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Louisville, Kentucky

Louisville, population 610,000, is Kentucky's largest city and is known as "Bourbon City" because it produces one third of America's bourbon. The "Urban Bourbon Trail" is a tour in which people can visit almost 20 area bars and restaurants and partake in tasting 50 different bourbon labels.

The city is also known for its many events and festivals, including the most well-known, the Kentucky Derby, which takes place every May. Locals also enjoy the Humana Festival of New American Plays, Abbey Road on the River (the largest Beatles Festival in the world), the Kentucky Shakespeare Festival, the Kentucky State Fair and Forecastle Festival, a three-day music and art event.

Museum Row is downtown and includes the Kentucky Science Center, the Kentucky Museum of Art and Craft, the Fraizer History Museum and the National Society of the Sons of the American Revolution.

Restaurants are plentiful and offer something for every palette.

Real Estate

The median home value in Louisville is $178,332. This is a 5.5% increase over the previous year.

Homes for sale sit on the market for an average of 78 days and usually receive one offer.

Estimates are that values will rise another 5% over the next year. Louisville is a buyer's market.

Taxes

The combined sales tax rate for Louisville is 6%, including the city rate and the county rate.

The vehicle registration tax is 6% and is required at registration. Kentucky also has a vehicle property tax rate of $0.45 per $100 of car value.

The property tax rate is $925 per $100,000 in assessed value. The taxes on a $178,332 home are $1,694.

For people making between $29,601 and $44,000 per year, property taxes are limited to 5% of their income.

For homeowners 65 or better, $39,300 of the assessed value of their home is exempt from state taxes.

Up to $31,100 of income from private, government, and military retirement plans is exempt from taxation.

Kentucky does not tax Social Security.

Cost of Living

For a large city, Louisville is relatively affordable. It is 15% less expensive than Phoenix, Arizona, 16% less expensive than Missoula, Montana and 12% less than Tampa, Florida.

The overall cost of living is 11% less than the national average. The median household income is $44,335.

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