Trying to compare property taxes in Lexington and Georgetown before you buy? You are not alone. Taxes affect your monthly payment, your escrow, and your long‑term cost of ownership. The good news is you can break the process into a few simple checks so you can budget with confidence. In this guide, you will learn how Kentucky property taxes work, what to verify in Fayette County and in Scott County’s 40324 ZIP, and how to estimate a bill on any home. Let’s dive in.
Kentucky property tax basics
Property taxes in Kentucky are local. County Property Valuation Administrators (PVAs) assess property values, while local taxing districts set the tax rates. Your annual bill equals the assessed value multiplied by the combined local tax rate for all districts that apply to your property.
Two parts determine your bill:
- Assessed value: set by the county PVA as the property’s fair cash value.
- Combined tax rate: set by the county, city, school district, and any special districts.
Counties issue assessment notices when values change or during a reappraisal cycle. They also set timelines for appeals, exemptions, and billing. Because each county runs its own calendar, always confirm current dates and instructions on the county’s official PVA and tax offices before you rely on them.
Fayette County: what to check
When you are looking in Lexington or broader Fayette County, start here:
- Assessment cycle and notices: Confirm how often Fayette updates values and when assessment notices are mailed. Check whether notices arrive only when values change or on a set reappraisal cycle, and whether you also need to review an online portal.
- Appeals: Review Fayette’s exact appeal window. You will usually start with an informal review with the PVA, then file a formal appeal if needed. Copy the county’s deadline language and set reminders, since the clock typically starts when notices are mailed.
- Exemptions and relief: See which exemptions you may qualify for, such as homestead for owner-occupied use, senior or disabled homeowner relief, veteran-related exemptions, or nonprofit use. Note any documentation and whether you must renew annually.
- Tax rates and districts: Identify all taxing districts for your parcel. Properties inside Lexington city limits can have different rates than those outside city boundaries. Confirm where the current-year millage or rate schedule is posted.
- Billing and due dates: Verify who collects the bill in Fayette, when bills are mailed, due dates, accepted payment methods, and whether discounts, penalties, or installment options apply.
Tip: Use the Fayette PVA’s property search to confirm the latest assessed value, the property’s taxing districts, and any current exemptions on the parcel.
Scott County (40324): what to check
If you are shopping in Georgetown or the 40324 ZIP in Scott County, review these items:
- Assessment cycle and notices: Confirm Scott County’s reappraisal schedule and whether notices are mailed annually or only when values change. See if the PVA has an online parcel lookup.
- Appeals process: Start with the Scott County PVA for an informal review. If you still disagree with the value, follow the county’s appeal steps and deadlines exactly as posted.
- Exemptions and agricultural valuation: Review owner-occupied, senior, disabled, and veteran exemptions. If you plan to buy acreage or farmland, ask the PVA about agricultural-use valuation programs that can reduce taxes for qualifying parcels. Rules, documentation, and reclassification timing matter, so get guidance early.
- Tax rates and districts: Confirm whether the property is within Georgetown city limits or unincorporated Scott County, and list every taxing district that applies. Small district differences can change the bill.
- Billing and payment: Verify Scott County’s tax collector office, bill mailing date, due date, and any discount or penalty schedule.
Tip: The PVA parcel record is your best starting point in Scott County. It helps you verify assessed value, exemptions, and the exact districts that determine your combined rate.
Fayette vs. Scott: quick comparison checklist
Use this side-by-side checklist to compare a specific home in Lexington to one in 40324:
- Assessment cycle: Note each county’s reappraisal timing and whether you should expect a value update soon.
- Notice and appeal window: Write down the exact wording of each county’s appeal deadline and set calendar reminders.
- Exemptions: List which exemptions you qualify for in each county and whether you must apply after closing.
- Taxing districts: Confirm city limits and every applicable district for each property.
- Billing and payment: Note who collects, how to pay, mailing dates, due dates, and any discounts or penalties.
Estimate your annual tax
You can estimate an annual bill in either county with three steps:
- Look up assessed value
- Use the county PVA property search to find the parcel’s current assessed value. Confirm whether the county assesses at full fair cash value or uses a different percentage for your property type.
- Find the combined tax rate
- Pull the current-year rates for your parcel’s taxing districts from the county’s official schedule or ordinance. Rates may appear as mills, a percentage, or cents per $100 of value.
- Apply the county’s formula
- Follow the method shown on the county page. If the county lists rates as cents per $100, you will calculate assessed value divided by 100, then multiply by the total cents-per-$100 rate.
Sample math only, for illustration:
- If a home’s assessed value is 300,000 and the combined rate is 1.20 percent, the estimated bill is about 3,600 per year.
- If the same rate is presented as 1.20 per 100 of value, 300,000 divided by 100 equals 3,000, then 3,000 times 1.20 equals 3,600.
Important: These are sample calculations to show the method, not county-specific rates. Always use the current rates and formulas posted by the county.
City limits and districts matter
Being inside city limits can change your tax rate because you may have city millage and services. For example, a home in Lexington city limits can have different district rates than a home outside those limits. In Scott County, a home inside Georgetown city limits can also carry different rates than an address in unincorporated areas near 40324. Always verify the exact district list on the PVA parcel record before you estimate.
Exemptions to explore
Exemptions and special valuations can lower your bill if you qualify. Review all categories in both counties:
- Owner-occupied and homestead benefits
- Senior or disabled homeowner relief
- Veteran or survivor exemptions where available
- Agricultural-use valuation for qualifying farmland in Scott County
- Nonprofit or charitable use exemptions
Check application forms, supporting documentation, renewal requirements, and county deadlines. If you plan to apply after closing, put that date on your calendar.
Appeals: steps to follow
If you believe your assessed value is too high, follow the county’s posted process:
- Start with the PVA
- Request an informal review. Be ready with evidence like recent appraisals, comparable sales, condition notes, or corrections to property characteristics.
- File a formal appeal
- If you disagree after the informal review, file a formal appeal with the county board identified on the PVA site. Use the county’s forms and exact timeline. Appeals often have a short window that starts with the date of the notice.
- Understand next steps
- Counties outline further appeal rights beyond the local board. Read the county’s instructions carefully and keep copies of all filings and notices.
Billing, due dates, and payments
Each county sets its own billing schedule and collector. Before you plan your cash flow, check:
- When tax bills are mailed each year
- The due date, discount periods, penalties, and interest rules
- Who collects the tax and how to pay online or in person
- How your mortgage servicer handles escrowed payments
If you are closing midyear, ask your closing team how taxes will be prorated and how escrow will be set up. Keep the current bill and assessment notice with your closing documents.
Buyer tips for 40324 vs. Lexington
Use this quick list to keep your comparison organized:
- Request the most recent annual tax bill and the PVA parcel report for each home you are considering.
- Confirm whether the address is inside city limits and list all taxing districts shown on the parcel record.
- Check for recent or pending reappraisals or budget changes that could affect millage.
- Identify exemptions you can claim after closing and set application reminders.
- If you plan agricultural use in Scott County, speak with the PVA about qualifying rules and documentation before you write an offer.
Ready to compare specific homes or need help pulling parcel data? Reach out for local guidance tailored to your budget and timeline. Connect with Jon Bentley to make a confident decision in Lexington or 40324.
FAQs
How are Kentucky property taxes calculated?
- Your bill equals the county-assessed value multiplied by the combined local rates from all taxing districts that apply to your property.
What changes after I buy a home in 40324?
- Closing does not automatically change your assessment, but future reappraisals or changes in millage can change your bill; apply for any exemptions you qualify for after closing.
Who collects tax bills in Fayette and Scott?
- Each county designates a tax collection office and sets billing dates and payment methods; verify the current collector and schedule on the county’s official site.
Do city limits affect taxes in Lexington or Georgetown?
- Yes, being inside city limits can add city millage and services, which can change your combined rate; confirm your parcel’s exact districts on the PVA record.
How do I appeal an assessment in Fayette or Scott?
- Start with an informal review with the county PVA, then follow the county’s formal appeal steps and deadlines exactly as posted on the official pages.
