Morristown, Minnesota Property Taxes
The median property tax rate in Morristown, MN is 0.68%, significantly lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Morristown at $249,250, the typical annual property tax bill amounts to $1,866, which is well below the national median of $2,690. Property taxes in Morristown are determined based on the tax assessed value, which is often less than the market value due to various exemptions such as those for primary residences and agricultural properties. Gaining a thorough understanding of Morristown's property tax system, exploring available exemptions, and identifying opportunities for reductions can result in substantial annual savings. Whether you're located in central Morristown or another part of the city, a deep knowledge of the local property tax system is advantageous for both homeowners and real estate investors.
Last Updated June 14, 2024
Morristown, Minnesota Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
1.11%
Estimate Property Tax Bill
$2,220
Ownwell’s Morristown Property Tax Bill Calculator aids homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Morristown with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Morristown 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 Morristown, Minnesota
Property taxes in Morristown, Minnesota, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Morristown is 0.68%, which is lower than both the Minnesota state median and the U.S. national median of 0.99%. Local government entities within Morristown set these rates annually, and they can vary significantly across different neighborhoods. Each year, Morristown 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 Morristown's effective property tax rate to other counties in Minnesota and the national median. For comparison, the 55052 zip code has both the highest and lowest median property tax rate of 0.68%. Understanding how these cities compare with Morristown provides valuable insights into the varying tax landscape across Rice County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Morristown Tax Rate
0.68%
Average Rice County Tax Rate
0.89%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Morristown, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55052 | 0.23% | 0.50% | 0.68% | 1.09% | 1.25% |
Source: Ownwell
Property Tax Assessment Values Across Morristown, Minnesota
In Morristown, Minnesota, 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 Rice 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 Morristown, 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 Morristown stands at $249,250, with the 25th percentile tax bill at $865 and the 75th percentile tax bill at $2,674. 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 Morristown helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with both the highest and lowest median tax bill is 55052, with a median tax bill of $1,866.
Average Morristown Assessed Value
$249,250
Average Rice County Assessed Value
$294,900
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Morristown, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55052 | $24,340 | $147,350 | $249,250 | $415,900 | $694,910 |
Source: Ownwell
Property Tax Bills Across Morristown, Minnesota
In Morristown, MN, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. This assessed value is then multiplied by the local tax rate to determine the annual property tax bill. For example, the median home price in Morristown is $249,250. Property tax bills can vary significantly, ranging from $865 at the 25th percentile to $3,463 at the 90th percentile. The tax rate in Morristown is higher than the national median property tax rate of 0.99%, reflecting the local government's budgetary needs and services provided to residents. Factors influencing the tax bill include the property's assessed value, local tax rates, and any applicable exemptions or deductions. Homeowners may feel the impact of these taxes on their annual budget, especially those whose properties fall in the higher value brackets. Understanding how these elements interact can help homeowners anticipate their tax obligations and plan accordingly.
Average Morristown Tax Bill
$1,866
Average Rice County Tax Bill
$2,471
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Morristown, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55052 | $193 | $865 | $1,866 | $2,674 | $3,463 |
Source: Ownwell