Wellington, Morgan County, Kentucky Property Taxes
The median property tax rate in Wellington, KY is 1.18%, higher than both the national median of 0.99% and the Kentucky state median of 1.02%. With the median home value in Wellington at $45,000, the typical annual property tax bill reaches $411, which is significantly lower than the national median of $2,690. Property taxes in Wellington are calculated based on the tax assessed value, which is often below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Wellington'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 Wellington 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
Wellington, Morgan County, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.18%
Estimate Property Tax Bill
$531
$493
Ownwell’s Wellington Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Wellington with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Wellington 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 Wellington, Morgan County, Kentucky
Property taxes in Wellington, Kentucky, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Wellington is 0.68%, which is significantly lower than both the Kentucky state median of 0.83% and the U.S. national median of 0.99%. Local government entities within Wellington set these rates annually, and they can vary significantly across different neighborhoods. Each year, Wellington 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 Wellington's effective property tax rate to other counties in Kentucky and the national median. For comparison, the 40387 zip code has the highest median property tax rate of 0.68%, while the same zip code also has the lowest median tax rate of 0.68%. Understanding how these cities compare with Wellington provides valuable insights into the varying tax landscape across Morgan County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Wellington Tax Rate
1.18%
Average Morgan County Tax Rate
1.24%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Wellington, Morgan County, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40387 | 0.46% | 0.66% | 1.18% | 1.24% | 1.24% |
Source: Ownwell
Property Tax Assessment Values Across Wellington, Morgan County, Kentucky
In Wellington, 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 Morgan 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 Wellington, 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 Wellington helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. For instance, in Wellington's 40387 zip code, the median tax bill is $411. This knowledge can empower property owners to make informed decisions about their property taxes.
Property Tax Assessment Values Across Wellington, Morgan County, Kentucky
Source: Ownwell
$23,000
$34,000
$45,000
Average Wellington Assessed Value
$45,000
Average Morgan County Assessed Value
$35,000
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Wellington, Morgan County, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40387 | $5,000 | $15,000 | $45,000 | $108,000 | $202,000 |
Source: Ownwell
Property Tax Bills Across Wellington, Morgan County, Kentucky
In Wellington, KY, property tax bills are calculated based on the assessed value of your property. The local tax authorities determine this value, which generally reflects the market value of your home. Once the assessed value is established, a tax rate, known as the millage rate, is applied to calculate your annual tax bill. Several factors influence your property tax bill, including the size and condition of your property, recent sales of similar properties, and any improvements or additions to your home. For example, the median home price in Wellington stands at $45,000. Property tax bills in this area can vary widely, with the 25th percentile at $147 and the 75th percentile reaching $1,072. At the 90th percentile, homeowners might see bills as high as $1,915. These taxes fund essential services such as public schools, emergency services, and infrastructure maintenance, directly impacting homeowners by contributing to the overall quality of life in the community. Comparing this to the national median property tax rate of 0.99%, Wellington's rates can be seen as relatively moderate.
Average Wellington Tax Bill
$411
Average Morgan County Tax Bill
$263
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Wellington, Morgan County, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40387 | $61 | $147 | $411 | $1,072 | $1,915 |
Source: Ownwell