Morristown, Minnesota Property Taxes
The median property tax rate in Morristown, MN is 0.91%, which is 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 $277,800, the typical annual property tax bill reaches $2,558, slightly below the national median of $2,690. Property taxes in Morristown are calculated based on the tax assessed value, which generally falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Morristown'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 Morristown 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
Morristown, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.91%
Estimate Property Tax Bill
$2,528
Ownwell’s Morristown Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate 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 0.91%, slightly below 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 0.91%. Understanding how these cities compare with Morristown provides valuable insights into the varying tax landscape across Steele County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Morristown Tax Rate
0.91%
Average Steele County Tax Rate
1.36%
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 | 0.22% | 0.44% | 0.91% | 0.98% | 5.06% |
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 Steele County 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. 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. In Steele County, the median home price is $277,800, with the highest median tax bill found in zip code 55052 at $2,558.
Average Morristown Assessed Value
$277,800
Average Steele County Assessed Value
$246,000
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 | $78,800 | $177,400 | $277,800 | $406,900 | $606,980 |
Source: Ownwell
Property Tax Bills Across Morristown, Minnesota
In Morristown, MN, property tax bills are calculated based on the assessed value of the property, which is determined by the local assessor's office. The assessed value is a percentage of the market value, reflecting the property's worth in the current real estate market. Tax rates are then applied to this assessed value to determine the annual tax bill. Several factors influence the tax bill, including the property's location, size, and any applicable exemptions. For instance, a median home in Morristown, valued at $277,800, would see tax bills ranging from $1,634 at the 25th percentile to $5,390 at the 90th percentile. These property taxes fund essential local services such as schools, infrastructure, and public safety. Homeowners in Morristown should be aware of how these factors affect their annual tax obligations. Compared to the national median property tax rate of 0.99%, the rates in this area can significantly impact household finances, making it crucial for homeowners to stay informed and proactive about their property assessments and tax bills.
Average Morristown Tax Bill
$2,558
Average Steele County Tax Bill
$2,874
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 | $556 | $1,634 | $2,558 | $3,326 | $5,390 |
Source: Ownwell