Morristown, Ohio Property Taxes
The median property tax rate in Morristown, OH is 1.18%, which is higher than the national median of 0.99%, yet lower than the Ohio state median of 1.80%. With a median home value of $54,950 in Morristown, the typical annual property tax bill amounts to $647, which is below the national median of $2,690. Property taxes in Morristown are calculated based on the tax assessed value, often lower than the market value due to exemptions like 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, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Morristown, Ohio Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.18%
Estimate Property Tax Bill
$648
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, Ohio
Property taxes in Morristown, Ohio, 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 1.18%, significantly higher than both the Ohio 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 Ohio and the national median. For comparison, the 43759 zip code has the highest median property tax rate of 1.18%, while the same zip code also has the lowest median tax rate of 1.18%. Understanding how these cities compare with Morristown provides valuable insights into the varying tax landscape across Belmont County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Morristown Tax Rate
1.18%
Average Belmont County Tax Rate
1.29%
Average Ohio Tax Rate
1.80%
Average United States Tax Rate
0.99%
Property Tax Rates Across Morristown, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 43759 | 0.94% | 1.15% | 1.18% | 1.18% | 1.21% |
Source: Ownwell
Property Tax Assessment Values Across Morristown, Ohio
In Morristown, Ohio, 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 Belmont 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. 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. Notably, the zip code 43759 has the highest and lowest median tax bill at $647.
Average Morristown Assessed Value
$54,950
Average Belmont County Assessed Value
$74,065
Average Ohio Assessed Value
$133,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Morristown, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 43759 | $7,348 | $20,410 | $54,950 | $84,330 | $133,640 |
Source: Ownwell
Property Tax Bills Across Morristown, Ohio
In Morristown, located in Belmont County, OH, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. The assessed value is a percentage of the property's market value, and this figure is then multiplied by the local tax rate to determine the annual property tax bill. For example, with a median home price of $54,950, homeowners in Morristown can expect varying tax bills. The 25th percentile tax bill is around $213, while the 75th percentile tax bill reaches $971. At the 90th percentile, the tax bill can be as high as $1,330. These amounts reflect how different factors such as property value and local tax rates influence the final tax bill. Compared to the national median property tax rate of 0.99%, Morristown's tax rate can result in a range of tax obligations for homeowners, affecting their annual budget and overall financial planning.
Average Morristown Tax Bill
$647
Average Belmont County Tax Bill
$992
Average Ohio Tax Bill
$2,396
Average United States Tax Bill
$2,690
Property Tax Bills Across Morristown, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 43759 | $87 | $213 | $647 | $971 | $1,330 |
Source: Ownwell