Dry Ridge, Owen County, Kentucky Property Taxes
The median property tax rate in Dry Ridge, KY is 1.19%, which is considerably higher than both the national median of 0.99% and the Kentucky state median of 1.02%. With the median home value in Dry Ridge at $79,650, the typical annual property tax bill reaches $950, which is below the national median of $2,690. Property taxes in Dry Ridge are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions such as the primary residence and agricultural exemptions. Understanding Dry Ridge'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 Dry Ridge or another part of the city, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Dry Ridge, Owen County, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.19%
Estimate Property Tax Bill
$948
$880
Ownwell’s Dry Ridge Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Dry Ridge with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Dry Ridge 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 Dry Ridge, Owen County, Kentucky
Property taxes in Dry Ridge, Kentucky, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Dry Ridge is 0.83%, which is lower than both the Kentucky state median of 0.86% and the U.S. national median of 0.99%. Local government entities within Dry Ridge set these rates annually, and they can vary significantly across different neighborhoods. Each year, Dry Ridge 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 Dry Ridge's effective property tax rate to other counties in Kentucky and the national median. For comparison, the 41035 zip code has the median property tax rate of 0.83%. Understanding how these cities compare with Dry Ridge provides valuable insights into the varying tax landscape across Grant County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Dry Ridge Tax Rate
1.19%
Average Owen County Tax Rate
1.18%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Dry Ridge, Owen County, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41035 | 0.58% | 1.17% | 1.19% | 1.20% | 1.25% |
Source: Ownwell
Property Tax Assessment Values Across Dry Ridge, Owen County, Kentucky
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Dry Ridge, Kentucky. 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 local 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 Dry Ridge, 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 Dry Ridge helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Dry Ridge is $79,650, with the highest and lowest median tax bills both being $950 in the 41035 zip code.
Property Tax Assessment Values Across Dry Ridge, Owen County, Kentucky
Source: Ownwell
$27,550
$58,200
$88,850
Average Dry Ridge Assessed Value
$79,650
Average Owen County Assessed Value
$55,000
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Dry Ridge, Owen County, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41035 | $31,930 | $59,925 | $79,650 | $116,425 | $181,430 |
Source: Ownwell
Property Tax Bills Across Dry Ridge, Owen County, Kentucky
In Dry Ridge, KY, property tax bills are calculated based on the assessed value of the property, which is determined by the local tax assessor. The assessed value is then multiplied by the local tax rate to determine the annual tax bill. For instance, with a median home price of $79,650, homeowners in Dry Ridge can expect their property tax bills to vary significantly. At the 25th percentile, the tax bill is approximately $426, while at the 75th percentile, it jumps to around $1,373. Those in the 90th percentile see tax bills as high as $1,985. These variations are influenced by factors such as property size, location, and improvements. The highest median tax bill recorded in the area is $950, which is relatively modest compared to the national median property tax rate of 0.99%. This system ensures that property taxes are proportionate to the value of the property, impacting homeowners by directly correlating their tax obligations with their property's market value.
Average Dry Ridge Tax Bill
$950
Average Owen County Tax Bill
$541
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Dry Ridge, Owen County, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41035 | $301 | $426 | $950 | $1,373 | $1,985 |
Source: Ownwell