Morrison, Missouri Property Taxes
The median property tax rate in Morrison, MO is 1.18%, slightly lower than the Missouri state median of 1.20% but still higher than the national median of 0.99%. With the median home value in Morrison, the typical annual property tax bill amounts to $162, which is significantly below the national median of $2,690. Property taxes in Morrison are calculated based on the tax assessed value, which is often lower than the market value due to various exemptions such as those for primary residences and agricultural properties. 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, Missouri Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.18%
Estimate Property Tax Bill
$166
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, Missouri
Property taxes in Morrison, Missouri, 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 1.18%, which is higher than 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 areas and the national median. For comparison, the zip code 65061 has both the highest and lowest median property tax rate of 1.18%. Understanding how these areas compare with Morrison provides valuable insights into the varying tax landscape across Gasconade County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Morrison Tax Rate
1.18%
Average Gasconade County Tax Rate
1.08%
Average Missouri Tax Rate
1.20%
Average United States Tax Rate
0.99%
Property Tax Rates Across Morrison, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 65061 | 0.87% | 0.94% | 1.18% | 1.62% | 1.63% |
Source: Ownwell
Property Tax Assessment Values Across Morrison, Missouri
In Morrison, Missouri, 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 Gasconade 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. The median home price in Morrison is $14,070, with tax bills ranging from $99 at the 25th percentile to $1,038 at the 90th percentile. Zip code 65061 has both the highest and lowest median tax bill at $162. 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
$14,070
Average Gasconade County Assessed Value
$40,105
Average Missouri Assessed Value
$129,505
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Morrison, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 65061 | $3,290 | $6,905 | $14,070 | $26,970 | $81,041 |
Source: Ownwell
Property Tax Bills Across Morrison, Missouri
In Morrison, located in Gasconade County, MO, property tax bills are calculated based on the assessed value of a home. The assessed value is typically a percentage of the property's market value. Local tax rates are then applied to this assessed value to determine the annual property tax bill. Various factors such as property location, size, and improvements can influence the assessed value. For homeowners in Morrison, the tax bill can vary significantly. For instance, the tax bill at the 25th percentile is $99, while at the 75th percentile, it rises to $249. The top 10% of tax bills can reach up to $1,038. The median home price in Morrison is relatively low at $14,070, which helps keep property taxes more manageable compared to the national median property tax rate of 0.99%. However, even within Morrison, there can be considerable variation, with the highest and lowest median tax bills both recorded at $162 in the 65061 zip code. This variation highlights the importance of understanding local assessments and tax rates for homeowners.
Average Morrison Tax Bill
$162
Average Gasconade County Tax Bill
$439
Average Missouri Tax Bill
$1,606
Average United States Tax Bill
$2,690
Property Tax Bills Across Morrison, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 65061 | $41 | $99 | $162 | $249 | $1,038 |
Source: Ownwell