Morganfield, Union County, Kentucky Property Taxes
The median property tax rate in Morganfield, KY is 1.03%, slightly higher than both the national median of 0.99% and the Kentucky state median of 1.02%. With the median home value in Morganfield at $79,000, the typical annual property tax bill reaches $681, which is significantly lower than the national median of $2,690. Property taxes in Morganfield are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Morganfield'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 Morganfield or another part of Union County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Morganfield, Union County, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.03%
Estimate Property Tax Bill
$814
$755
Ownwell’s Morganfield Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Morganfield with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Morganfield 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 Morganfield, Union County, Kentucky
Property taxes in Morganfield, Kentucky, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Morganfield is 1.03%, higher than both the Kentucky state median and the U.S. national median of 0.99%. Local government entities within Morganfield set these rates annually, and they can vary significantly across different neighborhoods. Each year, Morganfield 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 Morganfield's effective property tax rate to other counties in Kentucky and the national median. For comparison, the 42437 zip code has the highest median property tax rate of 1.03%, while the same zip code also has the lowest median tax rate of 1.03%. Understanding how these cities compare with Morganfield provides valuable insights into the varying tax landscape across Union County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Morganfield Tax Rate
1.03%
Average Union County Tax Rate
1.03%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Morganfield, Union County, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42437 | 0.36% | 0.69% | 1.03% | 1.03% | 1.03% |
Source: Ownwell
Property Tax Assessment Values Across Morganfield, Union County, Kentucky
In Morganfield, 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 Union 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 Morganfield, 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. The median home price in Morganfield is $79,000, with tax bills ranging from $305 at the 25th percentile to $1,267 at the 75th percentile. The zip code with the highest and lowest median tax bill is 42437, both at $681. Being aware of these valuation processes in Morganfield helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Morganfield, Union County, Kentucky
Source: Ownwell
$40,500
$83,015
$125,530
Average Morganfield Assessed Value
$79,000
Average Union County Assessed Value
$68,000
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Morganfield, Union County, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42437 | $14,540 | $36,940 | $79,000 | $143,010 | $230,831 |
Source: Ownwell
Property Tax Bills Across Morganfield, Union County, Kentucky
In Morganfield, Union County, KY, property tax bills are calculated based on the assessed value of your home. The local tax rate is applied to this assessed value to determine the amount owed. For instance, with a median home price of $79,000, homeowners can expect varying tax bills depending on their property's assessed value and applicable exemptions. The 25th percentile tax bill is around $305, indicating that some homeowners pay relatively low taxes. Conversely, the 75th percentile tax bill reaches $1,267, and those in the 90th percentile could see bills as high as $1,926. These tax bills are influenced by multiple factors, including the local tax rate, property assessments, and any exemptions for which a homeowner may qualify. The highest and lowest median tax bills in the area are both $681, pointing to a relatively uniform tax burden within certain zip codes. Understanding these elements can help homeowners anticipate their property tax responsibilities and plan their finances accordingly.
Average Morganfield Tax Bill
$681
Average Union County Tax Bill
$566
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Morganfield, Union County, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42437 | $107 | $305 | $681 | $1,267 | $1,926 |
Source: Ownwell