Morriston, Florida Property Taxes
The median property tax rate in Morriston, FL is 1.02%, slightly above the national median of 0.99% but below Florida's state median of 1.14%. With a median home value of $240,486, the typical annual property tax bill in Morriston amounts to $2,157, which is under the national median of $2,690. Property taxes in Morriston are determined based on the tax assessed value, often lower than the market value due to exemptions such as those for primary residences and agricultural properties. Gaining a clear understanding of Morriston's property tax system, exploring available exemptions, and pinpointing opportunities for reductions can lead to substantial annual savings. Whether you're residing in Morriston or investing in real estate here, familiarizing yourself with the local property tax nuances is crucial for optimizing your financial outcomes.
Last Updated June 14, 2024
Morriston, Florida Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.02%
Estimate Property Tax Bill
$2,453
$2,321
Ownwell’s Morriston Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Morriston with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Morriston 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 Morriston, Florida
Property taxes in Morriston, Florida, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Morriston is 1.02%, higher than the U.S. national median of 0.99%. Local government entities within Morriston set these rates annually, and they can vary significantly across different neighborhoods. Each year, Morriston 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 Morriston's effective property tax rate to other areas in Florida and the national median. For comparison, the zip code 32668 has the highest median property tax rate of 1.02%, while the same zip code also holds the lowest median tax rate of 1.02%. Understanding how these areas compare with Morriston provides valuable insights into the varying tax landscape across Marion County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Morriston Tax Rate
1.02%
Average Marion County Tax Rate
1.04%
Average Florida Tax Rate
1.14%
Average United States Tax Rate
0.99%
Property Tax Rates Across Morriston, Florida
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 32668 | 0.50% | 0.74% | 1.02% | 1.56% | 1.76% |
Source: Ownwell
Property Tax Assessment Values Across Morriston, Florida
In Morriston, Florida, 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 Marion County Property Appraiser 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 Morriston, 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 Morriston helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. For instance, the median home price in Morriston is $240,486, with tax bills ranging from $1,261 at the 25th percentile to $5,885 at the 90th percentile. The zip code 32668 has the highest and lowest median tax bill of $2,157.
Average Morriston Assessed Value
$240,486
Average Marion County Assessed Value
$176,469
Average Florida Assessed Value
$276,648
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Morriston, Florida
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 32668 | $93,035 | $139,234 | $240,486 | $356,336 | $588,954 |
Source: Ownwell
Property Tax Bills Across Morriston, Florida
In Morriston, located in Marion County, FL, property tax bills are calculated based on the assessed value of a home. The assessed value is determined by the county property appraiser and is intended to reflect the home's market value. Once the assessed value is established, various exemptions, such as homestead exemptions, are applied to reduce the taxable value. The final tax bill is then calculated by multiplying the taxable value by the local tax rate. For homeowners in Morriston, the median home price is $240,486. Property tax bills can vary significantly, with the 25th percentile at $1,261 and the 75th percentile reaching $3,804. The 90th percentile tax bill climbs to $5,885, indicating that higher-valued homes incur substantially higher taxes. Comparatively, the highest and lowest median tax bills in the area are both $2,157, reflecting uniformity in tax assessments within the specific zip code 32668. These property taxes are crucial for funding local services but can be a significant financial consideration for homeowners.
Average Morriston Tax Bill
$2,157
Average Marion County Tax Bill
$1,725
Average Florida Tax Bill
$2,953
Average United States Tax Bill
$2,690
Property Tax Bills Across Morriston, Florida
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 32668 | $793 | $1,261 | $2,157 | $3,804 | $5,885 |
Source: Ownwell
Don't miss the deadline to petition!
Dates | |
|---|---|
| Property Valuation Date | January 1 |
| Appeal Deadline | September 13 |
| Tax Bill | |
| Issued | November 1 |
Links | |
|---|---|
| Marion Property Appraiser | |
| Website | www.pa.marion.fl.us |