Dorton, Kentucky Property Taxes
The median property tax rate in Dorton, KY is 0.86%, which is lower than both the national median of 0.99% and the Kentucky state median of 1.02%. With a median home value of $52,500 in Dorton, the typical annual property tax bill amounts to $731, significantly below the national median of $2,690. Property taxes in Dorton are calculated based on the assessed value, which often falls below the market value due to exemptions such as primary residence and agricultural exemptions. Understanding Dorton'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 Dorton or another part of Pike County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Dorton, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.86%
Estimate Property Tax Bill
$452
Ownwell’s Dorton Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Dorton with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Dorton 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 Dorton, Kentucky
Property taxes in Dorton, Kentucky, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Dorton is 0.86%, which is lower than the U.S. national median of 0.99%. Local government entities within Dorton set these rates annually, and they can vary significantly across different neighborhoods. Each year, Dorton 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 Dorton's effective property tax rate to other areas in Pike County and the national median. For comparison, the 41520 zip code has the highest median property tax rate of 0.86%, while the same zip code also has the lowest median tax rate of 0.86%. Understanding how these areas compare with Dorton provides valuable insights into the varying tax landscape across Pike County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Dorton Tax Rate
0.86%
Average Pike County Tax Rate
1.37%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Dorton, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41520 | 0.37% | 0.55% | 0.86% | 1.16% | 1.34% |
Source: Ownwell
Property Tax Assessment Values Across Dorton, Kentucky
In Dorton, 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 Pike 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 in Dorton 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 Dorton helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. For instance, the highest median tax bill in the area is $731 in the 41520 zip code.
Average Dorton Assessed Value
$52,500
Average Pike County Assessed Value
$25,000
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Dorton, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41520 | $50,500 | $51,250 | $52,500 | $83,750 | $102,500 |
Source: Ownwell
Property Tax Bills Across Dorton, Kentucky
In Dorton, KY, property tax bills are calculated based on the assessed value of a home, which is determined by the Pike County property assessor. The median home price in Dorton is $52,500. This assessed value is then multiplied by the local tax rate to determine the annual property tax bill. Several factors influence the final tax bill, including property size, location, and any applicable exemptions or deductions. For instance, the 25th percentile of tax bills in Dorton is $432, while the 75th percentile is $858, and the 90th percentile is $935. These variations reflect differences in property values and applicable tax rates within the area. Homeowners in Dorton can expect their property tax bills to be a significant annual expense, impacting their overall cost of living. Comparing these figures to the national median property tax rate of 0.99%, it's clear that property tax rates in Dorton are relatively moderate, offering some relief to homeowners in this region.
Average Dorton Tax Bill
$731
Average Pike County Tax Bill
$205
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Dorton, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41520 | $252 | $432 | $731 | $858 | $935 |
Source: Ownwell