Dundee, Kentucky Property Taxes
The median property tax rate in Dundee, KY is 0.96%, slightly below the national median of 0.99% and the Kentucky state median of 1.02%. With a median home value of $12,600 in Dundee, the typical annual property tax bill amounts to $108, significantly lower than the national median of $2,690. Property taxes in Dundee are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Dundee's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Dundee or another part of Ohio County, comprehending the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Dundee, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.96%
Estimate Property Tax Bill
$121
Ownwell’s Dundee Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Dundee with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Dundee 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 Dundee, Kentucky
Property taxes in Dundee, Kentucky, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Dundee is 0.96%, slightly lower than the U.S. national median of 0.99%. Local government entities within Dundee set these rates annually, and they can vary significantly across different neighborhoods. Each year, Dundee 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 Dundee's effective property tax rate to other areas in Kentucky and the national median. For comparison, the 42338 zip code has the same median property tax rate of 0.96%. Understanding how these cities compare with Dundee provides valuable insights into the varying tax landscape across Ohio County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Dundee Tax Rate
0.96%
Average Ohio County Tax Rate
0.96%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Dundee, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42338 | 0.96% | 0.96% | 0.96% | 0.96% | 0.96% |
Source: Ownwell
Property Tax Assessment Values Across Dundee, Kentucky
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Dundee, Kentucky. The market value represents the price a willing buyer would pay a willing seller in an open market, influenced by factors like location, property condition, and economic trends. This value is estimated by the Ohio County Property Valuation Administrator 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. In Dundee, 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. Dundee's median home price is $12,600, with the 25th percentile tax bill at $48 and the 75th percentile at $276. The highest and lowest median tax bills in Dundee are both $108, notably in the zip code 42338. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Dundee Assessed Value
$12,600
Average Ohio County Assessed Value
$23,500
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Dundee, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42338 | $3,500 | $5,000 | $12,600 | $29,375 | $53,960 |
Source: Ownwell
Property Tax Bills Across Dundee, Kentucky
In Dundee, Ohio County, KY, property tax bills are calculated based on the assessed value of a home. The assessed value is determined by the county assessor and typically reflects a percentage of the home's market value. Homeowners in Dundee face tax bills that vary significantly. For instance, the tax bill at the 25th percentile is $48, while at the 75th percentile, it rises to $276, and at the 90th percentile, it can reach as high as $509. Several factors influence these tax bills, including the property's assessed value, the local tax rate, and any applicable exemptions or deductions. The median home price in Dundee is $12,600, which is notably lower than the national median. This lower home value contributes to relatively modest property tax bills compared to other regions. However, even within Dundee, differences in property values and applicable tax rates can lead to significant variations in what homeowners owe. Understanding these factors can help homeowners anticipate their property tax obligations more accurately.
Average Dundee Tax Bill
$108
Average Ohio County Tax Bill
$192
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Dundee, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42338 | $32 | $48 | $108 | $276 | $509 |
Source: Ownwell