Loretto, Washington County, Kentucky Property Taxes
Median Loretto, KY effective property tax rate: 0.44%, significantly lower than the national median of 1.02%, but lower than the Kentucky state median of 1.02%.
Median Loretto, KY home value: $170,000
Median annual Loretto, KY tax bill: $686, $1,714 lower than the national median property tax bill of $2,400.
How are property taxes in Washington calculated?
Property taxes in Loretto, KY 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 Loretto’s property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in Loretto, knowing local tax details benefits homeowners and investors.
Last Updated March 1, 2025
Loretto, Washington County, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Median Effective Tax Rate
0.44%
Estimate Property Tax Bill
$748
$694
Property Tax Rates Across Loretto, Washington County, Kentucky
Local government entities set property tax rates, and these rates can vary significantly within a state. Each year, counties estimate the budget required to provide essential services and divide this by the total value of all taxable property within their jurisdiction. This process results in the property tax rate, a crucial figure for homeowners. While votes and laws play a role in determining tax rates and budgets, this annual calculation is at the heart of it all.
Loretto in Washington County, Kentucky, has an effective property tax rate of 0.44%, which is notably lower than the national median rate of 1.02%. This means that homeowners in Loretto benefit from lower property tax bills compared to many other regions in the U.S. With the national median property tax bill sitting at $2,400, Loretto homeowners typically enjoy more affordable property taxes. Comparing Loretto’s rate to other cities in Kentucky and the broader national landscape highlights the variability and potential savings available in different locales.
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 Loretto Tax Rate
0.44%
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 Washington County Tax Rate
0.86%
Median Effective Kentucky Tax Rate
1.02%
Median Effective United States Tax Rate
1.02%
Property Tax Rates Across Loretto, Washington County, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40037 | N/A | N/A | N/A | N/A | N/A |
Source: Ownwell
Property Tax Assessment Values Across Loretto, Washington County, Kentucky
When examining property taxes in Loretto, KY, 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. The Washington County appraisal district 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.
In Washington County, assessment notices are sent in the spring each year. They’ll typically reach your mailbox by the middle of April. 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 Loretto. For example, the median home price in Loretto is $170,000, with tax bills ranging significantly across the county.
Property Tax Assessment Values Across Loretto, Washington County, Kentucky
Source: Ownwell
$110,000
$169,375
$228,750
Median Loretto Market Value
$170,000
Median Washington County Market Value
$130,000
Median Kentucky Market Value
$110,000
Median United States Market Value
$235,294
Property Tax Assessment Values Across Loretto, Washington County, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40037 | N/A | N/A | N/A | N/A | N/A |
Source: Ownwell
Property Tax Bills Across Loretto, Washington County, Kentucky
In Loretto, KY, property tax bills are determined by multiplying the assessed value of a home by the local tax rate. In Washington County, the median home price is $170,000, and property tax bills can vary significantly. For instance, the 25th percentile tax bill is $562, while the 75th percentile reaches $1,108, and the 90th percentile climbs to $1,276. These figures highlight the range of property tax burdens homeowners may face. Compared to the national median property tax bill of $2,400, Loretto homeowners generally experience lower rates, offering some relief. However, the variability in tax bills underscores the importance of understanding how assessments and local tax rates impact individual obligations.
Ownwell can assist homeowners in Loretto by providing expert property tax appeal and exemption services. By analyzing property assessments and identifying potential discrepancies, Ownwell helps ensure that homeowners are not overpaying. This can lead to substantial savings and a fairer tax bill, allowing homeowners to allocate their resources more effectively.
Median Loretto Tax Bill
$686
Median Washington County Tax Bill
$877
Median Kentucky Tax Bill
$1,031
Median United States Tax Bill
$2,400
Property Tax Bills Across Loretto, Washington County, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40037 | N/A | N/A | N/A | N/A | N/A |
Source: Ownwell