Louisville is the most populated city in Kentucky. The Kentucky Department Of Revenue has determined the property tax rates at 11.9 percent of the property assessed value worth $1000. This tax rate is set by July 2021. However, property tax rates fluctuate depending on different areas in Louisville.
Paying Your Louisville Property Tax
Every year, the property valuation administrator sends mail to all the real estate property owners about the property tax bills. Real estate owners are also responsible for paying the property tax each year.
They pay the tax amount in the format where ‘if paid by: Due Balance’ rather than payment submission for each subtotal. In the summers, Kentucky estimates the market value to evaluate the local tax rates.
Afterward, tax bills were sent to the property owners through email at the start of October. If the taxpayers submit the tax before November 1, they can enjoy a discount of 2% on their tax payment even though the last day for tax payment is December 31.
If your tax notice states that your mortgage company handles tax bill payments, it would be safe to assume that the mortgage company will use your money in your account for tax dues.
Residents of Louisville can also take help from the valuation administrator’s office if they have any queries related to the tax payment through the escrow account.
- Delinquent On Your Property Tax
You can file a legal right or a claim through the Louisville clerk’s office if you violated the rules and didn’t pay your property tax. This claim helps satisfy your debt and is made against your property.
The lien will remain until you pay all the unpaid taxes. Here, a third party can make your tax payment even when you still have an unpaid balance in your account. The potential third party may or may not offer any installment plan for your owed taxes.
If you find any complications or have questions about how tax bill payments will affect your financial status, a financial advisor will help you along the way.
Figure 1. Property tax in Louisville
The Process Of Property Tax In Louisville
In terms of property tax, Kentucky follows a consistent plan every year. The process begins with evaluating the sale property, property’s size and age, and home construction, including different factors in deciding the market value of each state’s properties.
- Calculation of Your Property Tax Bill
The payment amount you see on your tax bill involves several factors, like:
- Your property assessed value
- The state’s tax rate
- Your location in Louisville
- Your school district levels
Figure 2. Process of property Tax
Do You Need To Pay Tax For The Property You Sold Last Year?
The seller would pay the amount of tax for the time the property was in his possession. This amount goes to the property buyer at closing. Afterward, the buyer will be responsible for all tax bills at the end of the year.
If you don’t want to pay your tax through a mortgage company, you can clear the bills on your own through several ways. Taxpayers can pay the tax in person at the tax office. Also, you can pay through other options like a money order or by mailing a check. However, if you can’t pay the property tax in Louisville because of some disabilities or aging factors, you may be eligible to qualify for home stand exemptions in Kentucky.