Morehead, Kentucky Property Taxes
The median property tax rate in Morehead, KY is 0.85%, which is 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 $84,125, the typical annual property tax bill is around $597, significantly below the national median of $2,690. Property taxes in Morehead are calculated based on the tax assessed value, which often falls below the market value due to various exemptions, such as those for primary residences and agricultural properties. 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, gaining insights into 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
0.85%
Estimate Property Tax Bill
$715
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 0.85%, 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 the highest median property tax rate of 0.85%, while the 40351 zip code also has the lowest median tax rate of 0.85%. Understanding how these cities compare with Morehead provides valuable insights into the varying tax landscape across Rowan County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Morehead Tax Rate
0.85%
Average Rowan County Tax Rate
0.85%
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 | 0.39% | 0.67% | 0.85% | 0.85% | 0.85% |
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 Rowan 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. The median home price in Morehead is $84,125, with tax bills ranging from $187 at the 25th percentile to $1,821 at the 90th percentile. Notably, the zip code 40351 has the highest median tax bill of $597. 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.
Average Morehead Assessed Value
$84,125
Average Rowan County Assessed Value
$78,960
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 | $8,700 | $30,000 | $84,125 | $156,475 | $240,000 |
Source: Ownwell
Property Tax Bills Across Morehead, Kentucky
In Morehead, located in Rowan County, KY, property tax bills are determined by assessing the market value of a home and then applying the local tax rate to this assessed value. The median home price in Morehead is $84,125, and the property tax rate stands at 0.71%, which is below the national median property tax rate of 0.99%. This means homeowners in Morehead generally pay less in property taxes compared to the national average. Factors influencing the tax bill include the assessed value of the property, local tax rates, and any applicable exemptions. The tax bill for the 25th percentile is around $187, while for the 75th percentile, it is approximately $1,193. The highest median tax bill recorded in the area is $597, which is consistent across the zip code 40351. These property taxes directly impact homeowners by influencing their annual housing costs. Lower tax rates can make homeownership more affordable, while higher rates can add a significant financial burden. Understanding these factors helps homeowners plan and manage their finances effectively.
Average Morehead Tax Bill
$597
Average Rowan County Tax Bill
$554
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 | $66 | $187 | $597 | $1,193 | $1,821 |
Source: Ownwell