Rowan County, Kentucky Property Taxes
The median property tax rate in Rowan County is 0.85%, which is notably lower than both the national median of 0.99% and the Kentucky state median of 1.02%. With a median home value of $78,960 in Rowan County, the typical annual property tax bill is approximately $554, significantly less than the national median of $2,690. Property taxes in Rowan County are calculated based on the assessed value, which is often lower than the actual market value due to various property tax exemptions, such as primary residence and agricultural exemptions. Understanding Rowan County's specific property tax system, exploring available exemptions, and identifying opportunities for property tax reductions can provide substantial annual savings. Whether you reside in Morehead or another part of Rowan County, gaining a comprehensive knowledge of local property taxes will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Rowan County, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.85%
Estimate Property Tax Bill
$671
$623
Ownwell’s Rowan County Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner to estimate their annual property taxes in Rowan County with just 2 data points. Enter your property's estimated assessed value, and our calculator applies the median tax rate in Rowan County to estimate your property tax bill. This insight helps you understand potential tax liabilities. If you’d like to see trends on a city level, scroll down to navigate to a more local informational page. Your property assessed value is the value assigned to your property by your county for property tax calculations. Assessed value takes into account any exemptions you may have on your property.
Property Tax Rates Across Rowan County, Kentucky
Property taxes in Rowan County play a crucial role in funding essential local services like public schools, road maintenance, and emergency services. The median tax rate in Rowan County is 0.85%, which is lower than the U.S. national median of 0.99%. Local government entities within Rowan County set these rates annually, and they can vary significantly between different areas within the county. Each year, Rowan County estimates its required budget to maintain services for the upcoming fiscal year and divides this budget by the total value of all taxable property in the jurisdiction, resulting in the property tax rate. Although tax rates and budgets are influenced by laws and voter input, this calculation forms the basic process for setting property tax rates. The following data compares Rowan County's effective property tax rate with other counties in Kentucky and the national median. For comparison, the city of Hillsboro has one of the higher property tax rates in Kentucky at 0.85%, while the city of Olive Hill boasts one of the lowest at 0.85%. Analyzing how Rowan County's tax rates stack up against these benchmarks can give homeowners a better understanding of the local tax landscape.
Average Rowan County Tax Rate
0.85%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Rowan County, Kentucky
| City | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| Clearfield | 0.38% | 0.85% | 0.85% | 0.85% | 0.85% |
| Hillsboro | 0.26% | 0.54% | 0.85% | 0.85% | 0.85% |
| Morehead | 0.39% | 0.67% | 0.85% | 0.85% | 0.85% |
| Olive Hill | 0.10% | 0.34% | 0.85% | 0.85% | 0.85% |
Source: Ownwell
Property Tax Assessment Values Across Rowan County, Kentucky
In Rowan County, understanding the difference between "market value" and "assessed value" is key to comprehending property taxes. The market value represents the price a willing buyer would pay to a willing seller in an open, competitive market, considering location, property condition, and current economic trends. For tax purposes, this value is estimated by the Rowan County Appraisal District. The assessed value, however, 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. Assessment notices in Rowan County are typically mailed in the spring, usually by the middle of April. These notices provide homeowners with both the market and assessed values, along with an estimate of the annual property tax bill. By distinguishing between these valuation concepts, property owners can better navigate their tax responsibilities and understand how their property taxes are affected. For example, Morehead has the highest median tax bill at $597, while Hillsboro has the lowest at $273. Being aware of these valuation processes in Rowan County will help you identify opportunities for appealing assessments or applying for exemptions to manage your tax burden more effectively.
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 Rowan County, Kentucky
| City | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| Clearfield | $4,750 | $10,000 | $48,135 | $94,360 | $153,460 |
| Hillsboro | $15,650 | $29,418 | $45,700 | $92,875 | $134,950 |
| Morehead | $8,700 | $30,000 | $84,125 | $156,475 | $240,000 |
| Olive Hill | $7,650 | $30,350 | $53,050 | $96,725 | $135,078 |
Source: Ownwell
Property Tax Bills Across Rowan County, Kentucky
In Rowan County, KY, property tax bills are calculated based on the assessed value of a property, which is determined by the county assessor. This assessed value is then multiplied by the local tax rate to determine the annual tax bill. The median home price in Rowan County is $78,960, which provides a baseline for understanding property tax obligations. For instance, homeowners in the 25th percentile can expect a tax bill around $163, while those in the 75th percentile might see bills as high as $1,133. At the 90th percentile, tax bills can reach up to $1,747. Local factors such as property location and market conditions play significant roles in determining the assessed value. For example, the highest median tax bill in the county is found in Morehead at $597, while Hillsboro has the lowest at $273. These tax bills directly impact homeowners' annual expenses, making it crucial for them to understand how assessments and local tax rates influence their financial responsibilities.
Average Rowan County Tax Bill
$554
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Rowan County, Kentucky
| City | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| Clearfield | $37 | $77 | $323 | $674 | $1,150 |
| Hillsboro | $98 | $132 | $273 | $539 | $899 |
| Morehead | $66 | $187 | $597 | $1,193 | $1,821 |
| Olive Hill | $54 | $66 | $289 | $492 | $844 |
Source: Ownwell