Morehead, Fleming County, Kentucky Property Taxes
The median property tax rate in Morehead, KY is 1.00%, slightly higher than the national median of 0.99% but just below the Kentucky state median of 1.02%. With a median home value of $65,000 in Morehead, the typical annual property tax bill amounts to $641, which is significantly lower than 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 primary residence and agricultural exemptions. Understanding Morehead'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 Morehead or another part of the city, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Morehead, Fleming County, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1%
Estimate Property Tax Bill
$650
$603
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, Fleming County, 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 1.00%, which is higher 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 1.00%, while the same 40351 zip code also has the lowest median tax rate of 1.00%. Understanding how these cities compare with Morehead provides valuable insights into the varying tax landscape across Fleming County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Morehead Tax Rate
1.00%
Average Fleming County Tax Rate
1.00%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Morehead, Fleming County, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40351 | 0.58% | 1.00% | 1.00% | 1.00% | 1.00% |
Source: Ownwell
Property Tax Assessment Values Across Morehead, Fleming County, Kentucky
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Morehead, Kentucky. 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 local 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 median home price in Morehead is $65,000, with tax bills ranging from $519 at the 25th percentile to $1,585 at the 90th percentile. The zip code 40351 has the highest and lowest median tax bill of $641.
Property Tax Assessment Values Across Morehead, Fleming County, Kentucky
Source: Ownwell
$65,000
$115,000
$165,000
Average Morehead Assessed Value
$65,000
Average Fleming County Assessed Value
$78,000
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Morehead, Fleming County, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40351 | $40,000 | $51,000 | $65,000 | $85,000 | $202,000 |
Source: Ownwell
Property Tax Bills Across Morehead, Fleming County, Kentucky
In Morehead, located in Fleming County, KY, property tax bills are calculated based on the assessed value of a property, which is typically a percentage of its market value. The local tax rate is then applied to this assessed value to determine the annual tax bill. For instance, with a median home price of $65,000, homeowners in Morehead can expect their property tax bills to vary significantly. The 25th percentile tax bill is around $519, while the 75th percentile tax bill is approximately $814. At the higher end, the 90th percentile tax bill can reach up to $1,585. Factors such as property size, location, and any improvements or renovations can influence the assessed value, thereby affecting the tax bill. Homeowners in Morehead should be aware that property taxes can impact their overall cost of homeownership, influencing budgeting and financial planning. Compared to the national median property tax rate of 0.99%, the rates in Morehead can offer some relief, but it's essential to stay informed about local assessments and rates.
Average Morehead Tax Bill
$641
Average Fleming County Tax Bill
$620
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Morehead, Fleming County, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40351 | $451 | $519 | $641 | $814 | $1,585 |
Source: Ownwell