Morrison, Colorado Property Taxes
The median property tax rate in Morrison, CO is 0.69%, which is lower than the national median of 0.99% but higher than the Colorado state median of 0.55%. With a median home value of $434,174 in Morrison, the typical annual property tax bill reaches $2,934, slightly above the national median of $2,690. Property taxes in Morrison are calculated based on the tax assessed value, which generally falls below the market value due to various exemptions, such as primary residence and agricultural exemptions. Understanding Morrison'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 Morrison 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
Morrison, Colorado Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
0.55%
Estimate Property Tax Bill
$1,100
Ownwell’s Morrison Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Morrison with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Morrison 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 Morrison, Colorado
Property taxes in Morrison, Colorado, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Morrison is 0.69%, which is lower than both the Colorado state median and the U.S. national median of 0.99%. Local government entities within Morrison set these rates annually, and they can vary significantly across different neighborhoods. Each year, Morrison 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 Morrison's effective property tax rate to other counties in Colorado and the national median. For comparison, the 80465 zip code has the highest median property tax rate of 0.69%, while the same zip code also reflects the lowest median tax rate of 0.69%. Understanding how these cities compare with Morrison provides valuable insights into the varying tax landscape across Jefferson County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Morrison Tax Rate
0.69%
Average Jefferson County Tax Rate
0.66%
Average Colorado Tax Rate
0.55%
Average United States Tax Rate
0.99%
Property Tax Rates Across Morrison, Colorado
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 80465 | 0.52% | 0.62% | 0.69% | 0.71% | 0.99% |
Source: Ownwell
Property Tax Assessment Values Across Morrison, Colorado
In Morrison, Colorado, 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 Jefferson County Assessor 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 Morrison, 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 Morrison helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Morrison are both $2,934, found in the 80465 zip code.
Average Morrison Assessed Value
$434,174
Average Jefferson County Assessed Value
$436,276
Average Colorado Assessed Value
$405,540
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Morrison, Colorado
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 80465 | $29,398 | $362,251 | $434,174 | $666,931 | $995,155 |
Source: Ownwell
Property Tax Bills Across Morrison, Colorado
In Morrison, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is determined by the Jefferson County assessor and represents a percentage of the property's market value. For example, with a median home price of $434,174, the assessed value is a critical factor in determining the final tax bill. Homeowners in Morrison can expect to pay between $2,370 and $7,143, depending on the value of their property and any applicable exemptions or deductions. The local tax rate in Morrison is influenced by various factors, including funding needs for schools, infrastructure, and public services. Compared to the national median property tax rate of 0.99%, Morrison's tax bills reflect the specific demands and budgetary requirements of Jefferson County. This means that while some homeowners might find their tax bills to be on the higher end, these funds directly contribute to maintaining and improving community services and amenities, ultimately impacting the overall quality of life in Morrison.
Average Morrison Tax Bill
$2,934
Average Jefferson County Tax Bill
$2,797
Average Colorado Tax Bill
$2,283
Average United States Tax Bill
$2,690
Property Tax Bills Across Morrison, Colorado
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 80465 | $1,500 | $2,370 | $2,934 | $4,302 | $7,143 |
Source: Ownwell