Dunmor, Kentucky Property Taxes
The median property tax rate in Dunmor, KY is 0.91%, slightly lower than both the national median of 0.99% and the Kentucky state median of 1.02%. With a median home value of $64,200 in Dunmor, the typical annual property tax bill amounts to $576, which is significantly below the national median of $2,690. Property taxes in Dunmor are calculated based on the tax assessed value, which often falls below the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Dunmor's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Dunmor or another part of Butler County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Dunmor, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.91%
Estimate Property Tax Bill
$584
Ownwell’s DUNMOR Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in DUNMOR with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in DUNMOR to estimate your property tax bill. This insightful tool helps you understand potential tax liabilities. If you’re interested in seeing trends on a neighborhood level, scroll down to find more localized information. Your property’s assessed value is the value assigned by the county for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Dunmor, Kentucky
Property taxes in Dunmor, Kentucky, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Dunmor is 0.91%, which is lower than the U.S. national median of 0.99%. Local government entities within Dunmor set these rates annually, and they can vary significantly across different neighborhoods. Each year, Dunmor estimates its required budget to maintain services for the upcoming fiscal year, then divides this budget by the total value of all taxable property within the jurisdiction to calculate the property tax rate. While tax rates and budgets are influenced by laws and voter input, this calculation forms the basis of setting property tax rates. The data below compares Dunmor's effective property tax rate to other counties in Kentucky and the national median. For comparison, the 42339 zip code has both the highest and lowest median property tax rate of 0.91%. Understanding how these cities compare with Dunmor provides valuable insights into the varying tax landscape across Butler County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Dunmor Tax Rate
0.91%
Average Butler County Tax Rate
0.90%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Dunmor, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42339 | 0.23% | 0.60% | 0.91% | 0.93% | 1.11% |
Source: Ownwell
Property Tax Assessment Values Across Dunmor, Kentucky
In Dunmor, Kentucky, understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes. The market value is the price a willing buyer would pay a willing seller in an open and competitive market, influenced by factors like location, property condition, and economic trends. This value is estimated by the Butler County Appraisal District for tax purposes. In contrast, the assessed value is the market value minus any applicable exemptions or limits based on local laws and available programs. The assessed value is then used to calculate your property taxes by multiplying it by the combined tax rates of all relevant taxing entities. Assessment notices are typically mailed out in the spring, usually by mid-April. These notices provide homeowners with both the market and assessed values, along with an estimate of the annual property tax bill. By understanding the distinction between these valuation concepts, property owners can better navigate their tax responsibilities and comprehend how their property taxes are determined. Being aware of these valuation processes in Dunmor helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Dunmor is $576 in zip code 42339, while the lowest median tax bill is also $576 in the same zip code.
Average Dunmor Assessed Value
$64,200
Average Butler County Assessed Value
$64,000
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Dunmor, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42339 | $11,220 | $34,700 | $64,200 | $93,800 | $143,800 |
Source: Ownwell
Property Tax Bills Across Dunmor, Kentucky
In DUNMOR, located in Butler County, KY, property tax bills are calculated based on the assessed value of a home, which is determined by local tax assessors. The median home price in DUNMOR is $64,200. Homeowners can expect their tax bills to vary significantly, with the 25th percentile at $132 and the 75th percentile reaching $792. At the higher end, the 90th percentile tax bill is $958. These variations are influenced by factors such as property size, location, and any applicable exemptions or deductions. The property tax rate in DUNMOR is a crucial factor that affects the overall tax bill. Compared to the national median property tax rate of 0.99%, homeowners in DUNMOR experience a relatively lower burden, which can make homeownership more affordable. Understanding these factors helps homeowners anticipate their annual expenses and plan their finances accordingly. The highest median tax bill recorded in the area is $576, which is consistent across the zip code 42339.
Average Dunmor Tax Bill
$576
Average Butler County Tax Bill
$452
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Dunmor, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42339 | $78 | $132 | $576 | $792 | $958 |
Source: Ownwell