Morristown, Tennessee Property Taxes
The median property tax rate in Morristown, TN is 0.55%, significantly lower than both the national median of 0.99% and Tennessee's state median of 0.64%. With a median home value of $58,300 in Morristown, the typical annual property tax bill amounts to $319, well 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 such as primary residence and agricultural exemptions. Understanding Morristown's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial 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, Tennessee Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
0.64%
Estimate Property Tax Bill
$1,280
Ownwell’s Morristown Property Tax Bill Calculator allows homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Morristown with just two data points. By entering your property's estimated assessed value, the calculator uses the median tax rate in Morristown to estimate your property tax bill. This valuable tool aids in understanding potential tax liabilities. For those interested in neighborhood-level trends, more localized information is available below. Your property’s assessed value is the value assigned by Jefferson County for property tax calculations, taking into account any applicable exemptions.
Property Tax Rates Across Morristown, Tennessee
Property taxes in Morristown, Tennessee, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Morristown is 0.55%, notably lower than 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 Tennessee and the national median. For comparison, the zip code 37813 has both the highest and lowest median property tax rate of 0.55%. Understanding how these cities compare with Morristown provides valuable insights into the varying tax landscape across Jefferson County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Morristown Tax Rate
0.55%
Average Jefferson County Tax Rate
0.55%
Average Tennessee Tax Rate
0.64%
Average United States Tax Rate
0.99%
Property Tax Rates Across Morristown, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37813 | 0.55% | 0.55% | 0.55% | 0.55% | 0.55% |
Source: Ownwell
Property Tax Assessment Values Across Morristown, Tennessee
In Morristown, Tennessee, 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 Jefferson 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. For example, the highest median tax bill in Morristown's 37813 zip code is $319, while the lowest is also $319. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Morristown Assessed Value
$58,300
Average Jefferson County Assessed Value
$119,000
Average Tennessee Assessed Value
$173,500
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Morristown, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37813 | $20,980 | $25,100 | $58,300 | $100,200 | $174,520 |
Source: Ownwell
Property Tax Bills Across Morristown, Tennessee
Property tax bills in Morristown, Jefferson County, TN, are calculated based on the assessed value of a property and the local tax rate. The assessed value is determined by the county assessor and is a percentage of the property's market value. For homeowners in Morristown, the median home price is $58,300. The tax bill can vary significantly, with the 25th percentile at $137 and the 75th percentile reaching $549. For those at the 90th percentile, the tax bill can be as high as $956. These tax bills are influenced by various factors, including property size, location, and market conditions. Homeowners in the zip code 37813 experience a consistent median tax bill of $319. Comparatively, the national median property tax rate is 0.99%, which provides a benchmark for understanding local tax burdens. Higher property taxes can impact homeowners by increasing annual expenses, while lower taxes can make homeownership more affordable. Understanding these factors helps homeowners budget effectively and plan for future financial obligations.
Average Morristown Tax Bill
$319
Average Jefferson County Tax Bill
$726
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Morristown, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37813 | $115 | $137 | $319 | $549 | $956 |
Source: Ownwell