Moorefield, Kentucky Property Taxes
The median property tax rate in Moorefield, KY is 0.63%, which is significantly lower than both the national median of 0.99% and Kentucky's state median of 1.02%. With a median home value of $60,000 in Moorefield, the typical annual property tax bill amounts to $377, well below the national median of $2,690. Property taxes in Moorefield are calculated based on the tax assessed value, often lower than the market value due to exemptions like primary residence and agricultural exemptions. Understanding Moorefield'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 Moorefield 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
Moorefield, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.63%
Estimate Property Tax Bill
$378
Ownwell’s Moorefield Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Moorefield with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Moorefield 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 Moorefield, Kentucky
Property taxes in Moorefield, Kentucky, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Moorefield is 0.72%, significantly higher than both the Kentucky state median of 0.83% and the U.S. national median of 0.99%. Local government entities within Moorefield set these rates annually, and they can vary significantly across different neighborhoods. Each year, Moorefield 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 Moorefield's effective property tax rate to other counties in Kentucky and the national median. For comparison, the 40350 zip code has the highest median property tax rate of 0.72%, while the same zip code also has the lowest median tax rate of 0.72%. Understanding how these cities compare with Moorefield provides valuable insights into the varying tax landscape across Nicholas County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Moorefield Tax Rate
0.63%
Average Nicholas County Tax Rate
0.89%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Moorefield, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40350 | 0.19% | 0.38% | 0.63% | 0.95% | 0.95% |
Source: Ownwell
Property Tax Assessment Values Across Moorefield, Kentucky
In Moorefield, 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 Nicholas 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 Moorefield, 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 Moorefield helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 40350 has the highest and lowest median tax bill at $377.
Average Moorefield Assessed Value
$60,000
Average Nicholas County Assessed Value
$75,000
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Moorefield, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40350 | $13,400 | $39,300 | $60,000 | $100,000 | $198,000 |
Source: Ownwell
Property Tax Bills Across Moorefield, Kentucky
In Moorefield, located in Nicholas County, KY, property tax bills are calculated based on the assessed value of the property. The median home price in Moorefield is $60,000. Property taxes in this area are determined by multiplying the assessed value by the local tax rate, which, while not specified here, can be compared to the national median property tax rate of 0.99%. Factors such as property size, location, and improvements can influence the assessed value, ultimately affecting the tax bill. For homeowners in Moorefield, tax bills vary significantly. At the lower end, the 25th percentile tax bill is around $136, while the 75th percentile reaches $615. The 90th percentile tax bill can go up to $955. This range demonstrates the variability based on property characteristics and assessments. Understanding these factors is crucial for homeowners, as property taxes directly impact annual housing costs and can influence decisions related to property investments and budgeting.
Average Moorefield Tax Bill
$377
Average Nicholas County Tax Bill
$478
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Moorefield, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40350 | $60 | $136 | $377 | $615 | $955 |
Source: Ownwell