | 1.24% | 1.24% | 1.24% |
| 40503 | 0.91% | 1.02% | 1.10% | 1.23% | 1.24% |
| 40504 | 0.91% | 1.07% | 1.23% | 1.24% | 1.24% |
| 40505 | 0.85% | 1.06% | 1.24% | 1.24% | 1.24% |
| 40507 | 1.08% | 1.24% | 1.24% | 1.24% | 1.24% |
| 40508 | 1.06% | 1.24% | 1.24% | 1.24% | 1.24% |
| 40509 | 1.05% | 1.21% | 1.24% | 1.24% | 1.24% |
| 40510 | 0.94% | 0.96% | 1.07% | 1.07% | 1.07% |
| 40511 | 0.97% | 1.23% | 1.24% | 1.24% | 1.24% |
| 40513 | 0.93% | 1.07% | 1.10% | 1.24% | 1.24% |
| 40514 | 0.93% | 1.09% | 1.21% | 1.24% | 1.24% |
| 40515 | 0.95% | 1.08% | 1.24% | 1.24% | 1.24% |
| 40516 | 0.90% | 1.07% | 1.07% | 1.24% | 1.24% |
| 40517 | 0.89% | 1.21% | 1.24% | 1.24% | 1.24% |
Source: Ownwell
Property Tax Assessment Values Across Lexington, Fayette County, Kentucky
When examining property taxes in Lexington, Kentucky, understanding the distinction between "market value" and "assessed value" is crucial.
The market value is what a willing buyer would pay to a willing seller in an open and competitive market, often influenced by location, property condition, and economic market trends. Fayette County estimates the market value for tax purposes.
The assessed value is the market value minus any applicable exemptions or limits determined by local laws and offerings. The tax assessed value is the figure used to calculate your property taxes or the amount multiplied by your tax rate to get your tax bill.
Assessment notices:
In Fayette County, assessment notices are sent in the spring each year. They'll typically reach your mailbox by the middle of the month.
Each property owner receives an assessment notice that contains both the market value and assessed value, along with an estimate of your property tax bill. By providing insights into how assessed and market values are determined, this section helps property owners navigate their tax responsibilities and understand the valuation processes affecting their property taxes in Lexington.
For example, the median home price in Lexington is $216,400, with tax bills ranging significantly across the county. 40510 has the highest median home price at $464,700.
Property Tax Assessment Values Across Lexington, Fayette County, Kentucky
Source: Ownwell
$3,500
$234,100
$464,700
Median Lexington Market Value
$216,400
Median Fayette County Market Value
$216,400
Median Kentucky Market Value
$116,000
Median United States Market Value
$235,294
Property Tax Assessment Values Across Lexington, Fayette County, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40502 | $156,000 | $251,600 | $424,500 | $626,250 | $875,000 |
| 40503 | $158,100 | $189,825 | $234,100 | $299,000 | $393,810 |
| 40504 | $111,100 | $145,000 | $189,200 | $238,225 | $323,410 |
| 40505 | $84,800 | $121,800 | $151,500 | $186,700 | $235,000 |
| 40507 | $177,600 | $229,850 | $303,900 | $389,000 | $613,840 |
| 40508 | $48,800 | $73,600 | $120,800 | $215,000 | $364,600 |
| 40509 | $134,780 | $191,200 | $303,000 | $394,100 | $506,740 |
| 40510 | $239,300 | $395,000 | $464,700 | $552,500 | $750,960 |
| 40511 | $75,000 | $139,500 | $204,300 | $251,600 | $310,000 |
| 40513 | $215,540 | $294,500 | $380,900 | $487,300 | $621,440 |
| 40514 | $165,280 | $196,500 | $240,000 | $300,000 | $375,200 |
| 40515 | $125,800 | $155,000 | $225,000 | $307,900 | $434,420 |
| 40516 | $115,400 | $162,600 | $201,950 | $280,000 | $525,000 |
| 40517 | $110,780 | $133,700 | $164,800 | $210,000 | $250,500 |
Source: Ownwell
Property Tax Bills Across Lexington, Fayette County, Kentucky
How are property tax bills calculated in Lexington?
Property tax bills in Lexington are based on the assessed value of a home and the local tax rate set for Fayette County. The assessed value is determined by the market value of the property, and that figure is used to calculate how much tax a homeowner owes each year.
What factors affect the bill? Location, neighborhood, and property characteristics all play a role in the assessed value, which can cause tax bills to vary widely across the city. In Lexington, the median home price is $216,400, while the median property tax bill is $2,400, matching the national median property tax bill and sitting just above the national median property tax rate of 1.02%.
How does this affect homeowners? Bills can range from $1,752 at the 25th percentile to $5,426 at the 90th percentile, showing that some homeowners pay much more than others. The highest median tax bill is $4,946 in ZIP code 40502, while the lowest is $1,460 in ZIP code 40508.
Median Lexington Tax Bill
$2,518
Median Fayette County Tax Bill
$2,518
Median Kentucky Tax Bill
$1,071
Median United States Tax Bill
$2,400
Property Tax Bills Across Lexington, Fayette County, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40502 | $1,840 | $2,983 | $4,946 | $7,474 | $10,581 |
| 40503 | $1,612 | $2,087 | $2,641 | $3,348 | $4,341 |
| 40504 | $1,297 | $1,622 | $2,191 | $2,782 | $3,643 |
| 40505 | $933 | $1,305 | $1,731 | $2,194 | $2,750 |
| 40507 | $2,140 | $2,782 | $3,647 | $4,637 | $7,096 |
| 40508 | $570 | $832 | $1,460 | $2,659 | $4,454 |
| 40509 | $1,548 | $2,284 | $3,559 | $4,753 | $6,054 |
| 40510 | $2,745 | $3,979 | $4,655 | $5,772 | $7,567 |
| 40511 | $821 | $1,687 | $2,448 | $3,040 | $3,734 |
| 40513 | $2,240 | $3,105 | $4,216 | $5,723 | $7,420 |
| 40514 | $1,730 | $2,138 | $2,721 | $3,549 | $4,340 |
| 40515 | $1,439 | $1,752 | $2,580 | $3,662 | $5,181 |
| 40516 | $1,347 | $1,820 | $2,294 | $3,091 | $5,681 |
| 40517 | $1,184 | $1,509 | $1,919 | $2,455 | $2,997 |
Source: Ownwell
Don't miss the deadline to appeal!
Dates | |
|---|---|
| Appeal Deadline | May 18 |
Links | |
|---|---|
| Fayette Tax Assessor | |
| Website | www.qpublic.net |