Morristown, Arizona Property Taxes
The median property tax rate in Morristown, AZ is 0.53%, which is considerably lower than both the national median of 0.99% and Arizona's state median of 0.56%. With the median home value in Morristown at $185,750, the typical annual property tax bill reaches $979, significantly below the national median of $2,690. Property taxes in Morristown are calculated based on the tax assessed value, which typically 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, Arizona Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.53%
Estimate Property Tax Bill
$984
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, Arizona
Property taxes in Morristown, Arizona, 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 0.53%, which is 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 areas in Maricopa County and the national median. For comparison, the 85342 zip code has both the highest and lowest median property tax rate of 0.53%. Understanding how these areas compare with Morristown provides valuable insights into the varying tax landscape across Maricopa County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Morristown Tax Rate
0.53%
Average Maricopa County Tax Rate
0.52%
Average Arizona Tax Rate
0.56%
Average United States Tax Rate
0.99%
Property Tax Rates Across Morristown, Arizona
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 85342 | 0.29% | 0.37% | 0.53% | 0.68% | 0.83% |
Source: Ownwell
Property Tax Assessment Values Across Morristown, Arizona
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Morristown, Arizona. 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 Maricopa 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 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. The median home price in Morristown is $185,750. The highest median tax bill in the area is $979 in the 85342 zip code. By being aware of these valuation processes, property owners can identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Morristown Assessed Value
$185,750
Average Maricopa County Assessed Value
$328,300
Average Arizona Assessed Value
$302,154
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Morristown, Arizona
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 85342 | $88,490 | $130,800 | $185,750 | $360,350 | $485,010 |
Source: Ownwell
Property Tax Bills Across Morristown, Arizona
Property tax bills in Morristown, located in Maricopa County, AZ, are calculated based on the assessed value of the property and the applicable tax rate. The assessed value is determined by the county assessor and is a percentage of the property's market value. For example, if the median home price in Morristown is $185,750, the assessed value will be a fraction of this amount, depending on local regulations. Once the assessed value is established, the local tax rate is applied to calculate the annual tax bill. In Morristown, property tax bills vary widely, reflecting differences in property values and specific tax rates. Homeowners in the 25th percentile can expect to pay around $560 annually, while those in the 75th percentile might see bills closer to $2,014. At the 90th percentile, property tax bills can reach up to $3,059. These property taxes significantly impact homeowners, influencing their overall cost of living and financial planning. Compared to the national median property tax rate of 0.99%, the property tax rates in Morristown can lead to varying financial obligations for its residents.
Average Morristown Tax Bill
$979
Average Maricopa County Tax Bill
$1,766
Average Arizona Tax Bill
$1,666
Average United States Tax Bill
$2,690
Property Tax Bills Across Morristown, Arizona
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 85342 | $357 | $560 | $979 | $2,014 | $3,059 |
Source: Ownwell