Morehead, Kentucky Property Taxes
The median property tax rate in Morehead, KY is 0.70%, notably lower than both the national median of 0.99% and the Kentucky state median of 1.02%. With the median home value in Morehead at $49,280, the typical annual property tax bill is around $290, significantly below the national median of $2,690. Property taxes in Morehead are calculated based on the tax assessed value, which generally falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Morehead'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 Morehead or another part of the city, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Morehead, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.7%
Estimate Property Tax Bill
$345
Ownwell’s Morehead Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Morehead with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Morehead 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 Morehead, Kentucky
Property taxes in Morehead, Kentucky, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Morehead is 0.70%, which is lower than the U.S. national median of 0.99%. Local government entities within Morehead set these rates annually, and they can vary significantly across different neighborhoods. Each year, Morehead 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 Morehead's effective property tax rate to other counties in Kentucky and the national median. For comparison, the 40351 zip code has both the highest and lowest median property tax rate of 0.70%. Understanding how these cities compare with Morehead provides valuable insights into the varying tax landscape across Carter County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Morehead Tax Rate
0.70%
Average Carter County Tax Rate
0.86%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Morehead, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40351 | 0.24% | 0.57% | 0.70% | 0.78% | 0.86% |
Source: Ownwell
Property Tax Assessment Values Across Morehead, Kentucky
In Morehead, 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 Carter 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 Morehead, 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 Morehead helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the area are both $290, found in the 40351 zip code.
Average Morehead Assessed Value
$49,280
Average Carter County Assessed Value
$55,000
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Morehead, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40351 | $5,000 | $25,460 | $49,280 | $84,700 | $136,440 |
Source: Ownwell
Property Tax Bills Across Morehead, Kentucky
In Morehead, Carter County, KY, property tax bills are calculated based on the assessed value of your home, which is determined by the local tax assessor. This assessed value is then multiplied by the local property tax rate to determine your annual tax bill. Various factors can influence the assessed value, including the property's location, size, and condition. For homeowners in Morehead, the median home price is $49,280. Property tax bills can vary significantly, with the 25th percentile tax bill being $111 and the 75th percentile reaching $560. At the 90th percentile, homeowners might see tax bills as high as $903. The median tax bill in the area stands at $290, which interestingly is both the highest and lowest median tax bill recorded in the zip code 40351. These property taxes play a crucial role in funding local services such as schools, public safety, and infrastructure, directly impacting the quality of life for residents. Understanding how these taxes are calculated can help homeowners better manage their finances and anticipate annual expenses.
Average Morehead Tax Bill
$290
Average Carter County Tax Bill
$333
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Morehead, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40351 | $32 | $111 | $290 | $560 | $903 |
Source: Ownwell