Morgantown, Kentucky Property Taxes
The median property tax rate in Morgantown, KY is 0.90%, slightly lower than the national median of 0.99% and the Kentucky state median of 1.02%. With the median home value in Morgantown, the typical annual property tax bill is $468, significantly below the national median of $2,690. Property taxes in Morgantown are calculated based on the assessed value, which often falls below the market value due to exemptions like primary residence and agricultural exemptions. Understanding Morgantown'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 Morgantown or another part of Butler County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Morgantown, Kentucky Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
1.02%
Estimate Property Tax Bill
$2,040
Ownwell’s Morgantown Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Morgantown with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Morgantown 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 Morgantown, Kentucky
Property taxes in Morgantown, Kentucky, are essential for funding critical local services, including public schools, road maintenance, and emergency services. The median tax rate in Morgantown is 0.90%, slightly below the U.S. national median of 0.99%. Local government entities within Morgantown set these rates annually, and they can vary significantly across different neighborhoods. Each year, Morgantown 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 Morgantown's effective property tax rate to other areas in Kentucky and the national median. For comparison, the zip code 42261 in Butler County has both the highest and lowest median property tax rate of 0.90%. Understanding how these areas compare with Morgantown provides valuable insights into the varying tax landscape across Butler County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Morgantown Tax Rate
0.90%
Average Butler County Tax Rate
0.90%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Morgantown, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42261 | 0.27% | 0.62% | 0.90% | 0.97% | 1.00% |
Source: Ownwell
Property Tax Assessment Values Across Morgantown, Kentucky
In Morgantown, 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 Butler 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 Morgantown, 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 Morgantown 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 $468 in the zip code 42261.
Average Morgantown Assessed Value
$65,450
Average Butler County Assessed Value
$64,000
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Morgantown, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42261 | $10,000 | $33,675 | $65,450 | $103,500 | $163,550 |
Source: Ownwell
Property Tax Bills Across Morgantown, Kentucky
In Morgantown, KY, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. The median home price in Morgantown is $65,450. The tax rate is applied to this assessed value to determine the annual tax bill. Various factors, including property size, location, and improvements, influence the assessed value. For instance, homeowners in the 25th percentile pay around $175 annually, while those in the 75th percentile face tax bills of approximately $849. At the higher end, the 90th percentile tax bill reaches up to $1,398. Comparatively, the national median property tax rate is 0.99%, making Morgantown's property taxes relatively affordable for homeowners. This affordability can ease the financial burden on residents, allowing them to allocate funds to other essential expenses. However, it’s essential for homeowners to stay informed about their property assessments to ensure they are being taxed fairly and to take advantage of any available exemptions.
Average Morgantown Tax Bill
$468
Average Butler County Tax Bill
$452
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Morgantown, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42261 | $51 | $175 | $468 | $849 | $1,398 |
Source: Ownwell