Morganfield, Kentucky Property Taxes
The median property tax rate in Morganfield, KY is 1.13%, notably 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 $54,250, the typical annual property tax bill amounts to $506, which falls below the national median of $2,690. Property taxes in Morganfield are calculated based on the tax assessed value, often lower than the market value due to 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 Webster County, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Morganfield, Kentucky Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
1.02%
Estimate Property Tax Bill
$2,040
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, Kentucky
Property taxes in Morganfield, Kentucky, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Morganfield is 0.83%, which is lower than both the Kentucky state median of 0.83% 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 0.83%, while the same zip code also has the lowest median tax rate of 0.83%. Understanding how these cities compare with Morganfield provides valuable insights into the varying tax landscape across Webster County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Morganfield Tax Rate
1.13%
Average Webster County Tax Rate
1.13%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Morganfield, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42437 | 0.59% | 1.13% | 1.13% | 1.13% | 1.13% |
Source: Ownwell
Property Tax Assessment Values Across Morganfield, 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 Webster 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. The median home price in Morganfield is $54,250, and the tax bills can vary significantly. For instance, the 25th percentile tax bill is $250, while the 75th percentile tax bill reaches $1,521. By understanding 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 Morganfield helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Morganfield Assessed Value
$54,250
Average Webster County Assessed Value
$46,000
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Morganfield, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42437 | $5,410 | $24,375 | $54,250 | $142,450 | $200,200 |
Source: Ownwell
Property Tax Bills Across Morganfield, Kentucky
In Morganfield, property tax bills are calculated based on the assessed value of your home, which is determined by the local tax assessor. The assessed value typically reflects a percentage of the market value of the property. Once the assessed value is established, local tax rates are applied to calculate the final tax bill. For example, with a median home price of $54,250, homeowners in Morganfield can expect varying tax bills. The 25th percentile tax bill is around $250, while the 75th percentile tax bill reaches up to $1,521, and the 90th percentile can go as high as $1,982. These figures highlight the range of tax burdens that homeowners might face, depending on their property's assessed value and specific circumstances. Compared to the national median property tax rate of 0.99%, Morganfield's property tax rates can be considered relatively modest. However, the impact on homeowners can still be significant, influencing overall affordability and financial planning. Understanding how these factors interplay is crucial for homeowners looking to manage their expenses effectively.
Average Morganfield Tax Bill
$506
Average Webster County Tax Bill
$344
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Morganfield, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42437 | $61 | $250 | $506 | $1,521 | $1,982 |
Source: Ownwell