Dover, Mason County, Kentucky Property Taxes
The median property tax rate in Dover, KY is 1.07%, slightly higher than both the national median of 0.99% and Kentucky's state median of 1.02%. With a median home value of $64,000 in Dover, the typical annual property tax bill amounts to $543, which is significantly lower than the national median of $2,690. Property taxes in Dover are calculated based on the tax assessed value, often lower than the market value due to exemptions like those for primary residences and agricultural properties. Understanding Dover's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to notable annual savings. Whether you're in the heart of Dover or another part of Mason County, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Dover, Mason County, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.07%
Estimate Property Tax Bill
$685
$635
Ownwell’s Dover Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Dover with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Dover 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 Dover, Mason County, Kentucky
Property taxes in Dover, Kentucky, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Dover is 1.07%, higher than the U.S. national median of 0.99%. Local government entities within Dover set these rates annually, and they can vary significantly across different neighborhoods. Each year, Dover 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 Dover's effective property tax rate to other areas and the national median. For comparison, the zip code 41034 has both the highest and lowest median property tax rate of 1.07%. Understanding how these areas compare with Dover provides valuable insights into the varying tax landscape across Mason County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Dover Tax Rate
1.07%
Average Mason County Tax Rate
1.07%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Dover, Mason County, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41034 | 0.25% | 0.50% | 1.07% | 1.21% | 1.21% |
Source: Ownwell
Property Tax Assessment Values Across Dover, Mason County, Kentucky
In Dover, 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 Mason 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. In Dover, 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 Dover helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 41034 has both the highest and lowest median tax bills at $543, reflecting the median home price of $64,000.
Property Tax Assessment Values Across Dover, Mason County, Kentucky
Source: Ownwell
$64,000
$114,686
$165,371
Average Dover Assessed Value
$64,000
Average Mason County Assessed Value
$70,000
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Dover, Mason County, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41034 | $11,720 | $32,000 | $64,000 | $150,530 | $287,623 |
Source: Ownwell
Property Tax Bills Across Dover, Mason County, Kentucky
In Dover, Mason County, KY, property tax bills are primarily determined by the assessed value of a home, which is typically a percentage of the market value. The local tax rate is then applied to this assessed value to calculate the annual tax bill. For instance, with a median home price of $64,000, homeowners can expect varying tax bills depending on their property's assessed value and the specific tax rate applied. Several factors influence the final tax bill, including the home's location, its assessed value, and applicable exemptions. In Dover, the tax bill can range significantly. For example, homeowners in the 25th percentile might see a tax bill around $241, while those in the 75th percentile could face a bill of $1,122, and the 90th percentile might reach up to $1,916. These property taxes directly impact homeowners by influencing their annual financial planning and overall cost of homeownership. With the highest and lowest median tax bills both recorded at $543 in the zip code 41034, Dover's tax rates offer a moderate comparison to the national median property tax rate of 0.99%.
Average Dover Tax Bill
$543
Average Mason County Tax Bill
$649
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Dover, Mason County, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41034 | $101 | $241 | $543 | $1,122 | $1,916 |
Source: Ownwell