40740 Property Tax Rate

Property owners in ZIP code 40740 (Lily, Kentucky) pay a median of $621/year in property taxes on homes valued at $124,200. This translates to an effective tax rate of 0.50%, which is 34% below the Kentucky state average of 0.75%.

The monthly property tax burden for a median-valued home in 40740 is approximately $52, which factors into escrow payments on mortgages. This ZIP code is located within Laurel County. This is $476 less than the Kentucky average of $1,097/year.

Compared to similar ZIP codes in Kentucky, 40740 has higher property taxes. ZIP codes with similar effective rates include 41612 (0.50%) and 41408 (0.50%).

In Lily, property taxes represent approximately 1.0% of the median household income of $60,824, providing context for the relative tax burden on homeowners in this area.

Kentucky does not cap property tax growth — your Laurel County home will be reassessed to market value when you purchase, and the county PVA will set a new base for future assessments. Laurel County offers homestead exemptions and senior exemptions for qualifying primary residences; file with the Laurel County Property Valuation Administrator within 30 days of closing. Visit the Laurel County PVA office to obtain the homestead exemption application and confirm your county's exemption amount and filing deadline.