Morrison, Iowa Property Taxes
The median property tax rate in Morrison, IA is 1.00%, slightly above the national median of 0.99% but below the Iowa state median of 1.54%. With the median home value in Morrison at $75,870, the typical annual property tax bill is $820, which is significantly lower than the national median of $2,690. Property taxes in Morrison are calculated based on the tax assessed value, which often falls below the market value due to exemptions like 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 Grundy County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Morrison, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1%
Estimate Property Tax Bill
$759
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, Iowa
Property taxes in Morrison, Iowa, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Morrison is 1.00%, higher than both the Iowa state median of 0.92% 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 Iowa and the national median. For comparison, the 50657 zip code has both the highest and lowest median property tax rate of 1.00%. Understanding how these areas compare with Morrison provides valuable insights into the varying tax landscape across Grundy County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Morrison Tax Rate
1.00%
Average Grundy County Tax Rate
1.29%
Average Iowa Tax Rate
1.54%
Average United States Tax Rate
0.99%
Property Tax Rates Across Morrison, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50657 | 0.89% | 0.97% | 1.00% | 1.05% | 1.13% |
Source: Ownwell
Property Tax Assessment Values Across Morrison, Iowa
In Morrison, Iowa, 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 Grundy 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. The median home price in Morrison is $75,870, with tax bills ranging from $312 at the 25th percentile to $1,860 at the 90th percentile. Notably, the highest and lowest median tax bills are both $820, found in the 50657 zip code. 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.
Average Morrison Assessed Value
$75,870
Average Grundy County Assessed Value
$168,355
Average Iowa Assessed Value
$167,100
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Morrison, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50657 | $5,898 | $26,800 | $75,870 | $138,405 | $176,106 |
Source: Ownwell
Property Tax Bills Across Morrison, Iowa
In Morrison, property tax bills are calculated based on the assessed value of a home and the local tax rate. The median home price in Morrison stands at $75,870. Homeowners can expect their tax bills to vary significantly, reflecting the assessed value and specific tax rate applied by Grundy County. For example, the 25th percentile of tax bills in Morrison is around $312, while the 75th percentile reaches up to $1,434. Those in the 90th percentile may see tax bills as high as $1,860. These figures indicate a broad range in property tax obligations, influenced by factors such as property size, location, and any applicable exemptions or deductions. The highest and lowest median tax bills in the area are both $820, which falls within the zip code 50657. This variability in tax bills affects homeowners differently, potentially impacting their financial planning and overall cost of homeownership. Compared to the national median property tax rate of 0.99%, Morrison's property tax rates reflect local economic conditions and municipal budgetary needs.
Average Morrison Tax Bill
$820
Average Grundy County Tax Bill
$2,137
Average Iowa Tax Bill
$2,508
Average United States Tax Bill
$2,690
Property Tax Bills Across Morrison, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50657 | $68 | $312 | $820 | $1,434 | $1,860 |
Source: Ownwell